Amid the coronavirus pandemic, affiliate marketing has seen a tremendous rise as businesses seek to incorporate cost-effective and low-risk marketing tools. In fact, according to BloggingX statistics, the industry is currently valued at $12 billion and is expected to grow even further. In today’s business environment, it is a massive opportunity for any business that wants a high return on investment.
Additionally, as technology advances and our workplace changes, businesses must adapt to new marketing strategies to reach a broad consumer base. Cryptocurrencies, Non-Fungible Tokens, and Crowdfunding are just a few examples of technological advancements revolutionizing businesses and industries. As a result, they have significant implications on the way brands, affiliates, and customers interact, resulting in improved overall performance.
Below are five technological advancements that are changing how affiliate marketing is conducted today and in the future.
When most people hear about Cryptocurrency, what comes to their mind is the word bitcoin. You can’t blame them. It is the most widely used digital currency out of over 1,600 other cryptocurrencies. As of April 14, 2021, Bitcoin was trading at an all-time high of more than $63,000, breaking the previous record price. As a result, Bitcoin, along with other popular cryptocurrencies like Ethereum and Dogecoin, has far-reaching implications for affiliate marketing.
One of the most popular Cryptocurrency trading platforms called Binance, for example, pays a long-term commission on trading fees of 20 to 40 percent for each new customer referral. Consequently, affiliates are taking advantage of such platforms to monetize their cryptocurrency knowledge. With the option of merging the two, brands and affiliates can expand to where physical banks are inaccessible and reach a broad target audience.
One of the many benefits of Cryptocurrency is the privacy and transparency of the parties involved in a transaction. Transactional data is encrypted, shielding everyone from both external and internal intrusion. Even better, there is no transaction fee, which significantly reduces the cost of doing business. As a result, affiliates, merchants, and customers all benefit from increased profits.
2. Non-Fungible Tokens
Following the sale of thousands of dollars worth of Taco Bell GIFs, NFTs became a hot topic, generating a lot of buzz in social and mainstream media. Non-Fungible Tokens, commonly abbreviated as NFTs, are unique digital assets that act as ownership of digital assets. They are more popular with artworks, gifs, tweets, photos, and videos amid other digital items.
With increased weekly volume transactions of up to $2 million, it’s no surprise that NTF is undoubtedly a game-changer in the crypto space. NTF can help increase revenue and brand awareness for both the merchant and the affiliates. Furthermore, you can foster brand loyalty among your customers by allowing them to own a fraction of your digital collectible. This way, you make a profit while also retaining your fan base.
Although the concept of NTF is still in its early stages and is difficult to grasp, brands and affiliates should learn how to incorporate new technologies into their marketing strategies. It could give you an edge over your competitors by allowing discovery and access to a previously untapped pool of customers.
Crowdfunding has become increasingly popular in recent years, particularly among start-ups. It essentially provides a way to raise capital from a large group of people who individually contribute a small amount of money and collectively raise enough to start a business. As an affiliate, Crowdfunding platforms such as Kickbooster allows you to contribute to a worthwhile cause while also earning a commission from the funds raised.
Most crowd funders being regular people, lack the necessary research and marketing skills. As a result, they require the assistance of affiliate marketers who can generate large volumes of traffic to raise the needed funds. Crowd funders can also rest assured that their advertisement will pay off since payment is determined by the traffic generated or the number of donations received.
E-sport is one of the lucky gaming industries that was not adversely affected by the coronavirus pandemic thanks to advances in technology. The video game has been booming since and is estimated to hit $1.8 billion in global market revenue in 2024. So, as an affiliate marketer, you could take advantage of the high revenues and earn commission by promoting the many gaming accessories.
Additionally, with the continuous emergence of betting sites, you can earn commission on the traffic generated by conducting e-sport betting campaigns. Some of the popular betting sites with online gaming events include Luckbox, 22betglobal, and PariMatch. As their affiliate programs member, these sites offer commission according to the referrals you have made and special bonuses when you sign up a client.
E-sport attracts a younger audience more than any other traditional sport. As a result, it requires a person who is creative and understands the gaming trends. Similarly, affiliate business owners should focus on the best technology and the top players to ensure user experience.
5. Artificial Intelligence
The value of AI to affiliate marketing lies in its ability to collect and process data that resonates with the target audience in real-time. It also ensures marketers have access to top-notch content reducing the cost of conducting research and surveys. Artificial intelligence (AI) tools are also becoming more prevalent, allowing quick and cost-effective article creation.
Using AI to analyze customer data can reduce the time required to make strategic decisions and eradicate the chances of errors. Affiliate marketers are thus able to work with accurate data to evaluate and plan marketing campaigns that yield the highest ROI possible. In addition, AI-driven tools have the capabilities of detecting fraudulent business practices protecting all players from losses.
The Bottom Line
Over the past few years, the number of businesses that have adopted the five tech advances explained in this article has increased. Many affiliate marketers are turning to technology to make a smooth transition. Consequently, it allows them to mitigate losses, maximize their earnings as well as increase their efficiency.