No one wants to think about how inflation is changing the way we approach things, but with the cost of living and other important personal financial metrics to discover, it is vital that affiliate marketers consider how rising inflation might affect their own programs.
All sectors in the UK and beyond are likely to feel the effect of rising inflation, especially as we move into a post-COVID society. Primarily, it is thought that this will majorly impact businesses through areas such as product cost, supply chain issues, and reduced customer spend. This will have a knock-on effect in the world of marketing, as many brands will look to use their tools more creatively in order to ensure that marketing spend is still as profitable as ever.
Of course, this is the perfect opportunity to look into improving your affiliate program and boosting your partner relationships.
How to attract customers
Rising inflation has caused many customers to reassess their relationship with spending, and it means that they might be more frugal than they have been in previous years. To combat this, many brands are looking into new ways to bring in this customer who might be more reluctant to spend.
How can you attract this more cautious customer? The best way to do so will be with a bonus or a special offer! We even spoke about this at the Affiverse AMPLIFY Summit back in January – it truly is an interesting area at the moment!
A study conducted in 2018 discovered that 80% of consumers were encouraged to make a first-time purchase if it came with an offer or discount. Though this study was conducted back in 2018, we doubt that this has changed much, and in fact there could be even more of a drive towards accepting deals.
92% of consumers also trust a referral if it comes from someone they know, and they are four times more likely to buy if that referral also comes from a friend. When they have been referred by another customer, these consumers also have a 70% higher retention rate.
What does this mean for the affiliate marketer? Customers want to find those bonuses and those deals to grab the best deals possible for themselves. While you might have avoided voucher code affiliates in the past, now is the time to see what they have to offer. Make sure to check out the latest episode of the Affiliate Marketing Podcast to learn more about affiliates, coupons, and vouchers. Likewise, if you have not yet set up a customer referral program, now is the time to do it!
Where do offer-based sites sit in the customer buying journey?
Whenever you make a change to your customer’s buying journey, you need to think about how this will affect your marketing funnel overall. A good coupon system will fit firmly into the consideration section of the marketing funnel.
Your customer is actively looking at reviews and comparing products, whether these are products within your brand or ones from competitors. There needs to be a clear reason why a consumer would choose your brand and that specific product. What else could grease the wheels and move the consumer towards adding that product to a cart than a good deal?
How you can work effectively with voucher and incentive affiliate sites – and not get ripped off
It is vital that you work with the best voucher and incentive affiliate sites. There are many out there and you need to find and work with the partners that will deliver results to you. Ensure that you find those partners who are able to demonstrate that they are driving traffic to you, and using your campaigns and strategies in the best possible way.
With rising inflations and a change in customer attitude, it is important that you don’t just try new things just because you can. Paths like those offered by voucher codes can be a great move, but they have to be consistent with your overall plans for your brand. Implementing them without rhyme or reason could result in you struggling to see any sort of credible result from them.
If you do decide to offer coupon or voucher codes as part of your affiliate marketing program, ensure that they are a fully optimised part of your funnel. Offer high quality offers to your customers that they will actually want to take, and not just as an impulse, and you should see them responding positively.
Want to know more about how you can ELEVATE your affiliate marketing programs, even in the face of rising inflation and other pitfalls we need to face in the modern world? Get your tickets for the Affiverse ELEVATE Summit today! This two-day event is a fully virtual networking and learning event to help you grow your programs to the next level, and to offer the latest trends in the world of affiliate marketing!
