Affiliate marketing has long been a standard approach in the gambling and iGaming industries, as many brands rely on it to boost profits and increase their number of clients. However, as foreign exchange rapidly expands and more clients enter the market, forex brokers can turn to affiliate marketing to ensure their success and grow their revenue streams.
Here at Income Access, we have worked with major forex brands to deliver award-winning affiliate marketing services. Drawing from these partnerships and the knowledge from our affiliate team, we’ve assembled a guide on how affiliate managers work with forex partners to garner great results.
Forex Affiliate Marketing PrioritiesFor any forex partner, it is important to identify new opportunities for revenue growth on a regular basis. This entails recruiting high-quality affiliates who can promote the brand to engaged but untapped clients, as well as actively searching for affiliate sites that are reputable and forex-focused to achieve consistent results.
As a part of recruitment, we highly recommend ensuring that all affiliates undergo the required KYC (Know Your Customer) process.
Aside from recruitment, managing all other affiliate communication is key. This includes responding to any queries, uploading banners for affiliate sites, constructing mutually profitable commissions and generating payments. Affiliate managers should strive to create a dependable experience for all parties involved and be ready to address any issues an affiliate may have. They should not just search for great sites, but also look to build strong relationships that foster a successful network of affiliates.
Key Skills for Forex Affiliate Managers
As the link between a forex brand and an affiliate, affiliate managers need to have strong communication and organizational skills.Experience in negotiation is essential, as an affiliate team typically manages their partner’s payments and commissions. Sometimes, an affiliate manager may need to negotiate deals with forex brands that cost more up front but have even greater returns, so it is important for managers to be comfortable with negotiation. This helps to support long-term development and build trusting relationships with partner brands.
Finally, affiliate managers should be personable but also demanding – they are there to support affiliates with any matter, but also look to bring in good results for their brokers.
Challenges for Forex Affiliate MarketingA significant challenge of partnering with forex brands is the compliance procedures that affiliates must complete before joining the affiliate program. There are regulations in place that differ from gambling and iGaming, so a newer or less experienced affiliate may struggle.
The strict compliance rules can potentially discourage affiliates from completing the sign-up process and their interest can fade. Therefore, communication and relationships from managers is important in affiliate marketing, as it helps an affiliate learn the importance of regulations and why adhering to them is required.
Another challenge in forex is the need for high-quality affiliates. Unlike sports betting, lottery, and other verticals, where having a larger number of affiliates is common, forex brands need a niche pool of dedicated affiliates. Affiliate managers must take their time in verifying an affiliate site and its potential, which can pose an issue when trying to grow an affiliate network quickly.
Forex Affiliate Marketing Success
At the end of the day, there are two key areas that indicate success for affiliate managers: the ongoing relationship with their affiliates and the profitable customers that an affiliate brings to their forex partner.Firstly, a forex partner does well when an affiliate program brings them new and participatory clients. The more trading and exchanges that occur, the better it is, especially when users are brought through a new channel. Delivering consistent ROI, and even increasing it, is exactly what forex partners look for.
Secondly, keeping affiliates happy is essential. Increased performance and motivation stem from a good relationship, so this is necessary to drive the affiliate program overall.
The TakeawayAffiliate marketing success for a forex brand comes through day-to-day attention and care. As such a promising but growing market, forex poses different challenges to the often more stable markets like gambling and iGaming. The priorities, skills, and challenges described in this guide are what make up affiliate marketing for forex and understanding these aspects can bring profits to affiliates and forex brands alike!