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6 ways inflation has impacted the affiliate marketing industry | Awin | Open Mic

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6 ways inflation has impacted the affiliate marketing industry | Awin | Open Mic

It’s nigh on impossible to ignore the word “inflation” as the world closes the chapter on Q1 2023, and for good reason. Rising inflation started its upwards trajectory in early 2021 and, at the time of writing, the UK CPIH stands at 8.8%. Whilst extraneous factors such as the Ukraine-Russia conflict have undoubtedly contributed to this monumental rise, affiliate marketing is in the unique position of having a first-hand grasp of consumer habits and trends over these two years. So what have we learned?

1. Consumers are conscious of spending

Over the course of 2022 Awin data shows consumers spent more time shopping and less time converting. Direct comparisons of the UK’s CPIH and conversion rates illustrate a clear and definitive trend. As CPIH increased, retail conversion rates slumped, most notably in October 2022, CIPH peaked at 9.6%, resulting in a sharp decline in the number of conversions. Traffic indicates consumers were still searching for products, but felt far less inclined to convert. This trend was somewhat expected, as consumers mitigated reductions in disposable income and considered product value versus price.

2. Content is king

With consumer confidence hitting an all-time low, influencers and content creators accrued great responsibility to remain authentic and relatable to their audiences. Whilst 2022/23 year-on-year performance growth can be attributed to a limited 2021 performance (as result of the pandemic), nano and micro influencers now play a greater role than ever before. The uniqueness of the influencer publisher category not only boasts a diverse creator portfolio but consists of smaller, niche influencers who have an audience base of highly engaged, highly trusting and highly influenced followers. As a result, the influencer content share on Awin’s platform between 2021 and 2022 increased from 15.5% to 17% and has not slowed in 2023.

3. Sustainability has taken a back seat

A sector that has borne the brunt of reduced consumer spending perhaps more than others is sustainability. Since the outbreak of the Ukraine-Russia conflict, performance from green-eco brands has seen a downward decline in light of increased inflation. Whilst there is evidence to support that consumers are intent on returning to their sustainable ways once the cost-of-living crisis is over, 48% of UK consumers now state that they simply cannot afford the increased associated costs that come with a sustainable lifestyle, resulting in a temporary slowdown for the up and coming industry.

4. Brands are less likely to offer discounts

Content creators and editorial affiliates are eating up the publisher vertical share, bringing into question the value and importance of discounting in 2023. With increased supplier and production costs, general trends suggest that brands are far less likely to discount overall. In fact, Awin data revealed Cyber Week retail sales in 2022 saw a 20% reduction in the number of discount code or vouchers redeemed versus 2021. Whilst retailer discounts are seemingly less prolific – especially around key periods – as margins return, discounting and promotions will undoubtedly remain an important staple in any marketer’s repertoire.

5. Affiliate remains robust in an unstable market

The cost-of-living crisis has undoubtedly introduced new challenges for marketers, however, affiliate marketing remains a growth driver. A recent UK survey that consisted of all major affiliate networks revealed how the channel is used and valued. It comes as little surprise that brands expect affiliate ad spend to grow well into 2023, given the incredibly strong ROI the channel achieves in comparison to other forms of digital marketing. The transparency of the channel and the low-risk, pay-on-performance model allows marketers to make clear and decisive decisions around spend, especially at a time of increased scrutiny of everyone’s marketing budgets.

6. Tech transforming the affiliate space

The channel has witnessed the proliferation of technology partners; an innovative, pioneering vertical driving growth throughout the cost-of-living crisis. In 2022 alone, Intent.ly, Envolve, Uniqodo, Upsellit and Revlifter generated nearly 1.5m sales across the Awin platform and saw +60% increase in sales year-on-year. To a certain extent, the current economic crisis is the perfect storm to utilize these partners; enhancing the online consumer experience by delivering personalised experiences, driving on-site interaction, increasing conversions and keeping ROI high on a low-risk performance model. With these factors considered it is unsurprising to see that technology is transforming the affiliate space.

