Today, 81% of brands worldwide have affiliate programs. While more and more businesses hunt for low-cost strategies to increase traffic and sales, the affiliate marketing sector has had a meteoric rise in the last year.
Likewise, the affiliate marketing budget will continue increasing this year as more brands dive into this industry. And as of 2023, up to $10 billion of spending is estimated on affiliate marketing.
But what are the new developments we may see in 2023? Without any further ado, let's get into it.
1. More Brand Collaborations in the Affiliate Industry
Brand partnerships are when two non-competing companies with comparable audiences collaborate on a product or campaign to successfully support each of their objectives and earn extra money.
They might accomplish this through email content, social media contests, in-person promotions, and co-branded merchandise.
In 2023, there will be a lot more of these relationships emerging. Brands will be able to quickly automate monitoring and refine these efforts through the affiliate channel.
2. More Performance-Driven Influencer Marketing
Performance-based content marketing will significantly grow as a result of the total expansion of influencer marketing that is concentrated on micro (and macro) influencers.
To generate more money, brands will place a strong emphasis on sales along with vanity metrics, and they will employ influencer monitoring tools to assess overall sales figures.
As an outcome, companies will use influencer marketing more strategically and focus on identifying advocates who can boost sales for their company.
3. Affiliate Marketing's First Wave in the Metaverse
Many companies will start exploring the metaverse more this year. Brands will eventually see the value of affiliate relationships for both tangible items and wearables and products used in virtual worlds.
It creates potentially promising markets for businesses whose goods may not have a broad appeal in the actual world but may do so in the digital one.
Since the scale and reputation of the metaverse are expected to increase, now is the ideal moment to begin your campaign before the marketplace becomes oversaturated.
4. Increased Expenditure for Performance Marketing
Due to the impending economic troubles, firms will concentrate on the greatest sales-driving channels, particularly performance marketing.
Since this depends entirely on results, brands should be able to acquire greater affiliate advertising budgets. However, expenditures for other channels will be cut.
According to the statistics, affiliate marketing expenditure will increase by the most ever since 2015. And the good news? It's expected to rise much further.
That's because influencer marketing and advocates who leverage the commission payment system are getting more and more successful. Not only that, but also because the development of affiliate programs is becoming more and more mainstream.
5. Affiliate Marketing Will Revolutionize–Thanks To Automation
Thanks to artificial intelligence, the affiliate marketing sector will undergo significant transformation. As a result, it will allow businesses to boost sales while saving marketers time, effort, and resources.
The possibilities comprise anything from assisting you in locating an influencer for your campaign to autonomously screening your list of prospective associates to having an AI accomplice that boosts your brand's revenue. In any case, it appears to be changing the manner in which organizations engage in affiliate marketing.
6. Greater Focus On Community-Dependent Affiliate Marketing
Since online platforms are more niche-focused and have networks based on shared interests, you have a higher probability of finding your intended audience.
As you may be able to tell, this is a terrific chance to make your brand the main topic of discussion. It might involve affiliates writing product testimonials and posting links to them. Or it may be a strategy to attract affiliates who meet your program's parameters. You can garner attention and increase brand recognition either way.
Moreover, this will support your SEO campaigns and increase the visibility of your website.
Top Marketer’s Affiliate Networks 2023
Top Traffic Sources for Affiliate Marketers 2023
We are all aware of how quickly preferences and technologies can change. If you want to keep attracting customers and expanding your affiliate marketing business, knowing the trends and adapting to them are crucial.
Therefore, keep an eye out for these top affiliate marketing trends and stay one step ahead of the rest.