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Career in Affiliate Marketing Amidst COVID-19
Thinking about starting a career in affiliate marketing? Before navigating a career path in any field, it is important to have your finger on the pulse of the business, therefore, assess the changes in the affiliate marketing business post-COVID-19 and the growth prospects.
It’s no secret that the pandemic has changed everything – from lifestyle to spending habits, business models to marketing strategies to budgets. In short, the sudden wave of the pandemic has disrupted the system, and it’s difficult to predict if the world has passed the worst of it. However, one positive thing that has remained constant is people’s perseverance and resilience. Companies are constantly scrutinizing the market, reviewing policies, restructuring the business models to tighten their hold on the situation, which doesn’t seem to improve soon.
If some industries are facing the lull, others are witnessing a surge in demand. A Forbes report highlighted the manifold impact of COVID-19 on the affiliate marketing industry. It says sales have shot up in industries like health, entertainment, supplements, medical supplies, and oxygen related equipment. On the other hand, once-hot offers like gym memberships and certain academic packs are now lagging in sales.
The takeaway from the report is that if some doors are closing, many are opening up. Indeed, a positive sign for beginners. They say a ray of hope can change your life and define your destiny.
If the latest developments are anything to go by, beginners can find hope for the future in ‘Affiliate Marketing’.
How?
The mantra for successful business and career is interpreting the changes and finding opportunities in unexpected situations. With the growing culture of work from home, affiliate marketing is seen as a lucrative medium to earn a living. In the current scenario, when ad expenses are being pruned, affiliate marketing, a performance-based channel, is emerging as a viable option to engage and retain customers. Businesses find it safer to invest in this medium because it is:
- Result oriented
- Promises return on investment
- Low risk
- Cost-effective
Brick-and-mortar retail business is under stress post-COVID-19 and e-commerce has become the new normal and it is flourishing. According to an Adobe report, COVID-19 has accelerated the growth of e-commerce. It says that total online spending in May hit $82.5 billion, up 77% year-over-year. Brands are trying to tap new customers without burning a hole in the pocket.
Considering the budget constraint, online retailers will have to leverage affiliate marketers to tap first time online buyers. It will help them in:
- Converting customers
- Improving margins
- Linking budgets directly to business goals
The time is apt to explore opportunities.
After understanding the market and the business scenario, it is important to know where to begin with. An article on larryludwig.com has listed down the best affiliate programs for beginners, and the top five are:
- Amazon Associates
- Commission Junction
- Impact
- Awin
- ShareASale
These are the established names, but many other platforms can take you places such as Moonpreneur, which also offer an affiliate program. What is paramount is taking that first step, pushing the door wide open and letting the opportunities saunter in!
Next is communication. The business world is full of jargons, and it is helpful to know the special words before foraying into any business. Beginners can start their affiliate marketing career by understanding these most common expressions:
- Lead
- Conversion
- Conversion Rate
- CTR – Click-Through Rate
- CPA – Cost per Acquisition
- CPC – Cost per Click
- CPL – Cost per Lead
- CPM – Cost per One Thousand Impressions
- CPS – Cost per Sale
- CPV – Cost per View
- CT – Click-Through
- Tracking Link
Research and reports, training and learning may help in starting a job, but the ability to interpret the developments and predict the future ensures a successful career in any field. The same applies to Affiliate Marketing. Remember, there could never be a fool-proof career dossier, but creativity and farsightedness will be your only career guide.
Moonpreneur is on a mission to disrupt traditional education and future-proof the next generation with holistic learning solutions. Its Innovator Program is building tomorrow’s workforce by training students in AI/ML, Robotics, Coding, IoT, and Apps, enabling entrepreneurship through experiential learning.
