In the constantly shifting landscape of affiliate marketing, staying up-to-date with the latest developments is vital for preparing yourself for the year ahead. To not only survive but thrive in this highly competitive world, it’s important to have a firm grasp of the ten trends that will shape the industry in 2024. These trends serve as your roadmap, guiding you toward success and helping you navigate the dynamic realm of affiliate marketing. By understanding and applying these trends, you’ll position yourself for a prosperous future in this field.
Let’s dive in!
1. Influencer Partnerships and Content Creators
Affiliate marketing is increasingly leveraging influencers and content creators to promote products and services around the world. In turn, companies are partnering with influencers in various niches to access their highly engaged follower base. This has led to increased synergy among affiliate, public relations, social media, brand, and content teams, as they collaborate more closely than before to create collaborative campaigns that drive both top-of-funnel and bottom-of-funnel results.
If you haven’t started working with integrated cross-channel teams in social, PR, brand, content, and partnerships, 2024 will be your year to start. You can learn more about how to get started from our handy affiliate influencer guide found here.
2. Quality Content and SEO
In 2024, the significance of high-quality content and effective Search Engine Optimization (SEO) continues to hold true. Because of this, affiliates are dedicating their efforts to crafting informative and valuable content. This content not only serves as a promotional tool for products but also addresses user issues while achieving strong rankings on search engines.
In the coming year, it will be essential to partner with affiliates who excel in quality content creation and possess a deep understanding of SEO best practices. But, it is also important that these affiliate partners be capable of staying updated with the ever-changing algorithms of search engines like Google. This approach is vital for establishing a sustainable reach and ensuring ongoing success not only in the new year but also in the years to come.
3. Diversification of Affiliate Programs
Affiliate marketers are diversifying their partnerships beyond traditional affiliate partnerships. This is a trend that’s been going on for years, and it’s not slowing down. As new players enter the field, we witness the growth of diverse partnership avenues such as social, mobile, display, influencers, and other types. They are expanding into fresh industry sectors, extending channel outreach, and introducing innovative methods to connect with and convert buyers in today’s dynamic marketing landscape.
Going into 2024, there will be more and more solutions and creative partner types that will continue to enter the space. So, keep an eye and an ear out for any new partners entering the space, and how affiliates can complement multi-channel initiatives.
4. Video Content
Video content is hotter than ever with more consumers, especially the younger demographics, leaning on their favorite YouTubers and TikTokers for advice and inspiration. In turn, buyers are making buying decisions based on videos they see. These videos could be designed as educational, humourous, DIY, or simply to get a reaction (or action). When it comes to affiliates, they are creating video reviews, tutorials, and other video-based content to engage audiences and promote products. And, in 2024 it will become even more effective in driving revenue.
We encourage you to think about how to work with partners to create exceptional video content that effectively converts. This can be achieved by harnessing your internal data and creative teams while ensuring alignment between your brand strategy and the content your partners will produce in the coming year.
5. App and Mobile Optimization
Affiliates who have specializations in mobile marketing can help drive additional revenue, traffic, traction, and actions around both your apps and mobile web applications. These specialized partners assist in fostering growth as consumer preferences increasingly lean toward mobile devices for various activities like entertainment, shopping, research, education, and connectivity. They employ various strategies such as SMS, social media advertising, push notifications, in-app ads, and location-based targeting to achieve these goals.
Pay per install, pay per download, in-app purchase CPAs, or revenue share on in-app upgrades will all be part of the discussion for brands looking to optimize in this area in 2024 and beyond. If you haven’t already, be sure to update your websites so they are compatible with all versions of the latest devices that Android, iOS, and their alternatives have brought to market this year.
6. Data Analytics and Advanced Attribution
2024 lends itself to having the most exciting year yet in regards to data analysis and advanced attribution, thanks to advancements in technology integrations and AI. Because of these advancements in data integrations and technology, marketers will be able to understand and manipulate data to create actionable insights that create shopping experiences for their customers like never before.
These metrics and insights will be leveraged by smart marketers to generate action items for optimizing affiliate marketing campaigns, such as:
- Testing ad creatives, calls to action, and visuals to optimize click-through rates and conversion rates.
