Marketers need data to understand how their partner and affiliate programs are performing vis-a-vis the industry. To help brand leaders get the insights they need, Partnerize has launched its new Retail Partnership Benchmarking Tool. This new, web-based application enables partner and affiliate marketers to compare their program metrics against crowdsourced industry benchmarks.
By inputting just a few affiliate marketing metrics from their existing programs, marketers can leverage our new online tool to juxtapose each key metric with averaged data from other major partner and affiliate marketers.
Image: Partnerize Benchmarker
Why a benchmarker
At Partnerize, our mission is to improve the effectiveness and sophistication of partnership by applying data and advanced tech to every aspect of partner management. This simple tool gives brands access to more insights so they can understand their brand performance in the context of the entire retail vertical.
The new tool was conceived to enable members of the global partnership’s community to help each other by sharing insights and data. Brands are invited to participate regardless of which network or platform products and services they use. At launch, we have one benchmarker that aggregates data for all retail brands that participate. Over time, we hope to collect enough information to offer metrics and analyses that reflect regional and category differences.
How it works
It’s easy to use the Benchmarker. You provide six simple data inputs from your program, and then receive a customized report on how your data compare. For more sensitive types of data, the user chooses from a set of ranges rather than reporting a precise figure.
The individualized benchmarking survey report also provides marketing insights on what factors contribute to higher or lower performance experience on the financial and other measures examined. For example, the analysis reveals how the specific products marketed by a retailer, or the retailer’s particular trading area, can impact affiliate sales results. Key performance data analyzed by the tool include:
- Percentage of total digital sales driven by partner programs
- Number of partners in their programs
- Return on ad spend for the partnership channel
- Average % of revenue paid as commission to partners
- Average conversion rate for partner marketing activity
- Share of partner-driven purchases made to new customers
Because most retailers are measured on purchases rather than mid-funnel metrics like lead generation and recurring payments, we have concentrated primarily on retail sales and related parameters in the Benchmarker.
To set the at-launch benchmarks, Partnerize worked with more than 100 companies that volunteered to provide their partner and affiliate digital marketing metrics anonymously.