Affiliate marketing has been popular for a long time and is still continuing to grow. It is a low-cost form of marketing making it appealing to a larger audience. Companies have noticed this, and we can see that many more companies are incorporating it into their business. It is not only great for large companies but offers a major change for small businesses who cannot afford to go the route of traditional marketing. In order to understand the affiliate marketing trends for 2024, we need to understand what affiliate marketing is.
Affiliate marketing uses affiliates, who are generally brands or influencers, to promote a product or service. When doing affiliate marketing, businesses only need to pay based on the results, which makes it more affordable. We can see examples of this all over the internet and especially on social media. Not only do the affiliates help to promote a product or service, but they can also expose your brand to an entirely new audience.
Affiliates promote your product using their main source of media which could be linked on their social media posts, blog articles or even through email marketing. Their audience will then see the link, which once they click it, will take them to your offer. The affiliate will then receive a commission if the customer buys something via the link that they provided. This form of marketing benefits both the affiliate and your company which is why it is continuing to grow in popularity.
What other advantages are there to affiliate marketing?
Expanding your reach
You have a niche that you market your company to. Using an affiliate to market your company will help you to reach a wider audience. Many affiliates use a network which will give them the opportunity to share your product using all the networks they are a part of.
User generated content
Affiliate marketers generally produce their own content to promote products. This means that there is the opportunity to have a wide variety of content that you wouldn’t be able to produce yourself. This means that you can have reviews in the form of an article or video or simply just content that offers the perspective of a customer. Another fantastic opportunity this offers is that it reduces the need for paid ads too.
Commission based on results
Affiliate marketing allows you to have a much more affordable marketing strategy. Since they work on commission-based payment, you only need to pay for the true results of your marketing. This allows you to work with a wide variety of affiliates and still pay only for results.
Let’s take a look at trends you should adapt to for the rest of 2024
Focus on nano and micro influencers
Influencers play one of the most important roles in affiliate marketing and this trend will only continue to grow. The most important part of any marketing campaign is trust. Influencers have established strong trust with their audience which means that there is a much higher chance that your campaign will be successful. These influencers rely on being credible to their audience and many of them only promote products that they use and trust. We will continue to see growth in this industry, so it is time to source micro influencers within your niche and to monitor their accounts to know which influencers align with your brand.
The growth of partnerships
Partnerships are becoming a must for all brands to be involved in. Partnerships are a way to grow your audience and build trust since you will be working with another trusted brand. In order to understand where a partnership can fit into your buyer journey. You can reach out to brands or influencers on your own or make use of a network.
The best part of a partnership is that if you add it into the correct level of your sales funnel, it can improve the effectiveness of your conversion drastically.
Focus on the data
Data is becoming an integral part of most businesses’ marketing strategies. People want to see the results of their campaigns (click here to learn how by the way). They use the results to measure the effectiveness of their campaign and their return on investment. They also use this to plan their future campaigns based on what aspects were most successful. Since cookies are becoming a thing of the past, data and analytics have become the main way to go.
Blogging is evolving to adapt
Blogging has been around since the invention of the internet, and it is still growing. This is because blogging is one of the main ways to get seen on Google. Businesses are making use of backlinks to gain more traffic for affiliate marketing. Tech company TechQuarters has reported that the main difference between blogging before and blogging in 2024 is the increase in the use of SEO and backlinks. The more backlinks you have from your affiliate, the more traffic and potential sales there are.
Aside from s, there is also the option of doing guest posts on other blogs. Guest blogs have become a wonderful way to get exposure since they allow you to share your content and expertise but to an entirely new audience. The best way to get your guest content on to a recognized blog is to make sure you are providing high quality content that solves a problem.
The rise of video content
Social media platforms are all moving towards more video-based content. TikTok has been at the forefront of this, and they continue to create more ways for people to market products. Instagram has now created Reels to keep up with the demand for video that TikTok created. Instagram even announced that they will be focusing more on Reels than on image content. Not only does it engage with users more, but video also allows you to provide more value to your followers. TikTok has been one of the best places to market products since it is easier to go viral. This is the case for Reels as well, so now is the time to create video content for your business.