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2020 has been a wild ride for too many industries to count, and affiliate marketing hasn't been spared. There's a lot of hair-pulling, gut-wrenching, and just general bad news about the state of marketing. While marketing still counts as one of the most important aspects of business, it's often the first to go when troubled times roll back around.
This decade is ushering in one chaotic moment after the next, and some industries are on the verge of being wiped out. Depending on your niche, your affiliate marketing business may nest in one of those industries. Hospitality and gyms are also seeing huge drops in affiliate success. While companies scramble to figure out what to cut to save the most money, some are completely scrapping their affiliate programs.
You get the point. Things aren't looking so great.
You didn't get into affiliate marketing to quit, though, and you definitely didn't get in it to lose money. We wanted to take a second to give you a rundown of what you can do to keep yourself stable and steady, with a huge dose of honesty to go with the advice. Yes, things are dire, but the doors aren't closed yet.
We've compiled a few tactics you should remember to stay on top of your game and keep your affiliate marketing business afloat.
Be Flexible
Here's an interesting quote from an informative Forbes article:
Many affiliate marketing companies, ones which have multiple product verticals, are seeing products that weren't staples in the past now performing quite well in the wake of COVID-19. Companies whose business had centered on one or two key verticals in the past are now watching their core products overtaken by what seemed before like secondary products.
The takeaway: there's no way to tell what will sink and what will float. Pay attention and shift accordingly! There's no reason to double-down right now. Figure out the best way to adapt and make a move.
If your wheelhouse happens to be an industry that is on fire right now, it would be a great time to start delving into a new one. It's always good to participate in as many affiliate programs as possible, but there's no denying most affiliate marketers find success by becoming a thought leader in specific spaces. We're in strange times, though, and you might want to start delving into industries you haven't considered before.
If you already market to a broader audience, spend less time in industries that are seeing sharp declines in sales and interest right now. Expand your knowledge and marketing efforts.
Don't be afraid to:
- Write guest posts to expand your reach and build your influence and audience.
- See what companies are still offering affiliate programs and JUMP ON THEM.
- Do a blog and affiliate link audit and get rid of anything that isn't working.
- Ramp up your content marketing in areas you haven't ventured into in the past.
Nurture Your Audience
Now is not the time to disappear!
The audience you've already built is essential right now. Word of mouth is a powerful marketing tool when all else fails, so do your best to keep your current fans happy, and do your best to get closer to them. Stay on top of your email campaigns and content marketing efforts. Keep up with your SEO to reach the right people at the right time. Keep promises you've made, especially when it comes to deals and upcoming content.
Most of all, keep being authentic. In times like this, a familiar and honest voice is a welcomed part of any email, video, or social media post.
Build Your Affiliate Partners
Recessions tend to get rid of risk-takers, including plenty of companies that weren't even affected by the current troubles. Affiliate marketing allows companies to make sure their marketing dollars are spent in areas that offer a return, and you should use that to your advantage. You may find your options broadening as more companies see the value in affiliate marketing. As certain doors are closing due to budget cuts, others are opening.
Keep an eye out for new affiliate programs and partners, and keep a running list. Scout out new opportunities for affiliate partnerships, and approach affiliate programs with an open mind. It's time to grow your list!
Try to keep your list of affiliate programs expanding even if your particular industry hasn't been affected. If this situation has taught us anything, it's that “just in case” is never a crazy idea.
Optimize Your Site
If you want people to come back to your home, you have to make it comfortable. For visitors, that means increasing site speeds, lessening load times, and improving other aspects to encourage site traffic growth. Everyone is on edge as it is, so take as much frustration as possible out of your site experience.
Overall, you want to keep the audience you have and attract the audience you don't. Improve the overall UI and design of your site, update your calls-to-action, and update your links. Make sure your keywords are still relevant for their respective pages. Do a thorough rundown of your site (and even your social media), and make sure you're running a tight ship.
On that note, when it comes to affiliate programs, there's nothing more impressive than proof.
One of the most significant ways to attract better affiliate partners is to show them your platform is worth it. As you grow your audience and link power, keep detailed statistics.
The best information to keep for potential affiliate partners:
- Reach and engagement
- Audience demographics
- CTR
- Follower growth over a particular time
- Topics covered
If you need help optimizing your affiliate links, Thirsty Affiliates has you covered. Learn more to put your best site forward with better links, more analytical proof, and more!
Be Consistent and Maximize Productivity
Even in uncertain situations, you need to stay consistent with your audience to see results. Stay on top of your social media and content marketing!
Consistency means posting often and continuing to engage with your audience. If you're running low on ideas, you can always freshen up old blog content. Get your schedules as full as possible, but leave wiggle room to pivot in case you need to in the future. If there are any hot takes in all of this, you always need room to pivot.
Don't stop there! You can get the most out of previously made content by turning it into videos or infographics, or even updating it. The key is to keep producing content that's informative and valuable to your target audience, and maybe pull in a similar audience if it makes sense. Stay top of mind, relevant, and productive by:
- Posting frequently on social media
- Updating blogs regularly
- Engaging with your audience in valuable ways
- Keeping an eye on audience desires and needs
- Expanding your influence
Conclusion – Stay the Course!
These tips make sense, don't they? It's easy to forget when you're panicking that growth works the same no matter the situation. Adjust, adapt, and conquer. Don't let this recession stop you in your tracks. While we're all preparing for the worst, you can plan for the best by keeping these things in mind. Remember, to keep growing even in the darkest of times, you need to:
- Be flexible
- Nurture your audience
- Build out your affiliate partners
- Optimize your site
- Be consistent and stay productive!
Do your best, keep calm, and keep growing!
Do you have methods for maintaining growth in rough times? Do you have any advice on building affiliate marketing businesses right now? Comment below!
