Five Ways To Be Successful In The Affiliate Marketing Industry
As the world gradually recovers from the disruption caused by Covid-19 in 2020, people have been eager to jump back into the game ever since countries dialed back some of their restrictions. As a public relations strategist based in NYC, my life revolved around regularly attending conventions and social gatherings before lockdowns became a thing. And now, after two years of living alongside the virus, we’ve shifted into a different normal.
Being used to a lifestyle of meeting new faces and fostering relationships, the Affiliate World Conferences became the icebreaker that I was waiting for after two long years. I hopped on an international flight and flew to Dubai to cover this conference as a representative of my PR Agency. The 2-day event was an eye-opener that showcased the evolution of e-commerce and affiliate marketing during Covid-19 for business owners and aspiring entrepreneurs. And as I went through the various sessions and was a part of many discussions throughout the conference, I began to think more about how companies can transform the affiliate industry to achieve growth post-Covid-19. Below is an in-depth discussion of these methods.
1. Diversify your approach. According to Statista, more than two billion people (paywall) purchased goods and services online in 2020. Today is the best time to take advantage of the increasing market. While one or two affiliates can help you jumpstart your business, it won’t be a long-term solution if you want to increase sales. Consider making a diversified affiliate approach to reach a wider audience by reaching out to more affiliates. It also leads to potential opportunities that boost your online presence. Design a different marketing strategy for each, and analyze which campaign works. In addition, evaluate your affiliate’s performance every quarter and see if there’s a need to mix up your strategies. It’s essential to know if you found the right match for your business, bringing us to the next point.
2. Choose the right affiliates. Find and research potential and high-ranking affiliates that would benefit both ends. As the affiliate marketing industry boomed, many hopped on the bandwagon to claim a spot, making it harder for businesses to discern which ones are the right choices for their brands. In my opinion, it’s best to start with your niche, look for affiliates who work in the same field and have a good audience that matches your target market.
3. Collaborate with an influencer. It has been projected that brands will spend $15 billion on influencer marketing by the end of 2022. The increasing number of influencers is a game-changer that the affiliating marketing industry keeps an eye on. But before you reach out to influencers with a massive following, remember that you don’t always have to think about the numbers. Recently, micro and nano influencers have gained popularity and can play a significant role for brands on a tight budget. Additionally, you can strengthen your ties with your affiliates to maximize your partnership instead. Define your influencer marketing goals, and ensure that your brand, products and other relevant information are correctly presented.
4. Introduce loyalty marketing schemes. The competition has never been this intense since Covid-19 happened. It’s high time to develop unique strategies to encourage shoppers to keep coming back for more. One way is to give rewards to repeat and loyal customers. Provide incentives like cashback or credit points as part of the affiliate marketing software to increase bondage between advertisers and customers.
5. Be open-minded to sudden changes in trends. There’s a reason why the affiliate industry grows despite various crises. What used to be impractical a long time ago becomes acceptable in today’s narrative, paving the way for innovation. A perfect example of this is the cryptocurrency going mainstream. Since the launch and success of bitcoin and the emergence of NFTs, it never hurts to prepare and consider adding extra avenues when the time comes.
Now is the moment for brands to take hold of the vast opportunities of affiliate marketing. I believe and hope that despite the world’s challenges, we remain resilient and innovative so that the world can heal, grow, and move forward as one to a recovering economy soon.