Affiliate Marketing in 2024: Easy Tips for Big Success!
Writen by octaadsmedia
Are you curious in what Affiliate Marketing in 2024 Easy Tips for Big Success? It makes sense in light of the difficult and rocky journey we experienced in 2023. I really think that the more difficult the ascent, the more rewarding it is. I was proven correct last year, and I have no doubt that I will be again this year. I won’t quote 2023 or 2024 affiliate marketing statistics that you see everywhere, no matter how compelling or well-supported they may be. These are industry averages and estimations that are hard to apply to specific organizations because they ignore their unique characteristics and the difficulties they encounter (d). Rather, allow me to present you with my overview of 2023.
A Quick Summary Affiliate Marketing in 2023
In 2023, things changed a lot in the online world. First, there was a big boost in online shopping, and then the pandemic happened. After that, it got a bit tricky. More brands showed up, all trying to get the attention of the same online promoters, and this made advertising costs go up.
People started going back to physical stores. Why? Well, there were worries about losing jobs, prices going up, and talks about money troubles. So, shoppers became more careful about where they spent their money.
Now, those folks who create content on the internet got pickier. They started asking for more money to talk about and promote brands. Some got frustrated because some brands didn’t handle their affiliate programs well, had issues with keeping products in stock, or messed up tracking. So, many of these content creators stopped taking a cut of the sales and started asking for a flat fee instead.
And here’s the twist – how well affiliates performed changed a lot. Some websites lost visitors because Google changed how it decides which websites to show. Others decided to change how they do things. Ad campaigns that used to make a ton of money suddenly didn’t work as well. Even affiliates who used to bring in lots of sales found it harder to make an impact (even if they didn’t lose their usual spots).
To sum it up, 2023 brought big changes to online marketing. More competition, people being careful with money, and even the way affiliates do their thing got a shake-up. It was a bit of a bumpy ride!
In 2023, some big companies that used to make a lot of money every month either went out of business or got bought by even bigger ones. Brands and affiliates changed the groups they were working with. Plus, there were new tools and software launched, promising to make affiliate marketing easier and help with recruiting, managing, and improving performance.
But not everything went smoothly. Many brands either closed down their affiliate programs or didn’t take care of them, leading to running out of money, going offline, and causing traffic to go to broken links. On the other hand, some brands started affiliate programs hoping to boost their sales without spending too much. Some even tried multiple programs and platforms at the same time, approving anyone interested, without realizing the risks of fraud and double-dipping.
In the world of affiliate marketing agencies, things got a bit tough. Some agencies, struggling to keep clients or desperate to get new ones, started trying to steal clients from other agencies. They promised a bit of growth, but it often didn’t turn out to be much. It was quite a ride in 2023!
How We Won Affiliate Marketing in 2023: Our Successful Strategy!
At Octa Media, we make sure we understand what our clients are dealing with in their markets and who they’re up against. When things started changing, we were on it, helping our clients adjust and stay competitive by…
At Octaads Media, we do a bunch of things to make sure our clients do well. Here’s what we do in simple terms:
Keep Programs Running: We make sure our programs always have enough money, and they’re active all the time. We create different ads and make sure all the website links work well.
Get Creative: We help make cool graphics, plan PR campaigns, work on big marketing ideas for the whole company, and improve the way websites and links turn visitors into customers.
Watch Over Affiliates: We keep an eye on our affiliates to make sure they’re not doing anything tricky. Our goal is to protect our brand and keep everything honest.
Track How Well We’re Doing: We check how well our affiliates are doing in different programs. If we see a way to make things better, we make changes.
Build Partnerships: We take care of the relationships we have with existing partners. We talk a lot with our affiliates, encourage them to do more, and help them grow.
Find New Opportunities: We actively look for new partners and ways to grow. We work closely with our clients’ teams to make sure our plans boost brand awareness and sales.
Watch Our Spending: We keep an eye on how much we spend and make sure we’re getting good value for our money. We aim to get the results we want without spending too much.
Try New Tools: We test out new tools and services to make our work better and more efficient. We always look for ways to improve and learn new things.
Individual Plans for Each Client: Every client is different, so we create unique plans based on what each business needs. Our approach has worked well, with affiliates contributing 25% to 50% of our clients’ online sales.