Navigating 2023 as marketers

2023 will continue to present unprecedented challenges, and the cost-of-living crisis is unlikely to diminish anytime soon. Trends that appeared last year are likely to carry into 2024. However, marketing is in a new state of flux, whilst comparisons to the economic recession of 2008 are common and just, the world has changed dramatically. Affiliate marketing continues to diversify and strengthen its partner portfolio, prepared to ride out the inflation wave.

By Alfie Staples, global insights manager

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These Website Mistakes Could Be Costing You Thousands. Here’s How to Maximize Your Return and Drive More Sales.

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These Website Mistakes Could Be Costing You Thousands. Here's How to Maximize Your Return and Drive More Sales.

Opinions expressed by Entrepreneur contributors are their own.

You’re losing thousands of dollars on your website and might not even know it. You have a site and a marketing team, and traffic is flowing in. But your site — and business — may fail because you’re losing customers and conversions.

How?

Leads fail to convert because of poor user interface, slow speeds and bad design practices. If your site isn’t optimized for SEO, it gets even worse: leads will never land on the site in the first place.

How much does a website cost?

Small websites cost $500 to $5,000. Your costs will vary depending on whether you use a template, hire a developer and the complexity of the site. Sites with hundreds of pages, expert optimization and design can cost $10,000 to $20,000. Your initial investment can’t be recuperated if your site isn’t optimized properly or set up to convert leads into sales.

Site visitors have higher expectations, and there is a growing list of requirements that sites must meet. You need a snappy site, and it must be accessible. However, you also need to capture the right data from your forms, continually optimize your site and fill in the leaks that are causing you to lose money.

Related: 3 Powerful SEO Techniques That Will Boost Your Website’s Search Engine Ranking

Is your website investment worth it?

Small business owners lose customers, even with a well-functioning website, because they don’t know how to utilize the data available to them. So, after all, is your website investment worth it, and if yes, how can you make sure you get an ROI?

Nobody tells you that web forms can cost you a lot of money

Forms are boring input fields to failing site owners and a goldmine to successful ones. What are leads doing when they enter data into the form? Are errors causing potential customers or clients to leave the site? According to WP Forms, more than 67% of site visitors will abandon your form forever if they encounter any complications; only 20% will follow up with the company in some way. Analyzing how users interact with forms is especially critical for small businesses, which may not have as many opportunities as larger corporations. They can identify common issues such as broken forms, confusing fields or errors. This insight allows small businesses to simplify and optimize the form-filling process, improving the overall user experience and significantly increasing the chances of conversion. Thankfully, you can use a form tracking system that will help to pinpoint problems with data entry and missed opportunities, ensuring that small businesses are not carelessly losing leads.

Testing your forms and sales funnel regularly can save you a lot of money if you fix issues that are found in the test phase.

Data is the king of website optimization

Analytic data is king of website optimization, but you need to know what to look for and how to make changes. For example, if you have a high bounce rate, your site may look like it was designed in 1999, or it takes 15 seconds to load.

Bounce rate means users are leaving the site on the page of entry, and you have multiple areas of potential improvement.

Review your site speed and follow PageSpeed Insights’ recommendations to optimize your site. Try to bring loading time down to two to three seconds at most. Complex navigation and poor-quality landing pages can also cost you sales. Work with a copywriter to optimize your sales funnel copy.

Data will help businesses to pinpoint exactly where users engage most frequently and where they face obstacles. With careful analysis of this data, companies can optimize every aspect of their website, from navigation to content.

Important aspects of a high-converting website

High-converting websites have a lot in common:

Content

Expertly written content, with the help of a copywriter, will allow you to hit on the pain points of leads and close more sales. Hooks and storytelling from an experienced copywriter can help you turn a low-performing sales funnel into one that exceeds sales forecasts.

Design

Poor design practices cause sites to fail. Yahoo! is a prime example. The site was once Google’s biggest competitor, but with the bland and outdated design, the bounce rate was high, and people flocked to Google.

Work with a design team to create a functional, feature-rich site that appeals to your target demographic.

Lead capture forms

High-converting sites use lead capture forms to collect basic information about visitors, such as their email or phone number.

