By Relebohile Kobeli – Digital Campaign Specialist
The COVID-19 pandemic is forcing all businesses across the globe to evolve their business operations and digital marketing strategies as consumer behaviour and needs change. The same should apply in affiliate marketing; digital marketers need to adjust their interaction with customers in the post-COVID-19 world.
As the pandemic lingers, we’ve seen a drop in sales in the financial vertical specifically in money lending. One of the biggest challenges experienced by affiliate marketers specializing in loan leads, as well as those in various verticals, is that consumer spending habits have changed unabatedly. Demand for products such as credit cards has plummeted as unemployment rises and people cut back on their nonessential spending, prioritising saving.
Thankfully, we’ve seen consumer spending spiral its way back to “the good times” after every major event. Just because consumers are less likely to make a purchase now doesn’t mean that you need to completely put your affiliate programme on hold.
I know it is tough right now, but you need to maintain your advertising activity. Remember the consumer funnel? You must have people constantly coming into your funnel. This is the only way your lead conversions will steadily increase, as the effects of COVID-19 wither away.
Yes, demand is down right now, but perhaps viewing this period as an opportunity to build our affiliate marketing businesses, might serve your business better? The greater population is working from home, people are consuming online content more than ever before. An increasingly connected and engaged audience today is paving the way for countless revenue opportunities tomorrow.
Now that I’ve convinced you to not be discouraged and not lose momentum, here are a few things that you should turn into your doctrine as you navigate through the spitballs that COVID-19 is throwing your way:
Consumers are human beings too, giving them a personalised experience should be your obsession
Social distancing is very important but overrated. Everyone is craving human connection. Your affiliate marketing strategy could focus more on impactful and meaningful communication. To do this effectively, make use of digital tools like real-time social media to engage with your audiences on their terms.
Keyword “innovation” – Meet consumer needs and solve pain points as they emerge
Consumers are most likely to spend their hard-earned money on businesses that go the extra mile to address their needs. This includes tactics such as generating content that is helpful for your consumers. A simplified signup process and mindful emailing frequency, could favour you with your audience if you are an email marketing affiliate.
Maintain the short term value and plan for a longer recovery
Your audience is more likely to use your affiliate links if they feel you are after a long term relationship and not just their money. Offer your audience short term value to keep them engaged while at the same time increasing their lifetime value. You can do this by introducing competitions and draws, it doesn’t have to be exorbitant, you would be surprised what magic a grocery voucher can do.
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