Positive Results: Our results have kept our clients happy, and some have stuck with us for almost a decade. Despite challenges, we’ve grown their affiliate programs and made sure they succeed.
Affiliate Marketing in 2024: Easy Tips for Big Success!
1. The Most Popular, More Reliable, and Highest Paying Brands Rule
Affiliate Marketing in 2024, like merchants, put in a lot of effort with each article and campaign. Both want to sell a lot. Popular brands are easier to promote because they already have a large client base and passionate fans. These brands have effective marketing strategies that affiliates can exploit, and their products are well-liked by customers. Furthermore, they typically have more money to spend.
Affiliates, like merchants, put in a lot of effort with each article and campaign. Both want to sell a lot. Popular brands are easier to promote because they already have a large client base and passionate fans. These brands have effective marketing strategies that affiliates can exploit, and their products are well-liked by customers. Furthermore, they typically have more money to spend.
Small brands can still do well, even if they’re not well-known or don’t have a lot of money. To succeed, they need to have good deals for customers and partners, enough products in stock, and a reliable partner to represent and look out for them. But the most important things are being patient, staying consistent, and having a plan for the long term.
When getting reviews from affiliates, it takes time. It might take weeks or even months for affiliates to make detailed reviews. Even if you only get a few reviews at first, it’s a good start and can lead to more reviews and opportunities. If you start an affiliate program or work with a partner, wait at least 3 or 6 months before making big decisions. Look not just at sales and website traffic but also at where your products are featured, how many active partners you have, and other results outside the affiliate program.
2. Merchants Test New Solutions
Many merchants mistakenly believe that their success will depend on the network, software, or influencer platform they use. Many start an affiliate program, and when it doesn’t grow by itself or they get approached by another network or provider promising the moon and the sky, they switch platforms or solutions. I expect this trend to intensify in 2024, with more brands launching affiliate programs without or with poor management.
It’s important to start the program on a popular platform, with advanced tracking and attribution solutions, suitable for influencers as well. But it’s essential to understand that the platform alone won’t do the work for you, and switching without solid reason and close management to secure the transition is never a good idea. Having tested more than 20 software solutions and platforms this year, I can tell you that none of them is perfect or infallible. Generally, if you’re on one of the major affiliate networks, like ShareASale, Impact, Rakuten, or CJ, Octaads Media, you don’t need to switch.
Advice on Increasing Performance Without Changing Software or Networks
Use The more tools to find and connect with partners. The tools from affiliate networks might not be enough.
Check how well the tracking is working. If it’s not good, talk to the network to fix it or pay commissions manually for sales that weren’t tracked.
Make a simple page for new partners to sign up easily.
Give clear and simple instructions for new partners to sign up and start if they’re not using the platform yet.
If you choose to make a change and have important partners already on board, it’s crucial to tell them and assist them in getting the most out of the new setup. It’s your responsibility to make sure the switch is smooth with no disruptions or problems like broken links or delays in payments. If partners are left in the dark, they might hesitate to work with you again, thinking you’re not dependable. The old system probably made you sign a contract that says you can’t move affiliates to another network, making the switch even harder.
If you think having many affiliate programs will bring more customers and sales, think again! When people buy something, they go through different steps like checking reviews, comparing prices, looking for discounts, and using cashback apps. By the time they buy, many affiliates may have been involved. The problem is, you can’t avoid paying commissions to multiple affiliates for the same sale. If you cancel a commission in one program, it will make affiliates upset and less likely to promote you. It will also mess up your affiliate program stats. In 2024, success in affiliate marketing won’t come from many programs but from managing one program well.
3. Be Alert: More Bad Affiliates, Bigger Fraud Risk in 2024″
In 2023, and I think it will continue in 2024, there’s a growing problem with fake and low-quality affiliate applications. These can show up in various ways on different networks, depending on how they work.
Possible Red Flags for Low-Quality Affiliates
Accounts listing websites or social media accounts they don’t own (check the About section, look at names and countries of origin)
Promotional methods focused on media buying, paid ads, or discounts
Application messages that don’t make sense or promise the moon and the sky (affiliate marketer with x years of experience, sales of millions of dollars, etc.)
Stats that don’t match the listed website (huge audience for websites with no or very low traffic)
Negative feedback from other merchants
Limited or unverified accounts and spammy associated email addresses, etc.
