As marketers, there’s a benefit to planning ahead. Creating an annual content schedule, full of goals and expectations, makes it easier to meet business needs while providing a month-to-month structure. But reality doesn’t always meet what we’ve planned for.
The recent emergence of coronavirus/COVID-19 has shown just that. The sudden and oncoming economic hardship is expected to be felt not just immediately, but for the months and years to come. The life we knew before the onset of COVID-19 is unlikely to return even once this virus passes, and its effects are going to linger. For marketers, this transition to social distancing might feel worrisome — that sudden changes will be required, all of which will affect your company’s marketing plan. It’s not so bad for affiliate marketers, though.
Your company’s affiliate marketing can actually benefit your business during times of economic hardship. While every business is being affected by the oncoming COVID-19 recession, there are signs that affiliate marketing can be beneficial for businesses looking to keep themselves afloat through this time.
Affiliate Marketing Strategies Benefiting Businesses
At this time, there are businesses that have affiliate marketing strategies which have seen notable growth since the emergence of COVID-19. Businesses from industries including healthcare, natural supplements, digital entertainment, and medical supplies have been able to continue providing useful services to their customers while offering helpful information in a time of crisis.
Affiliate marketing companies with products that are most related to the needs of people self-isolating at home have been able to most benefit from current world events. Per example, nutritional supplement and vitamin suppliers are seeing a serious increase in essential vitamins and a decrease in workout supplements.
The reason? People want to “boost” their immune systems, while many are no longer going to the gym to work out. For this reason, such companies have been able to divert their affiliate marketing attention to specific products that people are rushing online to find at this time.
A similar example would be within the digital medium of entertainment and education. While college and high-school classes have shifted online, many non-enrolled people have been looking for ways to take up their time. This has led to a sharp increase in the use of online learning platforms, where free educational classes are being offered around the globe.
As people go stir-crazy, they’re looking for ways to remain productive and attentive. For this reason, people are rushing to educational platforms; to meet this demand, such platforms have utilized their affiliate marketing networks to find their targeted audience and provide them with the precise information and assets they’re looking for. That increased traffic has allowed businesses to remain busy, all while supporting affiliates who are driving engagement and delivering sales.
How to Use Affiliate Marketing for Downturned Businesses
Some companies considered non-essential have run into issues ever since social-distancing measures have gone into effect. These include gyms, certain educational facilities, cafes, restaurants, pubs, salons, and more. Such businesses are running into trouble, worried how their companies will fare going forward.
While downturns might have hit businesses, this is the time when affiliate marketing strategies can be utilized to adapt. Potential opportunities might be available for your business and can be accessed with some marketing pivots.
The biggest pivot your company should focus on is on a campaign-to-campaign level. What worked before might not work as well now — e.g., a gym shouldn’t be advertising in-gym classes and amenities any longer. What could work for this gym, though, is to create a new marketing campaign drafted around in-home workouts. They can even transition to offering online classes or regularly publishing self-motivational blogs related to wellness and fitness. Once produced, this content can be shared with affiliates, which can then be shared with audiences.
This will help a company maintain relevance under quarantine orders. Implemented as an affiliate marketing strategy, this will help companies remain connected with their audiences. Such flexibility is imperative for business survival during an economic downturn.
While this might be a turbulent time, your business can make the most of it. Whatever decisions you decide to make, think of how you can use your affiliate marketing strategy to benefit your audience while they’re isolating at home.