Affiliate Marketing: How to Win in an Uncertain Economy

so let's first talk about
how affiliate marketing is changing and
behavior is changing for consumers in
this economy
well first we're seeing Affiliates
become much more price sensitive we're
not really Affiliates more so consumers
they're becoming much more price
sensitive and you need to overcome this
because if you don't overcome this
you're going to see your affiliate
income drop
a report by McKinsey found that 60
percent of consumers are making changes
to their spending habits in response to
economic uncertainty
you're going to find it harder to
convert people we found that one of the
best tactics to overcome this is to
actually go live
so yes there's live on Facebook there's
live on Instagram there's live on Amazon
and what you can actually do is go live
and promote exclusive discounts you can
also go live and break down how someone
can use the product and emphasize the
value and the savings and everything
you're getting for the price one unique
strategy we're seeing Affiliates
starting to implement they haven't too
much in scale but it's working super
effective a lot of those Instagram
influencers everyone know here how those
Instagram influencers and Tick Tock
influencers charge way too much money
for a post raise your hand if you agree
it's hard makes it hard for economically
to make the numbers work right now a lot
of them are struggling did you know you
can hit them up even as affiliate we're
seeing this new trend where affiliate
marketers who don't own the product or
company are hitting these influencers up
giving them some money on an annual
basis and you do month-to-month
contracts so you can get out whenever
you want
and what you do is you can pay them to
go live to Their audience to promote
whatever product or service you want the
way you make money on this is you're
paying them let's a flat fee and you try
to get them to go live each and every
single day we found that it's pretty
effective with our audience for the
first month two months Max and then it
diminishes the return but it's a great
strategy for you guys to use to generate
more sales more revenue and you're
monetizing Their audience
shoppable live streams can increase
conversion rates by roughly 20 percent
this is coming from Bigcommerce
another thing that you need to do is
focus on necessities necessities are
converting much better in this economy
than previously because that's where
people are spending their money
providing essential goods and services
during times of uncertainty can increase
Customer Loyalty by 10 this is from
Harvard Business review
another thing that you want to do is
gamify
so when someone shopping and buying if
you're affiliate or a company you need
to gamify the experience add more to the
cart get free shipping add more to the
cart get more points add more to the car
you get buy one get one free whatever it
may be you need to gamify it and the
more you gamify it what you'll find is
you'll start generating more repeat
customers which then increase your LTV
which then allows you to pay more money
to affiliate marketers which then allows
them to spend more money on Advertising
so that way you can scale up
up to twenty percent of customer
engagement can be increased with
gamification features like rewards and
incentives according to Forbes and a lot
of this stuff by the way I'm citing the
sources by Molly putting stuff in here
that we ended up testing and we know
that works
exclusive discounts will make your
affiliate products much better
especially right now
you know yes people talk about free
shipping and how that can have an impact
on conversions that's great but you need
to go more exclusive than that
for example you know limited quantity or
for example a limited edition you know
those Nike shoe stores or the shoe
stores
I used to live in California and in
California people would be out the line
or out the there was a big line for
these shoe stores I never understood the
concept I had one pair of shoes it lasts
seven eight nine ten years and then you
buy a new one I'm like who's gonna stand
outside the store for a shoe right I'm
also Indian and I'm really cheap and
frugal so I'm probably not the Right
audience but they're like oh my God I
gotta get one of those limited shoes
there's only a thousand of those Yeezys
or Jordans or whatever brand it is and
that works really well it's fomo people
want it they'll pay premiums I would
have friends sending me images of shoes
when Nike first came out of those shoes
that you push a button and it
automatically ties your shoelaces like
uh Back to the Future they're like how
rad is this I'm like not that rad I can
just slip on and off my shoe I don't
need some electric thing that I gotta
charge my shoe right but those things
sold and people thought they were the
best thing since sliced bread
providing free shipping can increase
order values by roughly 10 percent
according to Business Insider we see
this all the time too
try to make your offers more exclusive
make sure you offer free shipping if not
everyone's just going to go to Amazon I
know that sucks but it's the reality
customers will spend less or delay
buying and keep in mind if you're
affiliate you got to push the companies
you're working with to make these
changes if you're a company you got a
push to make these changes to make your
Affiliates more successful
a study by PWC found that 58 of
consumers are spending Less on
non-essential items during a bad economy
and a study by Nielsen found that 66 of
customers are delaying Big Ticket
purchases during a bad economy
you it doesn't mean that you can't get
people to purchase you got to push them
over and I'm going to show you how