Have you ever considered affiliate marketing as part of your digital marketing strategy?
What is Affiliate Marketing?
Affiliate Marketing rewards affiliate partners who drive traffic and convert leads into sales. It is a performance-based strategy that is low-risk. It is however also an effective way of increasing brand awareness, growing your business, and increasing your online revenue. Although many companies use these programs to boost their online sales, affiliate marketing is also a great way to monetize an existing website or blog for example.
Why is it Worth Considering?
If done right, affiliate marketing can be an effective way to grow a business. One of the main advantages for businesses is that they only pay for results. In addition, it is inherently scalable, making it possible to expand a business quickly by adding more affiliates. Finally, affiliate marketing can be an effective way to build trust and credibility with potential customers. When customers see that a business is recommended by someone they trust, they are more likely to do business with the company. For these reasons, it is definitely worth considering as a monetization and business growth strategy.
Did you know?
Interest in these programs has increased by over 300% since 2017
More than 80% of brands around the world now have affiliate programs
5% to 25% of online sales are generated through this type of marketing
81% of advertisers and 84% of publishers use affiliate marketing
Trends in 2022 and beyond
- Live shopping, or shopping through live streams, is becoming more popular as social media networks like Pinterest, Instagram and Facebook add live streaming features to their platforms.
- Co-marketing partnerships offer greater opportunities to get your brand in front of new audiences to increase revenue.
- AI-based tools are becoming more sophisticated in identifying target audiences and optimizing keywords for a higher conversion rate.
- Starting later this year, Google plans to stop third-party cookies from being used on its Chrome browser. This will make it easier for affiliate campaigns that rely on data from first-party publishers.
- Cryptocurrencies are becoming more mainstream, which opens up doors for more cryptocurrency-based affiliate marketing programs.
Keep in Mind
In order to keep up with changing customer expectations, use data to build a strategy and create relevant content.
Offering omni-channel experiences will help you expand your reach to new and targeted audiences.
Micro and nano influencers are perfect for small and mid-sized companies to collaborate with in order to get brand exposure and reach a wider audience online.
To be successful in affiliate marketing, it is important to stay ahead of the curve. Feel free to get in touch with us to find out how easy it is to incorporate into your digital marketing strategy.