- Shifting budget allocation to channels and traffic sources that yield the highest ROI.
- Expanding or narrowing target audiences based on segmentation analysis.
- Experimenting with new traffic sources and affiliate partners.
- Tweaking content or product recommendations to increase AOV (Average Order Value) and CLV (Customer Lifetime Value)
Success metrics, marketing channel efficiencies, strategic optimization, and A/B testing will all experience growth with the right metrics and attribution (which is now widely available) in place.
7. Regulatory Compliance
As the industry matures, there is a growing emphasis on regulatory compliance, particularly regarding disclosure and privacy regulations. Affiliates, brands, networks, and agencies are all taking steps to ensure transparency and compliance with laws like GDPR and FTC guidelines.
In 2024 we will see these laws and regulations become more strict, with penalties that could be damaging to a brand or bottom line. Therefore in 2024, it is essential that companies and individuals get up to speed on what the requirements are to be (and remain) compliant. From there, they must be diligent about staying on top of the rules so that potentially detrimental mishaps do not take place.
8. B2B Affiliate Growth
One of the fastest-growing segments of affiliate marketing today is the B2B sector. When the world shut down during COVID-19 in 2020, Businesses selling to other businesses had to get creative and pivot to online sales. This is where affiliate partners came in, driving sales and marketing qualified leads to businesses’ sales teams to provide insights, walk prospects through demos, and answer questions.
At AIM, we have been helping B2B brands scale their businesses online since then, with companies like Netsuite by Oracle, Unbounce, and BigCommerce finding strength and scale in performance-based partnerships. 2024 will continue to showcase interest, growth, and new partnership opportunities in this ever-scaling sector.
If you’re interested in learning more about B2B affiliate and where to start, please download your FREE copy of our Ultimate B2B Playbook.
9. Global Expansion
Affiliate marketers are looking beyond their domestic markets and expanding into international markets. This requires adapting to different languages, cultures, and regulations. One region that seems to be growing quickly is the Canadian market from both US and international brands.
Canada, with its affinities to the US, emerges as a prominent candidate for market entry. This affinity is driven by a commonality that extends to language, culture, and purchasing preferences, although it’s essential to bear in mind that differences do exist between these markets.
However, the similarities between the US and Canada make the latter a compelling choice for businesses seeking growth opportunities. It presents a receptive market poised to embrace products or services from these companies. The alignment in language, cultural nuances, and consumer behaviors streamlines the process of market entry and paves the way for potential success.
10. ChatGPT & AI
ChatGPT and AI in general are playing an increasingly significant role in affiliate marketing. AI-powered chatbots and virtual assistants are used to enhance customer support and engagement, provide personalized recommendations, and answer customer and affiliate queries in real time. AI algorithms also help in optimizing ad placements, targeting, and tracking performance, leading to more efficient and effective affiliate marketing campaigns.
As more people become comfortable working with AI, conversational search and various types of customer search requests will become increasingly common. This necessitates both affiliates and brands to adjust, making sure that tracking systems are in place, attribution is advanced enough to understand the customer buyer cycles, and marketers are using AI best practices that are safe and responsible.
Environmental and Social Responsibility
A noticeable shift is underway in the direction of forming partnerships with brands that share environmental and social responsibility principles. Affiliates who endorse eco-conscious and socially aware products are becoming more prominent, as are affiliate managers, content creators, and brands seeking to establish stronger EDIB (Equity, Diversity, Inclusion, and Belonging) values within their relationships, teams, and brand identity.
Consumers, more than ever, will be looking for brands and affiliates who align with their core values, and be smarter about where they shop to support the environmental and socially responsible companies they believe in.
In Conclusion
Just like any other year, it remains essential to know what has transpired over the past year and adjust your baseline to step into the new year with your best foot forward. By embracing these 10 emerging trends and strengthening your affiliate marketing strategy around them, you will be set up for a great start to the year, and ongoing success. This proactive approach will help ensure that your affiliate marketing efforts remain attuned to the dynamic landscape and evolving consumer behaviors, allowing you to stay ahead and thrive in the ever-changing affiliate marketing industry.
If you would like to discuss how All Inclusive Marketing can help you utilize these trends for a successful 2024, please don’t hesitate to reach out to our team of experts.
