As the cost of living crisis continues to worsen, individuals and businesses alike are feeling the pinch. From inflation to skyrocketing energy bills, rising costs are leading to many consumers forgoing luxury, and even some necessary purchases to allow them to eat and heat their homes.
All industries are feeling the effects of the crisis, with many struggling to stay afloat and some looking to set to go under. How can affiliate marketers navigate this unstable time and ensure their business survives? Keep reading to find out.
Increase conversion rates
When it comes to any form of advertising or marketing, conversion rates are everything. As consumer spending falters, with research indicating that consumer confidence stood at a record low of -19% in Q2 2022, affiliates will need to push even harder to increase their conversion rates and maximise sales.
There are a range of relatively simple measures that can be taken to boost conversion rates. Ensuring you have the correct landing pages with relevant content and marketing material will immediately work to meet potential buyers’ expectations and encourage them to spend more time on the website. Additionally, making sure your website and landing page have, at least, average speeds will encourage visitors to stay longer. Consumer attention spans are notoriously short, so a website that is slow, cumbersome, or difficult to use will do little to stimulate conversion rates.
Curate effective content
The content affiliates use on their websites is a major factor in driving conversions and maximising sales. Diversifying the content that you publish is key to attracting more consumers and potential customers. Make use of various blogs, guides, and articles, while video content is a surefire way to appeal to younger demographics.
Using carefully constructed, sales-generating copy with effective SEO is an essential part of a successful affiliate strategy. Poorly written, link-heavy content will quickly deter potential customers and can harm brand image and reputation. Consider working with brand or product-specific copywriters for certain campaigns to drive engagement and numbers.
Offer discounts
In times of economic instability, rising prices, and stagnating wages, consumers will, more than ever, vigilantly save money wherever and however they can. Offering discounts or coupons for products through your affiliate campaign can give consumers this option, promising them a better deal than your competitors and reassuring them that they are making a financially responsible choice. While discount and coupon offers are, often unfairly, maligned, they appeal to a wide and varied demographic, from customers shopping for essentials to those purchasing luxury brands or items with research indicating that 60% of shoppers search for discounts before making an online purchase.
Utilise email lists
Lists of emails from website visitors who have signed up for newsletters or mailing lists are vital tools for reaching customers who have already demonstrated interest or paid attention to products. These lists can be used to draw up targeted marketing campaigns for consumers, circumventing the attraction and awareness stage which can be difficult at the best of times, let alone in the midst of a cost of living crisis.
Some tips for obtaining consumers’ emails and building up a list include offering exclusive promotions or benefits in exchange for emails, or curating specialised, subscription-only content like blogs or guides that customers need to sign up for with their email to access.
Check out the competition
Analysing your competitors is always an important part of running a business, particularly so in times of economic uncertainty. Simply visiting competitor platforms and acting like a potential customer can give you an immediate insight into how they are implementing their campaigns, what techniques they are using, and how effective their methods are.
Consider using specialist analysis tools to give you a deeper insight into your competitors, revealing details on SEO implementation, content methods, and traffic, visitor, and web ranking data, which you can compare directly with your own campaign.
Conclusion
Times of economic uncertainty and financial insecurity can result in significant changes to consumer attitudes, behaviour, and spending habits. As purse strings tighten and customers reign in spending on a range of products and services, it’s essential for affiliate marketers to ensure their strategy is maximised to hit their conversion and sales targets.
Optimise your website and landing page to keep visitors engaged, with clear, followable sales paths and adequate speeds and ease of use. Carefully curated content can appeal to specific demographics, while building and utilising email lists can allow you to target customers who have already expressed an interest. Finally, make use of discount offers and coupons, while these may not have been part of your strategy in the past, they will prove invaluable for driving sales in a time when cost-cutting is the number one priority for customers.
