By Amy Wright on October 26, 2016
The financial services industry is not only highly competitive, but it faces intense regulations that inhibit the acquisition of new business. Companies need to be creative to stimulate growth. Financial services vendors who are up for the task have been experimenting with affiliate marketing and experiencing impressive results.
Below is an example of one such player who launched a global affiliate program. With the help of carefully selected technology, this organization has been able to drive a remarkable 15-20% month-over-month growth in sales for its affiliate channel.
The hero of this story is TransferWise.
TransferWise is a UK based, financial services startup that enables peer-to-peer money transfers. Admittedly, their startup status may have provided them with a competitive advantage since startups are known for creative, risk taking cultures. But the enthusiasm intrinsic to a budding organization may be exactly what more established players should aspire to when seeking new opportunities.
Launching a financial services startup is no small task, but TransferWise did it with style and enjoyed two years of rapid growth. To stimulate further success and expand their reach, TransferWise decided to launch an affiliate program under the direction of Inez Miedema, Head of Affiliates and Partnerships.
Miedema’s team knew they would need superior technology to support the complex requirements of a global affiliate program. They would need deep, accurate insights into global partner performance, the flexibility to support rapid expansion and flawless customer support.
TransferWise wanted to establish efficient processes right from the start. They also wanted to easily demonstrate the value of the affiliate program to key stakeholders. They selected Impact Radius as their technology partner and have been kind enough to provide us with insight into the activities they emphasized to drive results.
The Development of Strong Partnerships
To create a global affiliate program,TransferWise knew they would need rock solid relationships with media partners. One of the things they loved about Impact Radius was the transparency of the media partner marketplace.
Unlike traditional affiliate networks, where the network owns the media partner relationships, Impact Radius removes itself from that equation. Impact Radius provides contact information for potential connections and encourages customers to identify suitable partners and build personal relationships.
To further support these efforts TransferWise leverages the payment capabilities that are built directly into the Impact Radius system. This ensures that they can compensate partner performance in a timely manner.
Data-Driven Decisions Using Granular, Real-Time Tracking and Analytics
Encouraging continual affiliate program growth requires deep and timely insights. With Impact Radius, TransferWise can track partner performance by campaign, partner and even location. This information allows them to quickly identify and act upon challenges and opportunities.
In the financial services sector, where business decisions are under constant scrutiny, this type of insight is critical. TransferWise was able to leverage this data to make informed decisions, reallocate their budget to drive additional growth and provide the necessary validation for their choices. Ultimately, this empowered the organization to optimize their affiliate program and improve return-on-investment.
Timely, Clear and Transparent Reporting
Demonstrating the value of a strategic investment is important to any program’s success, but in an industry with regulatory oversight it is essential. TransferWise took full advantage of the Impact Radius reporting capabilities to keep all stakeholders updated on their progress.
TransferWise pre-selected reports and arranged to have them automatically sent to stakeholders on a routine basis. This ensures everyone is always in the loop and empowers them with the insights they require to make key decisions.
In the challenging, financial services environment, TransferWise is flourishing. Its choice to invest in the development of a strong affiliate program has paid off handsomely, with 15-20% sales growth month-over-month for the affiliate channel. With the help of Impact Radius’ powerful technology, TransferWise is confident that its needs will continue to be supported as its business grows.
“The Impact Radius platform has aided the growth and development of our global affiliate program. The huge amounts of data provided helps us truly understand the value of our program and make decisions on where to allocate budget most effectively.”
– Inez Miedema, Head of Affiliate and Partnerships, TransferWise
Watch our webinar titled, “Performance Marketing Best Practices for Financial Services,” to learn more about how you can leverage the affiliate channel to support your financial services business.