What should new and inquiring minds know about affiliate marketing in 2024 and beyond?
Another Affiliate World gathering is fast approaching, so this seems like the right time to pull back the curtain and share some insights for new affiliates who are joining our ever-growing industry.
At a recent panel, affiliate industry leaders Jérémie Le Pévédic, Matej Cechvala, Muhammad Umar, and Attila Odri shared a few of the lessons they learned from growing brands, companies, and market presence in the affiliate space.
Where to Start 🚦
For those who are new to the affiliate marketing journey, the panel agreed that you’ll need to experiment with different strategies and verticals to discover what works best for you. This will include taking some calculated risks. The results won’t always be spectacular, but if you analyze your results and adapt when necessary you can find success.
Mastering core concepts like traffic tracking, conversion rate optimization, lead quality assessment, and direct response principles will also pay off over time. A foundational understanding of what makes affiliate marketing profitable will make it easier to pivot and recognize opportunities when they arise.
That said, continuous experimentation and learning are necessary now too because the affiliate marketing landscape is constantly evolving. Adaptability is crucial. An awareness of industry trends, best practices, and regulatory changes can help you make informed decisions and capitalize on market changes.
Finally, building your professional network is critical for affiliate marketing, especially as you attempt to secure more competitive placements. Advertisers don’t want to be guinea pigs — they want to work with affiliates who have a proven record of results in similar niches before committing to campaigns.
Compliance is Not a Dirty Word 🤓
Affiliate marketing campaigns that don’t run afoul of any legal or regulatory frameworks are essential for maintaining healthy industry relationships and successful campaigns.
For new marketers, choosing the right location for your business operations is critical. If you want to start a business in a lower-tax jurisdiction, for example, you’ll need to establish more than just a mailing address to ensure that you’re not violating any regulations.
Work with a professional advisor to ensure your business structure is compliant with all legal and tax requirements to protect your business. Failing to comply can lead to legal issues and penalties.
Stick to Earnings Per Click 🖱️
Another important lesson for new affiliates is to prioritize Earnings Per Click (EPC) rather than raw payouts to maximize profit.
While it might seem tempting to chase offers with high payouts, high payouts don’t guarantee high profits. If the conversion rate for a product is low, even a substantial payout won’t yield significant earnings. EPC considers both the payout amount and the traffic conversion rate, which provides a more accurate picture of your potential earnings.
Also, EPC empowers you to demonstrate the value you bring to advertisers by highlighting the traffic quality and conversion rates you generate. This strengthens your position with data-driven insights to secure better commission structures when you’re negotiating with advertisers.
