Affiliate marketing is the biggest form of referral marketing on the internet today. Affiliates all over the world have the opportunity to promote products and services of other companies and make a commission doing so.
What is affiliate marketing?
Affiliate marketing is one of the most common online business ideas that people tend to get started with. It has a low barrier of entry and gives almost anyone with basic computer knowledge and the right mindset the opportunity to start their own business and generate an income online in a short amount of time. Affiliate marketing is one of the many popular online business models in existence today.
Most people start off in by getting some form of affiliate marketing training before joining an affiliate program and promoting products and services from there.
According to the research and statistic company, Forrester, affiliate marketing spend in the US is expected to reach $6 billion dollars by the end of 2017. Affiliate marketing is a huge, growing market that has huge potential.
Bigger brands are increasingly becoming aware of the power of affiliate marketing and are taking appropriate steps to incorporate this into their core marketing strategies.
As affiliate marketing evolves, serious marketers need to know exactly what’s happening in the industry. The ever-changing nature of technology as well as the change in consumer behaviour is transforming affiliate marketing and creating opportunities for marketers to target consumers in new ways.
Marketing Is Becoming a Data-Driven Science
You can’t improve on what you aren’t measuring. Brands are increasingly wanting to pay their partners based on performance, thanks to the advancement of data-tracking technologies.
In the past, companies had no idea how their campaigns would perform. Take for example, the world of traditional marketing. If you placed an ad in a magazine, you would have absolutely no idea how many people saw it.
It makes complete sense that brands now want to pay on a performance basis because the data is available.
Technology now allows for improved management of data and tracking is now allowing companies to convert customers that would have been lost to the ether, previously.
Technology Bridges The Gap Between Online & Offline Marketing
In 2017, retailers are working more and more with loyalty and reward app companies on a performance basis. This means that the application of location-based marketing is huge. This is the essence of affiliate marketing.
Here’s is an example of location based marketing:
A prospect enters the Clarks shoe shop, an iBeacon sense her iPhone as well as a discount coupon app she has on her phone. She automatically receives a coupon for 20% off a pair of shoes at Clarks. The prospect takes advantage of the offer and redeems the coupon at the point of sale. Clarks pays the coupon app a commission for the referral.
This is just one small example. This form of merged marketing can be implemented on a much bigger scale. Take a big shopping centre, for example. This shopping centre is home to dozens of marketers. This shopping centre could potentially become a marketer as well as a performance partner. Prospects would receive iBeacon offers through the shopping centre’s own app.
This new technology is completely changing the relationship between marketer and partner as well as opening up new opportunities for affiliate’s to market to consumers.