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What to Look for in Your Affiliate Management Agency

Shagun Mehta

Shagun Mehta

PR and Content Specialist
  • August 24, 2023

In This Article

For banks that want to stand out in an increasingly digital world, traditional marketing initiatives aren’t always enough. Today, many financial institutions are opting to engage in affiliate marketing as a way to extend their reach — and with good reason. Affiliate marketing can help banks get access to new audiences, build trust and credibility, and get access to valuable data for future campaigns. The added benefit? Your bank only pays for successful conversions, making it a cost-effective marketing strategy. Reach out to our team of experts and discover the ways Fintel Connect can assist you in connecting with top-notch brands.

To make the most impact with their affiliate marketing efforts, some banks turn to affiliate management agencies who have access to a network of relevant affiliates and publications. In this article, we’re sharing our top recommendations for evaluating and choosing an affiliate management agency.

What Are Affiliate Management Agencies?

Let’s start with a quick definition. Affiliate management agencies are companies that specialize in connecting brands with affiliates and publications who could promote their products. This approach is typically a more cost-effective alternative to an in-house affiliate management function. Rather than building relationships from scratch, companies can get immediate access to the agency’s network of affiliates, and the agency is responsible for forging those relationships.

The Benefits of Working with Affiliate Management Agencies

There are a number of benefits to working with an affiliate management agency. For starters, leading agencies have spent a lot of time building a robust network of affiliates that could be willing to work with your brand. This saves time on finding and evaluating suitable affiliates, as the agency will be ready to take your needs and filter their network to select the right candidates for a partnership.

Affiliate management agencies also bring years of expertise to the table. This means they can provide sound advice when it comes to creating partnerships and campaigns that are more likely to succeed. 

Some affiliate management agencies will also have proprietary tools and software that can enhance your understanding of how your campaigns are performing. With this information, you can make more informed decisions around where to place your marketing dollars.

What to Consider When Choosing an Affiliate Management Agency

affiliate agency at work

When it comes to picking the right affiliate management agency for your brand, it’s important to take a look inwards first. What are the gaps in your affiliate marketing efforts that need filling? What expertise or industry knowledge would help you reach your goals? Keeping these two core questions in mind can help you identify the right partner for your brand. In addition, you should also consider the following four elements: 

Experience and Expertise

Ideally, you’ll want to work with an agency that has a track record of managing affiliates and helping brands succeed with their affiliate marketing efforts. It’s also a good idea to choose an affiliate management agency that has specific experience in your industry. If an agency has built a footprint and affiliate network exclusively in your space, that could be more impactful than a generalist agency that spans multiple industries.

Range of Services

Explore the types of services that each agency offers. Do they offer different types of affiliate program management packages? Do they offer any form of customization, or do they use a one-size-fits-all approach? You should also ask how they recruit and onboard affiliates, and what systems and processes they have in place to support them throughout a campaign. Lastly, a successful agency should also have performance tracking and reporting capabilities as part of their offering.

Technology and Tools

Some affiliate management agencies have built their own tools and technologies that act as core features in their offerings. Alternatively, they may partner with other software providers to whitelabel their technologies. This could include affiliate tracking and management software, as well as data analytics and reporting capabilities. Ideally, these tools should be able to integrate with other commonly used marketing platforms.

Pricing Structure and ROI

Before you choose an agency, you should have a clear understanding of their pricing structure. Review their pitch for information around fee structures and payment terms. There should also be details on whether they include performance-based incentives or bonuses in their contracts.

Bonus Tip: 5 Questions to Ask Potential Affiliate Management Agencies

Ready to start talking to potential affiliate marketing agencies? Here are five questions you can take into your first conversations.

  1. How do you assess and select affiliates?
  2. What strategies do you use to motivate and engage affiliates?
  3. How do you measure the success and performance of the affiliate program?
  4. Can you provide examples of successful affiliate campaigns you’ve managed?
  5. How do you handle affiliate compliance and fraud prevention?

Remember, your affiliate management agency should act as an extension of your team, filling any expertise gaps that exist and giving you the knowledge and support you need to reach your marketing goals. So, as you get responses to these questions, look for alignment with how you do things, knowledge of the industry, and opportunities for your team to learn new capabilities.

Affiliate Management Agencies in Banking

The financial sector has often been categorized as conservative and traditional, but marketing teams across the industry are showing that there are new and different ways of doing things. Affiliate marketing presents an exciting opportunity for banks and other financial institutions to be more intentional in growing their audiences and lowering the cost of customer acquisition. Working with an affiliate management agency can be a great way to fully leverage this increasingly popular marketing channel and make it an effective component of your marketing efforts.

At Fintel Connect, we’ve built affiliate partnerships with over 3,500 financial publishers, including GoBankingRates, Bankrate, Nerdwallet, and PYMNTS. Speak to one of our specialists and learn more about how Fintel Connect can help you build relationships with these brands.

 

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