Blog Post #50! Is traditional marketing on its way out?
Covid-19 has pretty much turned the world on its head in so many ways, including the way we do business.
Is virtual selling the way of the future?
Here's a little something to keep the wheels of your WA brain turning - will virtual selling replace face-to-face, in person sales conversations?
The advent of stringent health restrictions and the implementation of strict guidelines that have resulted in businesses having to close their doors, have given rise to a marked increase in online marketing.
Is there any wonder that there has also been a significant increase in the memberships of affiliate programmes? Brands in every industry and sector are jumping on the bandwagon recognising that business sustainability will depend on the technology - at least for the short to medium term.
Care for some stats? According to Statista, "affiliate marketing spending in the U.S. alone is expected to reach $8.2 billion by 2022, more than triple what it was 10 years earlier."
On the rise
Additionally, a report by Forrester says that 81% of advertisers and 84% of publishers use affiliate marketing. Google Trends has also reported that search interest in the query "affiliate marketing" has increased by over 200% since 2015.
A 2020 Awin Report says that content and blogger websites earned almost a 40% share of publisher commissions in the U.S., forming part of the growing diversification of affiliate channels....and here's the kicker - in a 2016 benchmark report by Affstat, 35% of the affiliates disclosed an annual revenue of at least US$20,000 derived from their affiliate marketing efforts - and that's five years ago! We know some of our star affiliates here at WA are earning way more than that these days.
Since we're talking stats, get a load of this - the top largest affiliate networks include (no suprises really):
- Amazon Associates: 900,000+
- ShareASale: 700,000+
- Awin: 205,000+
- ClickBank: 100,000+
Is there any wonder? It's not rocket science. Virtual selling allows you to provide value to your target audience from jump, engaging them with the use of a myriad of tools that have become the staple of online marketing. These include websites, blogs, social media platforms and SEO to name a few.
Business has now taken on a new face with meetings no longer being held in board rooms and conference rooms, but in living rooms and patios via Zoom and Teams. Communicating with prospects has followed suit as buyer behaviour has changed in tandem with the 'forced' new reality brought about by the pandemic. Additionally, it's cost effective and provides the ability to intereract with a wider audience - a no-brainer!
Dan Lok has some interesting views on digital marketing vs traditional marketing. Check out his video.
So what's your take on this? Do you think that affiliate marketing is here to stay? If yes, what kind of changes do you think we might see in the business world (think eCommerce, B2C and B2B sales) as a result of affiliate marketing in the next 5-10 years?
Knowledge is power! I'd love to hear your thoughts. Comment below.
Cheers!
Maria
Recent Comments
13
For me, the slow shift to online shopping is getting easier and easier.
As much as I like to think I am a unique me, actually, it seems I am pretty well in line to become another statistic! I am not a shopper and having lived in small towns have not had many shopping opportunities.
I do need to improve my writing skills to be able to give my readers some of the feelings of seeing in person and touching items. That is really important.
Interesting read and thought, Thanks for the share, Sami
Hello Sami. Thanks for stopping by and reading the post. Shopping habits have changed so much over the years and within the last year alone, has totally revolutionised the way we buy and sell. Appreciate your comments. Cheers!
Maria
I think the digital way of doing business including affiliate marketing is here to stay. Personally I like going into shops (retail therapy), to see and feel products. I cannot see shops not existing anymore though less of them as us the case even now.
Hello Helen. I do agree that the digital age and transformation is here to stay and will continue to evolve. As business owners, we've got to keep up. As for the bricks and mortar shops, I do think they will continue to exist, but will have to innovate to remain sustainable. Cheers!
Maria
Well researched item Maria, thanks for sharing. Yes indeed, I believed virtual selling is the way of the future. But I don't want the shopping malls gone (lol). I think people will still love to go
there to relax specially if it's a hot day. I love to just cool myself down most part of the day.
Thanks so much for taking the time to read the post. Happy to have your views and I do agree that there's something about going mall shopping - especially when you travel abroad. It will be interesting to see how retail will change in the near future. Cheers!
Maria
Thanks again Maria for sharing the great post. Look forward to see more of it sooner. Have a wonderful blessed day.
Well, I think it means that Affiliate Marketing is not ion the way OUT! It also means greater competition, don't you think?
Nice job Maria. Nice illustration.
Shirley
Hello Shirley. I tend to agree with you that affiliate marketing has a long road of opportunity ahead of it. As for competition, that will always exist, we just have to be aware and keep one step ahead. Thanks for stopping by. Cheers!
Maria
Yes Maria. Coming from WA, we stand a fighting chance to become better than the competition.
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I don't think so--not anytime soon anyway! We all need to interact with each other and get active again, Maria! All human contact ceasing would be senseless!
Jeff