In exchange for providing information, leads receive something valuable in return, such as a discount or free eBook.

Once a user provides their email address or phone number, you can start nurturing them and eventually convert them into a customer. It’s important to note again that receiving instant notifications about broken forms and issues is a solution to avoid losing potential customers.

Related: 9 SEO Tips to Help You Rank No. 1 on Google in 2024

Call-to-action: More than just a button

Call-to-actions (CTAs) tell visitors what to do next, such as signing up for a newsletter, making a purchase or scheduling a consultation. They play a crucial role in improving your site’s conversion rates.

Without them, visitors would leave your site without taking action, resulting in lost opportunities to convert leads.

To increase conversions, CTAs must be clear and concise and use action-oriented language, like “Buy now” or “Contact us.” Tell your visitors exactly what to do next so there’s no confusion and they feel confident taking the next step.

CTAs are highly effective at improving conversion rates, but visitor behavior can change over time. Testing and optimizing your site’s CTAs can help maximize your conversion rate and adapt and change as user behavior changes.

Make sure that you’re engaging in A/B testing to determine which CTA works best for your audience.

You must respond to leads right away

Research shows that 78% of customers purchase from the first responder. Surveys also show that the highest-ranking companies in lead response audit reports respond to leads in 30 minutes or less. The quicker you respond, the better. Conversion rates can be as much as eight times higher if you respond in the first five minutes.

Every minute that passes increases the chance that the lead will move on to a competitor.

How can you improve your lead response time? Start by automating your lead qualification process to identify and prioritize high-quality leads. Track the lead from start to finish and pinpoint the issues that leads are facing. Set response time goals, train your reps, and streamline your lead management processes to reach out to leads as quickly as possible.

Conclusion

You spend thousands of dollars on a website. To maximize your return, you must ensure that your site has all the right elements to increase conversion rates. Once you have these elements in place, you must respond to leads immediately to seal the deal.

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What Are the Highest Paying Jobs in Every U.S. State: Report

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What Are the Highest Paying Jobs in Every U.S. State: Report

Sometimes, it’s not just about finding a job that pays well, it’s all about location.

A new report from Career.io shows that compensation for the same job can vary from state to state, so where a job is located can really matter, especially if you’re trying to maximize your earnings.

The report matches pay to location by figuring out which jobs yield the highest average salary in each state compared to the national average.

The result is a map of the jobs with the highest earning potential specific to every U.S. state.

Credit: Career.io

The map shows the professions in each state with the highest differences between the average statewide salary and the national average pay.

Related: These Jobs Have the Highest Entry-Level Salaries

Every state has a minimum of one job that pays at least 25% more than the national average.

In midwestern states, such as Minnesota and Indiana, medical professionals make more than they would in other parts of the country.

Physicians take home 38.63% more pay in Indiana, and dermatologists make 56.98% more in Minnesota than either profession makes on average in the U.S.

Related: College Graduates Make the Most Money in These U.S. States

Three states have jobs in business and finance that pay more than 50% more than the national average.

Alaska pays personal financial advisors 66.69% more, Nebraska pays credit counselors 59.46% more, and New York pays credit analysts 50.98% more than the U.S. average overall for those occupations.

1716944163 691 What Are the Highest Paying Jobs in Every US StateCredit: Career.io

Here are the highest-paying jobs in some of the most populated U.S. states and how much more (%) each job pays than the national average.

1. California

Craft artists: 89.06%

2. Florida

Quarry rock splitters: 42.40%

3. New York

Crane and tower operators: 109.03%

4. Pennsylvania

Iron and rebar workers: 65.30%

5. Illinois

Hoist and winch operators: 71.79%

6. Ohio

Mathematical science occupations: 40.46%

7. Georgia

Cloak room attendants: 52.49%

8. North Carolina

Healthcare practitioners and all other technical workers: 34.49%

9. Michigan

Plant and system operators: 63.48%

10. New Jersey

Floor layers: 90.03%

Click here for the full list.

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5 Types of Content That Will Attract Ready-to-Buy Prospects

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5 Types of Content That Will Attract Ready-to-Buy Prospects

Opinions expressed by Entrepreneur contributors are their own.

