We used to buy what I call "cheaters". I looked all over and can't find them, so I'm probably using the wrong term. It's essentially a really sticky tape on one side and fuzzy neon hair on the non-sticky side (think Troll doll hair). It's only about 1/4-1/2" wide. You wrap the tape around the shaft of the arrow directly behind the fletching, and in front of the nock. The tape sticks very well, and you only need about 1/2" in length of the tape to go all the way around the shaft.
Once you've applied the "cheater", if you look at the arrow from the rear aspect you will see a 1-2" wide fuzzy neon circle. They were invaluable for both practice and hunting. An arrow that you would normally kiss goodbye at 40+ yards could be seen the entire flight, and you could usually see from where you shot from, where it ended up. If not, you would almost always find it when you got within 30 feet of where it stopped.
When hunting, I found that while the arrow might be bent and unusable after bouncing off a couple trees/rocks/roots, that the broadhead was in fine shape (maybe needed a new blade or two). And with the cost of broadheads, the couple bucks it took to out fit my arrows with "cheaters" made all the difference.
Also, the cheaters were really good at confirming where on the animal you hit (from a distance). It made for a great reinforcement tool with your ACTUAL adrenaline pumped technique. What you do in front of a target will be a little different than when you're shooting at an Eastern Oregon mule deer. Not to mention if you've had a couple pots of coffee that morning.
EDIT - I really wanted to know what they were called, and if they are even still used. Turns out they are. The industry calls them "Arrow Tracers". Suppose I should have thought of that. Here's what they typically look like.http://www.lancasterarchery.com/gateway-arrow-tracers.html
What it looks like from the back of your arrow:http://www.fsdiscountarchery.com/ProductImages/feathers_vanes/arrow_tracers.jpg
The orange and yellow really show up well in any environment or lighting condition. The other ones have their pros and cons (white in the snow). Hope this helps!