The host reveals annual predictions for the future of affiliate marketing in 2024. Topics include the importance of affiliate programs, managers, and marketers, the growth and potential of AI in affiliate marketing, the use of AI-powered transcripts for content creation efficiency, the significance of review posts and split commissions, and upcoming changes to third-party cookies and international expansion in affiliate programs.
Affiliate marketing is projected to grow rapidly in 2024, with global spending estimated to reach $15.7 billion.
Artificial intelligence (AI) is revolutionizing the affiliate marketing landscape, improving recruitment, fraud detection, and providing personalized support.
Optimizing content for voice search is crucial, as voice assistants are increasingly used for searches and purchases.
Affiliate networks are expected to adopt split commissions, offering more equitable distribution of commission based on affiliates' contributions.
Deep dives
Prediction 1: Affiliate marketing will continue to grow
Affiliate marketing is projected to grow rapidly in 2024, with global spending through affiliate programs estimated to reach $15.7 billion. The industry has been growing by at least 10% annually for the past 15 to 18 years, and this trend is expected to continue. With affiliate programs accounting for 16% of all online orders in the US, it is clear that affiliate marketing is a lucrative industry to be a part of.
Prediction 2: AI will play a significant role in affiliate marketing
Artificial intelligence (AI) is revolutionizing the affiliate marketing landscape. AI is being used to recruit affiliates more efficiently, improve fraud detection, and provide personalized affiliate support. AI-powered platforms can analyze potential partners, accept or decline applications based on criteria, and even create custom swipe copy and graphics for affiliates. With AI taking care of repetitive tasks, affiliate managers can focus on building relationships and implementing creative strategies.
Prediction 3: Voice search will continue to rise in importance
Voice search is becoming increasingly popular, with the number of voice assistants predicted to surpass the global population. People are using voice assistants not only for quick searches but also for making purchases. Affiliate marketers will need to optimize their content for voice search by making it easy to navigate, ensuring mobile-friendliness, and incorporating conversational long-tail keywords into FAQs and product reviews.
Prediction 4: Split commissions will become the norm
Affiliate networks are expected to add the feature of split commissions, allowing affiliate programs to allocate different commission percentages to affiliates based on their contributions. This enables more equitable distribution of commission among affiliates who generate sales and those who drive traffic through coupons or promotions. As more networks adopt this feature, it will become the industry standard, offering more flexibility and fairness in affiliate commission structures.
Prediction 5: Third-party cookies will be phased out
Third-party cookies, which allowed platforms to track users across different websites, are being phased out. However, most affiliate tracking relies on first-party cookies, so the impact on affiliate marketing will be minimal. To overcome potential limitations, marketers should focus on collecting zero-party data through opt-ins, referral codes, and using tools like Google Analytics to gain insights into consumer behavior.
Prediction 6: Affiliate marketing will be more international
Affiliate marketing is becoming increasingly global, with international sales accounting for a significant portion of total affiliate sales. Affiliates are recognizing the value of working with international programs and audiences. As the industry grows, more opportunities for collaboration and partnerships between affiliates and programs worldwide will emerge, making it essential for businesses to expand their affiliate marketing efforts globally.
Prediction 7: Affiliates will demand more from programs
Affiliates will expect more support and personalized assistance from their affiliate programs. AI-powered tools will play a crucial role in fulfilling these demands, allowing for the creation of personalized swipe copy, graphics, and other materials to cater to each affiliate's unique style and audience. By providing tailored support and going the extra mile, programs can differentiate themselves and foster stronger relationships with their affiliates.
What does the future hold for affiliate marketing? Specifically, what will happen in 2024? It’s time for me to reveal my annual affiliate marketing predictions. So buckle up and listen up, because you’re about to get a glimpse into the future!