In the affiliate programs I handle, I turn down more than 70% of affiliate applications after checking each one carefully. If you accidentally let in bad affiliates, checking sales and traffic every day can help you find them and get rid of them. It’s really important to use anti-fraud tools for your online store and not send out products for orders that seem suspicious until you check who’s buying. This way, you won’t lose products to fake orders and have to give back the money.
Red Flags for Fraud Orders
Multiple refund requests for orders referred by a specific affiliate
High amounts of traffic from low-audience websites
Several orders with the same IP
Unusually high conversion rates
Affiliates referring traffic for which the source can’t be identified
Major reporting discrepancies between the affiliate program and the e-commerce platform
High rate of sales overwritten from other affiliates
In simple terms, sales don’t just happen magically, and if something sounds too good to be true, it probably is. Keep a close eye on your affiliate program, check where all the traffic and sales are coming from. This way, you can keep your business safe, get rid of bad affiliates, and build good partnerships that help you grow.
4. New Types of Affiliates Emerge and Rule
Reviewers, content creators, and comparison affiliates, along with influencers, are really important for an affiliate program. But, like I said earlier, they pick and choose and take time to make content. While you work on convincing them and wait for their content, explore other types of partnerships too. Some categories that could do really well in affiliate marketing in 2024 are:
Potential Performers in Affiliate Marketing in 2024
Audience monetization tools
These tools help make money from your audience.
Card-linking loyalty companies
Loyalty programs linked to payment cards.
Shopping assistant apps
Apps that assist users in their shopping experience.
Member benefits platforms
Platforms offering benefits to members.
Look-a-like audience builders
Tools creating audiences similar to existing ones.
Big-media shopping sections
Large media platforms with dedicated shopping areas.
Programmatic ads experts
Experts and platforms specializing in programmatic ads.
This table organizes the listed categories and briefly describes each one’s potential in 2024 affiliate marketing.
5. AI Involvement Increases
Chat GPT and other tools and platforms have made it clear that artificial intelligence (AI) is becoming more important. Its impact on affiliate marketing is expected to grow even more this year. However, not everything created by AI is good. I’ve seen many websites with low-quality content generated by AI. I hope that search engines, merchants, and buyers will become more picky and value the human touch, especially in content creation. AI is the future, but, like most tools, it relies on the user, the commands given, and the quality standards in place, at least until it learns to read minds.
6. Better Affiliate Support
Some shop owners think just starting an affiliate program and giving banners to affiliates is enough for success. But it’s not that easy. Affiliates decide what products to promote and where. They also choose which stores to work with. If you want to do well, don’t force things on your affiliates. Don’t try to make them promote for low commissions when you can pay more.
Be honest and dependable. Help them sell and make money. Give them what you would want if you were in their place—let them know about stock issues, make sure tracking works well, and manually compensate when it doesn’t. If your affiliates are happy, they’ll do more promotions, bringing in more customers and sales for you. So, everyone is happy!
7. More Unified Marketing Strategy
In the past, brands had separate plans for different customer groups. Now, everyone sees ads and content everywhere. Customers are flooded with messages. To make things better, it’s important to make their shopping journey smooth with clear and consistent messages.
Some Advice for Simplifying Your Buyer Journey and Marketing Plan
Make your different teams work together, build common strategies, and use compatible marketing messages
Always advertise your highest discounts and best-selling points
Build your campaigns around major holidays and best-stocked products
Take channel overlaps into account when establishing budgets and commissions
Force communication across teams and channels
Picture this: your PR or influencer team gets your brand featured in some cool places. Those spots will probably make money through affiliate links. If your affiliate manager knows about this and is part of the talks, they can convince these publishers to keep promoting your brand even after the first campaign ends. People who see this stuff might also check out affiliate reviews, click on ads, look for coupons, or use cashback apps. Your email team can then reach out to these buyers, ask for reviews, and encourage them to buy more. Sharing these reviews and features on social media can make your brand more popular.
The sales that come from this aren’t just because of one thing – it’s because of all these things happening together. So, all your marketing teams should work together and get credit for what they do in the buyer’s journey. At Octaads Media, we always talk about using unified marketing strategies. Some clients listen, and others don’t, but the ones who do always get better results. We think more people will start doing this in 2024 because any problems in the buyer’s journey hurt sales and how people see your brand.
