Programme Audit · Fine & Fashion Jewellery · US

A six-figure programme losing a quarter of its revenue every month, and nobody could say why.

The programme had scale on paper — 720 registered publishers, a six-figure monthly run rate and a 158,000-SKU catalogue — while revenue fell 25% month on month through its strongest season. Eight agencies had held the account before this audit and none had renegotiated a commercial term. The audit returned 549 findings, 38 of them critical. Nothing here needed more affiliates; it needed the commercial terms rewritten and a network setup that had been capping every sale for years.

Niche Fine & Fashion JewelleryMarket USPlatform AwinProgramme 22 months at auditManaged period Nov 2025 – Jun 2026
Fine & Fashion JewelleryAudit · a matching case study exists Read the case study
549
Findings raised
38
Critical findings
720
Registered publishers
−25% MoM
Revenue trend at audit
Programme scorecard

What the audit measured

Every figure below is drawn from what has been published about this programme. Where an exact measure is not public, the audit reports a rating rather than inventing precision.

Metric assessment

Monthly revenue at audit$166kBelow benchmark
Revenue trend, month on month−25%Critical
Default commission rate5% flatCritical
Publicly advertised rateUp to 25%Critical
Revenue on the top three publishers79%Critical
Monthly revenue mis-attributed38%Critical
Affiliates on expired or unauthorised codes43Critical
Repeat purchase rate18%Below benchmark
Product feed categoryMis-mappedCritical

Area assessment

Commercial terms
A flat 5% default against a publicly advertised rate of up to 25%. No tier had been renegotiated in the programme's life.
Critical
Tracking & attribution
The conversion tag was missing at checkout and commission matching was broken, mis-attributing 38% of monthly revenue.
Critical
Partner concentration
79% of revenue rode on three accounts. One had collapsed more than 90% in a single month with no response.
Critical
Feed & discovery
The 158,000-product feed was categorised as Fashion rather than Jewellery, suppressing every shopping and comparison placement.
Critical
Offer hygiene
43 affiliates were running expired or unauthorised discount codes.
Weak
Publisher activation
Around 111 nominally active partners sent clicks and converted nothing.
Weak
What the programme had going for it

Not everything was broken

Critical findings

What the audit found

Each finding carries the observation, why it mattered commercially, and the recommended correction. This is the format every AME audit uses.

Finding 01

Every affiliate on a flat 5% while the programme advertised up to 25%

Critical
Observation
The default commission rate sat at 5% for every partner in the programme, while the public-facing proposition promised rates of up to 25%. No tier had ever been renegotiated.
Why it matters
The highest-volume partners had no commercial reason to lean in, and prospective content partners compared the real rate against the advertised one and declined. The single largest partner had dropped more than 90% in one month and nobody had picked up the phone.
Recommendation
Renegotiate the top tier first, then rebuild commission by publisher type and basket value so the rate a partner sees matches the rate they earn.
Finding 02

Conversion tag missing at checkout and commission matching broken

Critical
Observation
The conversion tag was absent from the checkout and commission matching was misconfigured. The dashboard looked healthy; the routing did not.
Why it matters
38% of monthly revenue was being mis-attributed. Commission was leaving the programme for partners that had not driven the sale, while the partners who had were under-credited and disengaging.
Recommendation
Reinstall the conversion tag, repair commission matching, then re-baseline every partner report before any commercial decision is taken on the numbers.
Finding 03

79% of revenue dependent on three publishers

Critical
Observation
Three accounts carried 79% of programme revenue. The remainder was spread thinly across a base that was largely dormant.
Why it matters
This is not a programme, it is a dependency. One of those three had already collapsed more than 90% in a single month, and the channel had no capacity to absorb a second.
Recommendation
Revive the dormant base, recruit content publishers on fee-free commission-only terms, and layer creators underneath them until no single partner is structurally load-bearing.
Finding 04

158,000-product feed mapped to the wrong category

Critical
Observation
The product feed was categorised as Fashion rather than Jewellery, and had been for the life of the programme.
Why it matters
Every shopping publisher and comparison site in the programme had been receiving the wrong category data since launch, silently suppressing discovery and relevance.
Recommendation
Remap the feed to the correct vertical, refresh all category mappings and resubmit an enhanced feed for shopping partners.
Finding 05

43 affiliates running expired or unauthorised discount codes

High
Observation
Forty-three affiliates were found circulating codes that were either expired or had never been authorised.
Why it matters
Unauthorised codes leak margin and appear in search results the brand does not control, undercutting both full-price sales and the partners who honour the agreed offer terms.
Recommendation
Withdraw every unauthorised code, publish a governed offer calendar, and put a check in place before a code reaches a partner.
Finding 06

Around 111 nominally active partners producing nothing

High
Observation
A large share of the base registered as active while sending clicks that converted at effectively zero.
Why it matters
Activation, not recruitment, decides whether a programme works. A base that looks large and produces nothing hides the real size of the channel and wastes management attention.
Recommendation
Score the base on production, revive what can be revived with a briefed offer, and retire the rest so reporting reflects reality.
Detailed reviews

The four areas that decided this programme

Commission review

The programme ran a flat 5% default against a publicly advertised rate of up to 25% — the widest gap between promise and practice found in any audit in this set. The rebuild replaced the flat rate with commission set by publisher type and basket value, so content and editorial partners carrying the cost of creating demand were no longer paid the same as a partner closing a sale that was already won.

Publisher mix

Revenue was concentrated on three accounts at 79%, with around 111 nominally active partners producing nothing. Content, editorial and creator partners were essentially absent. By handback, concentration on the top three had fallen to 41% and 138 content and creator partners had been onboarded on commission-only terms, contributing $246k — 19% of programme revenue.

Tracking & attribution

Two defects compounded each other: the conversion tag was missing at checkout, and commission matching was broken. Together they mis-attributed 38% of monthly revenue. Until both were repaired, every partner-level report was unreliable and every commercial decision taken on those reports was unsafe.

Recruitment & activation

Recruitment was not the constraint — the programme already had 720 registered publishers. The constraint was activation. The work was to revive the dormant base, retire the partners that would never produce, and recruit content and creator partners on fee-free commission-only terms into a commercial structure that finally rewarded them.

Prioritised task list

What to fix first, and what to grow next

Every AME audit ends as an ordered list of work rather than a report. This is the list this programme was worked from.

The plan

30, 60 and 90 days

30 days

Stabilise

Tracking repaired and re-baselined. Top tier renegotiated. Feed remapped. Unauthorised codes withdrawn. Nothing is grown until the numbers can be trusted.

60 days

Rebalance

Commission rebuilt by publisher type and basket value. Dormant base scored, revived or retired. First content partners onboarded on commission-only terms.

90 days

Grow

Creator layer added beneath the content base. Concentration actively managed down. Seasonal calendar briefed four weeks ahead of each peak.

Outcome

What happened next

Across the managed period the programme delivered $1,297,000 in tracked sales from 4,184 orders. Trailing-quarter revenue rose 23% against an opening quarter that contained peak gifting. Concentration on the top three publishers fell from 79% to 41%, mis-attributed revenue went from 38% to zero, repeat purchase rose from 18% to 31%, and all 38 critical findings were closed. June closed at $193k against the $166k November the programme was inherited on — a quiet month beating a peak one.

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About this audit. It presents a real Affiliate Marketing Express programme audit in anonymised public form. The advertiser, its domain, its account identifiers and its individual partners are not disclosed, and no private figure appears here. Figures shown are those already published in the corresponding case study. Individual results vary by programme size, category and market.