Since its inception in 1989, affiliate advertising has steadily risen in popularity. A well-established revenue-sharing trend, it’s now available via blogs, message boards, social media, and large affiliate networks. Even though many have succeeded, marketers today are questioning whether this method is withering or dead because of the various changes that have taken place.
In the US, affiliate marketing spending reached 8.2 billion dollars, according to Statista. This shows that it has been steadily growing fast. Recent research by VigLink reveals that more than 77 % of affiliates experienced growth in earnings each year after 2016. These statistics indeed show that affiliate marketing is not dead nor dying. With this post, I will look at how this particular marketing type’s trends have changed over the years. I will also look at how the successful affiliate marketers are doing it and how you can cash in.
And so, with no further ado, let us jump in!
Affiliate Marketing Trends and How They Evolved
Since its inception more than 30 years ago, affiliate marketing has been steadily increasing in popularity. This strategy grew quite popular in the last several years as we transitioned into the information age. According to the latest statistics and industry trends, the affiliate marketing industry isn’t going away soon.
- Affiliate marketing accounts for 30 % of product sales for advertisers.
- In Canada and the US, it is responsible for 16 % of e-Commerce.
- About 81 % of brands and online businesses depend on this platform to produce sales.
- It’s worth more than a billion, and it continuously grows.
Although it has evolved, affiliate marketing is far from dead. What worked in the past may not work in the present. Many online marketers who haven’t adapted and innovated find their old strategies and techniques failing.
Affiliate marketing has changed in three ways:
- Competition is increasing. The concept of working at home is incredibly attractive, and there are more and more people who are moving into affiliate marketing than in the past. Companies also recognize how well this advertising increases their net profit. Because of this and so many individuals, all doing the same thing, tactics and strategies used to work before might not be as successful any longer.
- Inclusivity. With even more people jumping on the affiliate marketing bandwagon, big businesses are becoming much pickier about who they admit to their affiliate marketing method. They are screening people more and adding stricter requirements like a successful website, search engine optimization, email list, blog, etc.
- Brands are rising. Affiliate marketing lies in brands. Google and Facebook have always favored brands, and that’s not likely to stop today. Many big and trusted brands, such as the New York Times, have jumped into the affiliate marketing space.
Changes to Amazon’s Affiliate Program
Amazon is an e-commerce platform and a well-known online marketplace. Several modifications to the affiliate scheme have affected many online marketers badly. This year, Amazon reduced affiliate commissions, leading many to wonder whether affiliate marketing is worthwhile. When the budget was reduced, it was a shock to many companies and a catastrophe to others. But even amid adversity, there are generally possibilities to be found. It’s also not an exception. Although this is occurring, several marketers still join the affiliate marketing arena. Many affiliate internet marketers have proven themselves many times over, while many others are just starting.
If you want to become one of them, I have listed below some of the best practices you can consider:
Affiliate marketing is not dying, though it’s becoming a far more competitive business, which usually requires a great deal of hard work and knowledge. Those who became affiliates at the start of the game are fortunate enough to have a network that does not demand them to change that much. However, those who are new need to adapt and set realistic goals.
It’s crucial to understand that affiliate marketing is not a quick get-rich scheme. You can find many marketers and brands that now have a stronghold on specific sectors, and it will likely take a lot of creative and hard sales effort to make a name for yourself.
I have listed below some of the best practices to run a successful affiliate marketing program and be able to increase your affiliate income:
- Stick with a niche and master it. You might think that marketing many products will give you more chances to become a successful affiliate. The more you can narrow down the field, the more knowledge and expertise you will gain, which will position you to become a future merchant.
- Screen your merchants thoroughly. Although you’re marketing yourself as an affiliate marketer, part of the deal is to make sure that you work with reputable and credible merchants. If you direct your customers to a subpar merchant that sells them low-quality items, they’re unlikely to use your channel for future purchases.
- Learn from others. Learning from others is advantageous if you want to be a successful affiliate marketer. One way can be to attend networking events or perhaps reach out to other affiliates in your niche to learn more innovative and creative ways.
- Try again and again. Affiliate marketing isn’t a simple task, but there’s a great deal of possible incentive for those who do not give up. Take a look at each failure as a learning experience and attempt to determine what you can change to do better next time.
- Never miss a thing – track everything. To know what works, you need to monitor what you’re doing in your network. This means you measure sales, conversions, and clicks of every one of the products you’re advertising, so you don’t miss a thing.
- Expand and diversify your sources. It’s quite apparent that you should not stick to one traffic source to market your services or products. A good start would be to market on your blog or website. Still, it is a must to consider other avenues.
Are There Alternatives To Affiliate Marketing?
Yes, there are plenty of other business models to choose from if you want to pursue this making money online. Here are just a few:
Summary
Read Our In Depth Breakdown Of The Top 5 Affiliate MarketingOpp Courses For 2024
Affiliate marketing is not dead. It’s simply evolving.
Whatever the case, affiliate marketing is still a viable option. An affiliate marketing business will be a good fit if you’re willing to put in the time and effort required to build a reputable brand and provide value to your audience. Despite major changes, such as greater competition, Amazon commission cuts, Google’s algorithms flipping the affiliate marketing universe on its head, and even Coronavirus-related concerns, anybody may still be successful provided they remain flexible, adaptive, and inventive. The times have changed, and so should you!
Set your goals in motion now, and use the information in my blog to get you started!
