5 Tips for Boosting Holiday Revenue from your Partner Program
With Black Friday and Cyber Monday literally just around the corner, most retailers are ready to push out their “doorbuster deals” for these big shopping events. Cyber Monday 2016 turned out to be the biggest day in the history of U.S. ecommerce sales with consumers spending $3.45 billion on the day and this year, sales are expected to be even bigger as per a PwC report.
You likely already have an overall promotional strategy in place, but here are 5 quick-hit tactics to boost incremental revenue for your partner program during this frenzy season.
#1 Look at past purchase data to identify your top selling products:
If you capture ‘Product SKU’ and ‘Category’ data points in your program, you can download reports for the past few years and quickly gather information on your top-selling products. This information will be invaluable for your content partners to share with their user base and use this information to create shopper’s guides. If the right product information is displayed to your target audience at the right time, you are making their buying decision process easier and, in turn, increasing your conversion rates.
#2 Offer your top publisher an exclusive free shipping code:
If you don’t already offer free shipping to your users, this is a good time to consider a free shipping offer. According to the PwC survey, 63% of shoppers said price was the most important factor for them to make a purchase, followed by 39% who want free shipping, and 37% will fill their cart based on promotions. You are potentially missing out on 39% of your shoppers if you don’t offer free shipping. If you have tight margins and free shipping is not an option, you can consider the below strategy: /
Run an exclusive promo code with your top publisher. With the right technology platform, you will be able to restrict this code to a particular publisher so only they receive commission for the sales driven using this code. You can negotiate a lower commission rate with the partner for the potential incremental sales driven by the free shipping code for the period.
#3 Increase your overall cart value:
A quick tactic to increase your overall cart value is to provide a deep discount offer to users for a minimum order purchase. For example, if your current average order size is $100, provide a 10% discount off for a minimum purchase order of $150.
#4 Run a flash sale:
Analyze your past purchase by “time of the day” reports to understand peaks and troughs during the Black Friday/Cyber Monday period and the period just prior to the holiday season. Select a few top publishers to direct users to a special landing page with a flash sale for the period when you see peaks in your traffic. Use a promo code on the landing page for specific categories. Capitalize on this traffic and provide top publishers with a flash sale to get an edge over your competitors. When a user clicks on the link on a specific publisher, they will get to the flash sale page.
#5 Maximize exposure and awareness:
Your key influencers reach your target audience across different platforms. Your goal is to reach as many eyeballs as possible before and during the holiday period. A lot of the influencers play a part early on in the user journey and hence prefer to be paid on a CPC model rather than a CPA model based on the last click. To ensure that they are compensated for their efforts, you can use a hybrid model with a minimum CPC agreement. For example, you can offer them a CPA of 8% of the sales revenue or $0.50/click (whichever is greater). When they calculate the commission at the end of the month, if the effective CPC is lesser than $0.50, the partner is paid a small bonus to match the actual number. As such, they are guaranteed a minimum earning of $0.50 per click for their efforts reducing their overall risk.
According to a recent Nielsen survey, 49% of Americans plan to start their holiday shopping before the Black Friday weekend shopping spree begins, starting on Thanksgiving evening. However, Black Friday, and Cyber Monday remain key moments for making holiday purchases. Don’t miss out on pre-holiday traffic before — make sure you are in front of your target audience at the right time with the right offers.
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