8. Increased Physical Presence
In a busy market where brands appear and disappear quickly, affiliates like brands that are there in person. These brands sell in real stores or have showrooms, and their reps go to industry events. Whether it’s an affiliate conference, an event for a specific affiliate area, or something about your products, think about getting involved or teaming up with an agency that can represent you.
Geno’s workshop at Affiliate Summit and our team going to affiliate marketing conferences worldwide always help our clients a lot. We make connections and partnerships that online meetings can’t do alone. Also, when our clients show up at local markets or events, it really helps their affiliate program and their whole company. So, check out what events are happening and try your best to be a part of them. People will still shop and can be reached online, but being physically there makes your brand more real, easy to reach, strong, and trustworthy.
9. More Brands Expanding Internationally
If a company is doing well in one country, it’s now easier to grow globally. Many services can handle sending things to different places, and sending things overseas is getting quicker and cheaper. Thanks to smart technology, it’s easy to copy websites and translate what they say. The good news is that affiliates really like international brands, especially if their affiliate programs are friendly.
Even though it might seem simpler to have different stores and affiliate programs for different countries, it’s not a good idea! This just makes it harder for you to succeed and costs you more money. At AM Navigator, we’ve had the chance to make and grow lots of international affiliate programs and see the benefits firsthand. It’s surprising how affiliates in the U.S. can influence shoppers in Canada, Central and Latin America, Australia, and even the UK. All you have to do is set up an affiliate program that lets affiliates do their best and make sales across different stores and countries.
Pick platforms that let you have many stores under the same affiliate program. This way, affiliates can get a reward if the customers they send to one store or country end up buying from others. Many affiliates and big media publishers who might not be interested in you now could be interested in working with an international brand, giving you a chance.
10. Varying Results and Performances
When you’re thinking about spending money on an ad or teaming up with someone, you probably want to know what you’ll get in return. Most sellers want more people to visit their website and buy stuff. But figuring out exactly how many people will come or buy is not so easy.
Why? Because different people like different things. What works really well for one seller might not work as well for another. Even if two ad campaigns seem similar, they might bring in very different results. Websites and social media accounts that are popular today might not be tomorrow.
So, when you’re planning your budget and ad campaigns, don’t rely too much on guesses. Take the time to really check out the person or company you want to team up with. Make sure they’re talking to the kind of people you want to sell to, and that their stuff fits with your brand and plans. Look at their whole online thing, not just what they say in their ad info – see how many people like, comment, and share their stuff.
Once you’ve decided to go ahead with an ad or partnership, do your best to get the most out of the extra people coming to your website.
Certainly, I can provide you with a simplified representation in a tabular form:
1. Ensure Product Availability
Make sure the main product you’re promoting is in good supply to meet potential demand.
2. Optimize Landing Page
Choose the most effective landing page for your promotion. Consider creating a co-branded page if it enhances the partnership.
3. Implement Upselling Techniques
Encourage customers to buy additional products by strategically presenting upsell offers during the buying process.
4. Provide Exclusive Coupons
Offer your partner an exclusive coupon or a unique code to share with their audience. This can boost engagement and increase the likelihood of conversion.
5. Utilize Retargeting Strategies
Follow up with visitors referred by your partner through email, SMS, and display ads. This helps in keeping your brand in their minds and encourages further interaction.
6. Convert First-Time Buyers to Loyal Customers
Introduce exclusive offers and rewards to turn first-time buyers into repeat customers, fostering loyalty and increasing lifetime value.
7. Foster Brand Ambassadors
Incentivize buyers to become brand ambassadors by encouraging them to create reviews, share your brand on social media, and recommend your products to their contacts.
Final Thoughts on Affiliate Marketing in 2024
This year is about being strong, smart, and successful. Focus on things you can control and make better, like your products, stock, website, and helping customers. Let the experts and partners handle building your brand and bringing in more people.
Be a good partner for important friends, stay updated, adapt to changes, and be creative! Doing well in Affiliate Marketing might be a bit harder in 2024, but you can do it if you work hard, know your stuff, and don’t give up.
Here’s some advice to make your marketing simpler. If you have more thoughts or questions, feel free to leave a comment below! Need help with your affiliate marketing in 2024 Want to understand how these trends can benefit your business? Reach out, and let’s talk about it!