Blog Post #50! Is traditional marketing on its way out?
Last Update: Jul 2, 2021
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):
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.
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