The best way to know whether your affiliate channel measures up is by the use of KPIs. Key performance indicators allow you to focus on specific aspects of your business to determine if they are high enough to be called successful. However, not all KPIs are the same – and not all of them will be applicable at all stages of your brand’s life.
Once your affiliate channel is up and running, the best way to monitor if it’s performing well is to measure its various elements through a number of KPIs or key point indicators. KPIs are great tools in determining whether your affiliate channel is thriving or not, but only if you are using the right ones. Good KPIs allow you to measure what really matters in terms of affiliate marketing, while “false” ones make you focus on seemingly important data that really doesn’t contribute to the big picture. When it comes to weighing in on your average affiliate channel stats, consider the following which are considered as quality KPIs:
One also needs to remember that different brands select a handful (and not all ) of affiliate channel tracking tools KPIs that really do tie in with brand-specific strategic objectives, otherwise you will be looking at all sorts of numbers that do not really tell you whether or not you are closing in on the targets you have set for your business. At the same time, you might be focusing more on one particular KPI than others. For example, if your current concern is budget, then you might be concentrating more efforts into ROAS. If you are keen to stay on the side of caution and have risk-avoidance as your current primary objective, then your goal is to balance out all your traffic sources – which means focusing on the Clicks and/or Click Attribution KPI. If you want to bump up your general growth, then your important KPIs are revenues, clicks, and AOVs.
Focusing on just a couple of quality key point indicators (KPIs) is helpful because when you have too many of them, you might find that some of them are working against each other. Always make it a point to re-assess from time to time the essential KPIs that you need to reach current strategic goals. As your brand scales new heights and encounter various challenges, always go back to your list of KPIs and see if what you were looking at are still applicable or you need to refocus on a couple of new ones.
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