Affiliate Marketing Secrets

We have a small online business, it’s very much a niche business related to domain names – not selling them by the way. Anyway, business was great when it started initially as we were the only non-domain register affiliated service out there (and still are) but very quiet now – we did very little advertising initially and really pretty much none after that.
We run it basically as a hobby but it does have potential. So, we’re thinking – we charge x for our service, we setup some type of coupon code system with a unique code for each affiliate, the customer gets lets say 10% off when they arrive at the site and enter the code to purchase our service, we can then track which affiliate gets how much. We’re thinking generous commissions of say 50% on the net take. Would something like that work? Never tried anything like it so just wondering? By the way we have a service which folks absolutely have to use – if not from us from someone else but we are quite literally the cheapest such service on the net, problem is we don’t advertise and we don’t advertise because we don’t get the business….a loop, lol. Thanks.