It’s a jungle out there! Well at least on digital. As people become more and more situated at home, free time is transitioning to online behaviour, something which we’ve been verifying through the website traffic of our clients of late.
But what does this mean for your monetisation (especially affiliate monetization)? From our conversations with Fohr and our discussions with clients, we’ve seen that approximately 58% of deals have been postponed, with even 18% being cancelled.
That being said, a significant number of partnerships are still going ahead, insinuating that there is some long-term brand thinking here. A good sign.
With the sudden disruption in revenue, it makes sense to channel your strengths to other means of monetization during this time. However, this too can be a tricky thing to navigate given the inevitable global economic uncertainty and current unemployment levels rising. Does this mean that affiliate monetization if off the books entirely?
In short: No.
In fact, affiliate commission revenue for a number of clients (even those who are experiencing lower website traffic as a result of the global situation) is rising. A large proportion of your demographics are likely to be at home, bored, and in need of some self-care. A large proportion who are also still in work (albeit at home) have a lot more disposable income to hand and are turning to spend their money still, for both community outreach and personal needs.
That being said, affiliate monetization planning does need some sensitivity right now. Here are some tips to help you better position your affiliate strategies during this chaotic period:
- Pay attention to your CTRs – we’re in a paradigm shift of buying behaviour, and it’s happening fast. A lot of digital buying behaviour revolved around the working week, which is understandably beginning to fizzle. When creating and promoting your commercial content look at when has the highest CTR/swipe through to the article/page. Also, look at which days generate the highest outbound events on your blog. Plan your publishing and promotion schedule around this and measure its effectiveness next week. Assess. Hypothesize. Repeat!
- Overall we are finding that IG audiences are generating more outbound event traffic compared to other channels. More people are passing their time here when they would otherwise be out and about. If you’re not already, focus on pushing for more commercial messaging here….that being said….
- …Contextualise the products…it’s a fine line to coming off tone-deaf. Spend a bit more time to explain why you’re leveraging these products. To give you guidance on this, get some qualitative feedback from your social audiences by asking them what they want and how they want it. Their feedback will give you the answers on how to best position your product selections.
- Be mindful of the products you choose. Apparel and accessories sales are down right now whilst skincare, home decor, kids toys and fitness are peaking. Map out what products your audience is most likely to buy right now given current lifestyle changes. Try to avoid high ticket items also – think little luxuries or practical suggestions.
- Check the logistics. Check that the retailers you’re mentioning are still giving the commission and delivering to your audiences. You can see these updates on your affiliate program sites.
- Try to limit the number of retailers you mention in one article to increase the chance of order conversion. This will make the products appear more efficient to purchase for your audience.
- Pro bono! Don’t neglect the local community. Small businesses need support more so now than ever. Even though you may not gain affiliate revenue here, it’s important that you harness your community for both B2B and B2B. This will put both your business and your local business in a better position when the dust begins to settle. It’s important to use your influence for good and not fatigue your audience with sales. Balance is key!
Keep going! YOU GOT THIS!