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Making your NFT stand out from the crowd is tough. There are so many options on the market, and it can feel like you’re yelling into a void.
However, it doesn’t have to be that way. A well-planned affiliate program can boost you onto the feeds of your most successful customers.
Let me take you through this step-by-step guide to leveraging your customer's networks to shoot your NFT toward the stars!
What is An NFT Affiliate Program?
Let’s start at the start. You likely already know what an NFT (Non-Fungible Token) is, but an affiliate program might be new.
Word-of mouth has always been a powerful marketing tool, and in the world of cryptocurrency and NFTs that fact still rings true.
Affiliate marketing involves getting ambassadors for your brand to spread the word about your awesome NFT. As they bring in business, they’re rewarded.
These rewards can be anything from a commission, to exclusive experiences, to - you guessed it - cryptocurrency or NFTs.
Affiliate programs have been used for a long time to drive sales and increase customer loyalty. Those same concepts can apply to marketing your NFT.
It helps your customers and affiliates feel like a part of the team and rewards them for bringing more business your way. Truly a win-win situation.
Benefits of An NFT Affiliate Program
There are so many reasons to consider starting an affiliate program for your NFT. Here are just a few!
There are so many influencers in the crypto-sphere, and they have a wide network just waiting to be tapped into.
Starting an affiliate program helps you mobilize your current fans, and drum up interest in your brand!
Big Profit Margins
People are way more likely to invest in something if it’s been recommended to them. This is especially true when it comes to the ever-widening pool of NFTs.
If they like the rewards you’re offering, affiliates are likely to push your NFT to their networks and zero in on people who are most likely to buy in.
This is how referral and affiliate programs so often lead to way more bang for your marketing buck!
Usually, your affiliates will become loyal followers of your NFT as they promote it. Getting in on the ground floor of building a community is a huge incentive to stick around.
If you choose your rewards and incentives carefully, you can make this even more effective.
Exclusive NFTs and experiences like conventions foster feelings of being “part of the club.” Those are the memories that keep people coming back again and again.
Challenges of Creating An NFT Affiliate Program
Clearly, there’s a lot to be said about what a well-thought-out affiliate program can do for your business.
However, there are always some challenges to keep an eye out for when you’re starting a new initiative.
There are a LOT of NFTs out there. Nonfungible.com puts the number at around 11 million.
And the fact is, a lot of these NFTs have tempting affiliate programs.
If you’re going to start one for your NFT, you need to know how it’s going to stand out.
With exciting incentives and an easy way to get started, it’s possible to get some momentum under you pretty quickly.
The good news is, hardly anyone who is invested in NFTs is only interested in collecting one kind.
If you’re lucky enough to reach a whole new audience who hasn’t engaged with NFTs before, they might not know how to act on their desire to buy.
Make sure that your affiliates have the resources they need to educate their audience if they need to.
Tapping into this market can lead to life-long investors and collectors.
You’re likely aware that the NFT market moves quickly.
Make sure you and your affiliates are up to date on any trends that might affect your place in the market.
Any momentum you can build needs to be capitalized on because it’s only with that momentum that you’ll be able to reach the sky.
How To Create An NFT Affiliate Program
The hardest part of getting into affiliate marketing is knowing where to start. Here’s a step-by-step walkthrough of how to get going.
Step One: What Are You After?
There are so many different ways to go about affiliate marketing. You need to decide what exactly your main goals are before you get too far.
For example, if you’re simply looking to increase your revenue without too much of an upfront cost, you’re going to run your program differently than someone who wants to build a community around their NFT.
Deciding on a goal will help you make smart decisions about your rewards, the kind of affiliates you reach out to, and how you’re going to market the program.
Step Two: What Are You Offering?
There are tons of options when it comes to rewards for your affiliate program.
Maybe you want to go with the classic commission! This could be anywhere from 10-50% of the trading fee or sale.
Remember to make it enticing while also keeping your own bottom line in mind. A flat fee might be a good option as well.
The real fun comes in when you start getting creative with your rewards. Maybe you want to offer exclusive NFTs for affiliates who bring in a certain number of referrals!
Experiences, events, and branded merch are all outside-the-box rewards that double as a way to build stronger ties and memories with your affiliates and customers.
Step Three: Set Up Your Tracking
The worst case scenario is having a dedicated affiliate not get their reward because there was a miscommunication or dropped number somewhere.
The best way to stay on top of all the referrals coming in, especially when it’s all done virtually and in high volumes, is to work with software like ReferralHero.
We keep track of all the affiliate codes and links, the referrals coming in, and how lucrative each sale ends up being.
This way, nothing slips through the cracks, you know exactly what’s working and what isn’t, and you have more brain space to focus on what’s important to you.
Step Four: Recruit Your All Stars
You know your target audience so well, you know who their most likely to listen to advice from.
The only people who might understand the market more than you are the influencers in the crypto-sphere.
Make sure you make smart choices about who to reach out to, you want to build credibility and buzz around your NFT.
The more your network grows, the more your NFT will be in demand.
Step Five: Promote Promote Promote
Getting the word out is the only way people will know about your awesome program and even better NFT!
Make sure any promotional material you make - banners, links, ads, etc. - is eye-catching and to the point.
You can even make material to send out to your affiliates and create a cohesive image for your brand.
Best Practices for Promoting NFTs Through Affiliate Marketing
The start of any campaign can be a little rocky, but if you follow these expert tips you’ll be strapping on your moon boots in no time!
Tip One: Create Compelling Content
If you want to convince people that being your affiliate is the way to go, you need to have some stellar content.
Make sure you have an attractive landing page, and that all your marketing materials showcase your NFT in the best light possible.
If your content is memorable enough, referrals will come in with ease.
Tip Two: Target the Right Audience
The best marketing in the world isn't going to get the wrong person interested in your NFT.
Know who you’re catering to and keep an eye on the prize. This is especially important when looking for influencers to bring onto your team.
Tip Three: Track Performance
You’ll want to keep an eye on all your affiliates to see who might need a little more help.
Sometimes you’ll need to adjust your strategy, but you can’t do that if you don’t know there’s a problem.
Some affiliates will want to know how they’re progressing at any given moment. Having a way for them to check up on the tracking is a great way to help them self-monitor.
The Bottom Line
Your NFT is super cool. You know it, I know it, and as soon as they hear it from someone they trust, the masses will know it too.
Affiliate marketing is a great way to harness the network of influencers and buyers in your sphere.
With proper planning and help from tools like ReferralHero, you won’t be able to keep your NFTs on the crypto-shelf!
Ready to double your business? Leverage the power of word-of-mouth and use the same referral program platform used to scale 1000s of businesses. Start your ReferralHero free trial today.