They say that content is king — but not all digital content is created equal. While most digital content can help increase awareness for your brand, the most valuable content is designed to draw in warm prospects who are ready to make a purchase from you.

Of course, even the best content isn’t likely to result in a purchase on the first exposure. The marketing rule of seven indicates that consumers must be exposed to your messaging at least seven times on average before they decide to make a purchase. While this may often be the case, strong digital content will go a long way in lowering this total.

Related: 5 Digital Content Types Prospective Buyers Love to Engage With Online

1. Email campaigns

Email marketing remains one of the most effective methods for communicating with warm leads and staying in touch with existing customers to ensure they will buy from you again. Not only are emails far more likely to be read than other types of content, but their average return on investment towers over other options.

According to the HubSpot Blog, most marketers see an average open rate of 46-50% and a clickthrough rate of 2.6-3% — numbers that far outpace the engagement levels of social media and other popular forms of content.

Even if they are mostly comprised of previous customers, email lists are an essential marketing tool because they are made up of people who agreed to receive additional messaging from you. This fact alone already makes them far more qualified leads than someone who randomly stumbles across your blog.

2. Personal engagement on social media

While the overall engagement and reach of many social media platforms have declined, there is still much to be said for the potential these platforms offer for fostering one-on-one engagements with your warmest leads.

When marketers comment strategically on other people’s posts, actively participate in relevant groups and conversations, and respond to the comments and messages they receive, it helps create a meaningful dialogue with their target audience.

By pairing this personalized engagement with relevant, authoritative content (including videos, polls and more), you can leverage social media to nurture warm leads.

3. Cost calculators

Most companies have at least some kind of on-site content marketing strategy, which usually revolves around blogging. A blog can be undeniably beneficial for building SEO and domain authority, but depending on the type of content you create, it isn’t always going to create warm leads.

However, if your website content focuses on the customers who are ready to buy now, you can greatly increase your own sales potential — and one of the best ways to do this is with a cost calculator.

From calculating the cost of shipping a car across the country to determining how much it would cost to build your own website, these tools are inherently targeted at warm leads who are ready to make a buying decision. In this case, providing useful budgeting and planning information directly influences the user’s purchasing decision, providing a powerful way of reaching warm leads.

Related: 4 Steps to Writing Content That Converts

4. Webinars

Webinars have become an increasingly popular digital content option, and for good reason. When webinars are promoted to the right audience, they can become far more engaging and attractive to warm leads than a blog post covering the same topic would be.

The simple fact of displaying content in an audiovisual format helps make the webinar feel like an event in its own right. With an engaging topic and professional presenters, you can build a large audience. And when the topic of the webinar itself ties into your offerings, you can create a natural segue into how you can help viewers solve their most pressing problems.

Webinars can be even more effective when paired with other content, such as an e-book or follow-up video lessons. When done right, webinars can be an excellent resource for collecting email addresses and other information from warm leads who are most likely to be interested in your services.

5. Software demos

Admittedly, this digital content option doesn’t apply to every industry. However, there is a wide range of companies that offer software services, addressing everything from tracking logistics and customer relationships to managing the back end of a website.

A software demo gives warm leads the opportunity to try the service before they commit to a purchase. Firsthand interaction and experience with the software is ultimately far more convincing than a series of sales calls could ever be, as this helps buyers clearly determine whether or not a particular product works for them.

It should be no surprise, then, that opt-out free trials see an incredible 48.8% conversion rate. It’s worth noting, too, that companies that don’t sell software can use similar “trial” options, such as a two-week trial for their services. Trials and demos appeal to the warmest buyers, who often use them to finalize their purchase decision.

Related: 5 Steps for Creating a Content Marketing Strategy That Drives Business Results

While regularly updating a blog or social media profile can be useful as part of your content marketing strategy, it is essential that brands in every niche focus on the types of content that are poised to deliver the greatest return.

By focusing on the types of content that are most likely to capture warm prospects in the first place, you can turn more leads into sales and maximize the success of your content strategy.

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