No business, industry, or economy has been spared from the devastating effects of coronavirus and its infectious disease, COVID-19. Each industry is experiencing its own unique challenges that are threatening to undermine a once-thriving business. A really big plus in the affiliate marketing world is that as an affiliate, you can work from anywhere while other industries don’t have that privilege. But even then, affiliate marketers are still facing some really big issues. here are some ways to overcome this troubling time.
- Be flexible- some issues affiliates are facing during this time are that some verticals and industries which used to have off have completely gone away while others have exploded. We are seeing health, entertainment, supplements, medical supplies, oxygen, and breathing items really take off while others are fading away. The key point is that COVID-19’s effect is varied, not straightforward, and depends very much on the areas covered by affiliate marketing companies
- Stay open for new opportunities – Another struggle during this time is we have to adjust ourselves to new ways of thinking. The keyword in this new time is – flexibility but it cannot solve everything. This has caused affiliates and companies to quickly pivot to refine their offers. Savvy affiliates have tried to pivot quickly to sell more items with the rising demand, a very common pattern among affiliate marketers is a drop in advertising revenue. More problems we can see in the affiliate world is that the pandemic has an uneven impact on all the different industries. Some are hit very hard while others continue to grow. Many affiliate marketing companies that have multiple product verticals are seeing products that weren’t stable in the past now performing quite well in the wake of COVID-19. Companies whose business had centered on one or two key verticals in the past are now watching their core products overtaken by what seemed before like secondary products.
- Prioritize – Another thing we have to pay attention to is the Disruption of the global supply chain. The virus originated in China, where a large number of citizens were forced into quarantine. This led to partial and full shutdowns of plants and factories, so the estimated time of arrival was not known and it’s hard to promise customers their products in time.
- Explore new verticals – It’s important to remember that, whenever dramatic changes or events occur there is also the potential for new opportunities. Downturns require individuals and businesses to rethink, retool, and adapt, which often results in the long-term in greater efficiency. A point made by nearly every affiliate marketer we reached out to is the need to pivot.
Many affiliate marketers are changing up the priority given to certain campaigns in order to take advantage of current conditions. “The COVID-19 outbreak hasn’t made a huge difference to my bottom line overall, but it has completely changed on a campaign-by-campaign level.” said to us an employee of one of the big affiliate companies, “One of my most successful affiliate campaigns, that I have been running for the last five years now, relies heavily on there being live sports on TV. Obviously, this has meant that the demand for the product is at almost zero, so that campaign is pretty much dead in the water and on pause until things get back to normal.”During such uncertain times, you should remain open to seize the opportunity and especially the online trends that come your way. And to stay ahead of the competition, you can start to prepare your affiliate marketing strategy already for the post-COVID-19.
But most importantly, be safe and stay home for now.