HYCM: Rethinking Affiliate Marketing in FX

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In some ways, affiliate marketing is an unsung hero. Its siblings, SEO, content marketing, and PPC have been in the spotlight for a long time, while this tried and true marketing mainstay sometimes doesn’t get the attention it deserves. That’s why it’s hard to find an affiliate program in the FX space that would tick all the lucrative program boxes. This is not the case with HYCM’s partner program, HY Affiliates, which has been perfected over the years to deliver results for both the broker and its affiliates.

Statistics
This is despite affiliate marketing budgets increasing every year with no signs of the trend slowing down. According to Statista, affiliate marketing is estimated at $12 billion worldwide. Another interesting fact is that in 2020, Affiliate Marketing came in at 7th in LinkedIn Learning’s Top 10 “Hard” Skills list, citing the “decline of traditional advertising and the rise of social media” as the reasons behind it. the current appeal of affiliate marketing skills among employers. According to the AWIN affiliate network, in early 2020, 25% of consumers new to brands made a purchase through an affiliate link. At the height of the pandemic, this figure was 37% and has remained above 30% since the reopening.

Affiliate marketing as diversification
In the forex industry, although we recognize the value of affiliates and IBs (introducing brokers), historically it has been IBs that have gained the most traction because these partners have tended to bring their own traders with them and were therefore considered more reliable. volume sources. Even though SEO and PPC have grown in prominence, it is an open secret that a substantial portion of many FX brokers’ volumes continue to be generated through IB relationships for the above reasons.

At HYCM, we have found that developing a modern affiliate marketing strategy is a fantastic way to diversify our volume streams and potentially open our services to segments that cannot be reached by other means. . Indeed, social media technologies that have evolved since the early days of the internet have created the perfect conditions for affiliate marketing strategies. Whether it’s influencers, niches, or localized posts that are your focus, the platforms we now have are ideal for developing these three different styles of affiliate marketing.

Get your commissions right
Market research is important when it comes to setting your commission structure. Spend time researching what other brokers in your segment are offering to see how you can differentiate your own offering. For example, in our HY Affiliates affiliate program, we have chosen to offer up to $1,000 per acquisition. Recognizing how competitive CPAs are becoming, we have decided to offer commissions at the higher tier of what is commonly available, as we are confident in the ability of our value-added tools, services and support structure to retain CPAs. incoming customers once acquired.

In order to make our affiliate offer stand out even more, we have also decided to make our partnership as flexible as possible. This involves giving our affiliates the choice of revenue sharing and bulk discounts along with the standard CPA model.

Properly manage your affiliates
With the above settled, it is important to understand the importance of affiliate management systems. We cannot stress enough how many affiliate programs fail due to poor management. Now, we’re not here to debate the virtues of in-house or third-party developed management systems. What we will say, however, is that if you talk to affiliates, regardless of their industry, they all seem to appreciate the timely payouts and full transparency in reporting.

In other words, your affiliates need to be able to know exactly what their account status is with you at all times, which includes up-to-the-minute conversion data. Also, there should be no friction for them when it comes to withdrawing their commissions. The easier you make this process for them, the more likely they are to stick with you and the more likely you are to attract more affiliates to your cause.

Final Thoughts
Never forget that affiliates are spoiled for choice these days, regardless of their industry. You are not doing anyone a favor by simply offering commissions. You need to work hard to make your offer competitive, but also to show that you value these people as partners who are part of your organization’s success.

This is why by choosing to partner with one of the most trusted and established global forex brokers such as HYCM by joining our HY Affiliates affiliate program, our affiliates not only benefit from the opportunity to present to their customers the exciting and rapidly growing world of trading but also the opportunity to earn high levels of commission and generate high conversion rates with their traffic.

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