Product update: Performance bonuses

If you’ve been following SliceWP’s journey, you know that we have continued to deliver the most requested features with each new big update.

This is a promise we will continue to keep.

And today is no different. I’m excited to announce the release of performance bonuses.

As the name suggests, you’ll be able to reward your affiliates for reaching certain, customizable, thresholds.

The goal of this new add-on is to offer you more interactive ways to engage your affiliates and motivate them to continuously promote your business.

Let’s dive into all of the details.

What is a bonus and how does it work?

Simply put, a bonus is a reward that your affiliates receive once they’ve reached the thresholds, or targets as they’re called in SliceWP, that you set in place for them.

For example, let’s say that you want to offer your affiliates a $50 bonus commission if they refer 25 orders. Or, let’s say that you want to offer your affiliates $100 in store credit (that they can use to make discounted purchases from your site) if they refer orders totaling $1500.

This is now possible with SliceWP and it’s what bonuses are all about.

And, as you can imagine, you can create more than just one bonus, which allows you to create a bonus system.

For example, you can have the following system, crafted to keep your affiliates continuously engaged:

  • Bonus 1: $25 store credit for referring 25 orders (available monthly – yes, you can have cyclical bonuses – more on this below)
  • Bonus 2: $100 commission for referring orders totaling $1500 (available quarterly)
  • Bonus 3: $100 store credit for referring 100 orders (rewardable just once)
  • Bonus 4: $250 commission for referring orders totaling $7500 (rewardable once)

As you can notice, the above system is made up of 4 bonuses, two cyclical and two one-time.

With cyclical bonuses, your affiliates can get the reward once for each cycle (monthly, quarterly, yearly). When each cycle ends, the bonus resets. This means that your affiliates will have the chance to be rewarded again for this bonus in the next cycle.

This type of bonus is great because your affiliates will know that each cycle they have a chance to get the reward.

In contrast to cyclical bonuses, you have one-time bonuses. These, as the name suggests, are rewarded only once. When your affiliates reach the set target, they’ll be rewarded and the bonus will no longer be obtainable.

Adding your first bonus

First things first, enable the Performance Bonus add-on from your WordPress dashboard > SliceWP > Add-ons.

Once you’ve done this, you’ll have a couple new pages in your SliceWP menu:

  • Bonuses – Here, you’ll have the list of bonuses that you’ve made available to your affiliates.
  • Rewards (which is under the Bonuses page) – Here, you’ll have a list with the rewards that your affiliates received for completing the target of a bonus.

To add your first bonus, go to SliceWP > Bonuses. At the top of the page, click the Add New Bonus button.

The first thing we’ll need to do, is to name your bonus. Add a name that makes it easy for you to differentiate this bonus from your other ones.

Next, let’s set the target that your affiliates need to reach. You have a couple of options to choose from:

  • Number of referred orders – Your affiliates will need to reach a certain number of referred orders/sales in order to get the reward. As an example, let’s say 25 referred orders.
  • Referred orders totals – Your affiliates will need to refer orders totaling X amount in dollars (or the active currency you’ve set for your affiliate program) in order to get the reward. Let’s say $2500 in referred totals.

Now that you have a target set for your affiliates, let’s set the reward you want to offer them. You have a couple of options to choose from:

  • Bonus commission – This is a fixed amount commission, ready to be paid, that is automatically generated for the affiliate for reaching the target.
  • Store credit – Similar to the commission, this is a fixed amount that’s credited automatically to the affiliate’s store credit wallet, once they reach the set target.

Next, let’s set the recurrence. Here are the options available to you:

  • One-time – This bonus will only be rewarded once, when the affiliate reaches the target.
  • Monthly – This bonus can be obtained each month by your affiliates, if they reach the target in the given month.
  • Quarterly – Similar to monthly, this bonus can be obtained each quarter by your affiliates, if they reach the target in the given quarter.
  • Yearly – Similar to monthly and quarterly, this bonus can be obtained each year by your affiliates, if they reach the target in the given year.

Finally, you have the availability options. These allow you to specify which affiliates have access to this bonus. Here are the options available to you:

  • All affiliates – All of your active affiliates will have access to this bonus.
  • All affiliates, excluding… – By selecting this option, you can specify which affiliates and affiliate groups should be excluded from having access to this bonus.
  • Only selected… – By selecting this option, you can specify which affiliates and affiliates groups, exclusively, should have access to this bonus.

Now that you have everything set up, click the Add Bonus at the bottom of the page to create the bonus.

How affiliates see bonuses

Let’s consider that we’ve set up the bonus system I outlined above. You have 4 bonuses, including cyclical and one-time, with both commissions and store credit rewards.

Here’s how your affiliates will see the bonuses in their affiliate account:

As you can notice, a new tab, named “Bonuses”, is now present in the affiliate’s account.

At the top of this page your affiliates will have all of the bonuses available to them. Each bonus showcases the reward your affiliate can expect, alongside a colored bar showing the affiliate’s progress for the bonus.

At the bottom of the page your affiliates have their rewards history, where they can see how much they’ve been rewarded and for which target.

Make sure to update

That’s it! This is the new performance bonuses add-on. I’m thrilled about the new avenues this new feature opens for you and I hope you are too!

To get started with performance bonuses, make sure to update SliceWP to the latest version.

And, as always, we’re looking to hear from you. If you’re missing anything from SliceWP, please click here and let us know.

We’re continuously listening and building, so that you have the best affiliate plugin for your business.

Until next time, wishing you all the best!