Well-thought-out contracts are key to ensuring that both you and your partners gain value from your partnerships. Take your time setting up each individual partner's contract—choose terms that reflect the value it can provide. Finding mutual value in each and every relationship is vital; it keeps partners satisfied and engaged and ensures they're an integral part of your partnerships program.
During onboarding, you created your Public Terms with the help of the impact.com Onboarding team. This set of terms is the default contract that prospective partners see when they review your Marketplace Listing.
While your Public Terms are a solid foundation to build off when starting out, as your program matures, you may find that some partners drive more value than others. Consider creating specialized template term sets to more adequately compensate the partners that drive greater value to your program.
Learn how to create template terms.
On your journey with impact.com, you will likely create numerous sets of template terms. However, rather than constantly creating new sets of terms, you can modify those that no longer serve your program.
Learn how to modify template terms. This is also helpful if you find an error in an existing set of terms. It's easier to rectify that error than to delete the entire set.
Once you template terms configured to your liking, start sending your partners branded links. Alternatively, add links right in the impact.com web app.
Learn how to add partners to template terms.
When partners can clearly see and communicate the value they bring to a program, they might request special contract terms. Hear out your important partners and negotiate terms for line items like payouts, tiered performance bonuses, placements, or even special rates for high-margin categories.
Once you've negotiated with a partner and agreed to a set of template terms, it's time to focus on paying out your partners. Paying your partners the right amount—and on time—is the number 1 way to build trust.
By honoring your partnership contracts and paying agreed-upon commissions in a timely manner, you'll earn a great reputation for being a brand that truly cares about its partners.
Explore the following in-app walkthroughs, help articles, and infographics to supplement what you've learned above.
Contracts and payment (Infographic)