Vasilii Gamov: the Main Trends in Affiliate Marketing in 2024
by Vasilii Gamov
Affiliate marketing is a multi-billion dollar industry, which keeps on growing every year. Statista predicts that in the US alone, companies will spend about $10.2 billion on affiliate marketing in 2024.
Affiliate marketing spending in the United States from 2010 to 2022 (in billion U.S. dollars)
A marketer with more than 12 years of experience and CMO of RichAds, Vasilii Gamov, shared his own opinion on the main trends in affiliate marketing in the upcoming year. According to Vasilii Gamov, the main trends will remain: the massive use of Artificial Intelligence and the increasing scaling of brands, which, thanks to the merger of several companies, turn into holdings and thereby increase their market stability.
One of the main trends, according to Vasilii Gamov, is the comprehensive penetration of training and process optimization in many companies and teams on the market. Despite the fact that at the very beginning of the industry there were difficulties with this and it was challenging to find worthwhile information, now there is a steady trend towards development in this direction.
Google Trends shows interest in a keyword on a scale of 100. The interest in the term “affiliate marketing.” is a whopping 82 as of December 2023.
Process Optimization Using Artificial Intelligence
Over the last year, some people literally have formed the opinion that generating content by machines is something wrong, that it contributes to a decline in quality and even takes away jobs. This is wrong to think like that.
You can be displeased by the appearance of AI as much as you want, but you need to accept the fact that it is with us for a long time. So, according to Market Research Future by 2030, the volume of the Artificial Intellect market in the field of marketing will reach $ 77 billion.
Global Artificial Intelligence Market Growth 2023-2033
Sales Value (USD in Billion)
And in order not to stay on the side of history, it is better to start implementing it in your work, especially since it will really help speed up and optimise some functions. For example, the AI can be used as a “spy tool”, which is very convenient to analyze trends, search for images and texts for campaigns in various verticals.
AI can also be used to search for keywords and generate content for affiliate ads and websites. Another area of application of Artificial Intelligence is the optimization of various functions, such as setting bids and targeting.
And this is not the entire list of work that can be entrusted with the AI. This includes identification of suspicious activity and fraudulent actions, analysis of consumer behavior, and A/B testing. It is expected that already in 2024, the AI will perform more routine tasks, freeing the time of marketers to invent new strategies and creativity.
Multi-Verticality of Companies
Next year, partner companies will resort to various methods in the struggle for getting a favourable place under the sun. This includes multi-verticality, that is, expansion of the company’s areas of activity. For example, if a brand specialized exclusively in dating or gaming, then with the introduction of multi-verticality it can include new areas, such as finance, auditing, or healthcare. This approach allows you to diversify investment portfolios, increase profits, and reduce risks.
Development of Company Ecosystems
Another important trend that Vasilii Gamov notes is the desire of brands to scale. In 2024, many partner companies will evolve into large-scale holdings, integrating various platforms and forming full-fledged ecosystems.
This approach becomes an excellent tool for increasing profits, developing a brand, and building expertise, giving clients the opportunity to satisfy all their needs in one place. Of course, this is convenient for both marketers and entrepreneurs. But here it is worth paying close attention to prevent the emergence of monopolies.
Most likely, in 2024, companies will focus on creating their own products, such as software, casinos, and dating platforms. In addition, intensive development of anti-fraud systems will start, both through the integration of market solutions and their own developments in this area.
Creating Own Products
Already now, more and more companies are creating their own products and their number will increase in 2024. There are no restrictions in choosing a product: it can be software, digital courses, educational materials, games, including casinos, security and surveillance systems, cloud hosting, virtual reality products and services, and much more.
The Fight Against Digital Fraud: How Businesses Suffer From Fraud and How To Deal with It
Fraud in affiliate marketing is a classic “lock and pick” situation. While there are conscientious marketers, there are also those who will try to make money dishonestly. But this does not mean that fraudsters do not need to be fought, and in 2024 many companies will finally start to take decisive action.
8 types of Affiliate Marketing Fraud
There are many types of fraud, which include the following: the generation of false applications through bots, ad hijacking, typosquatting, adware and spyware, cookie stuffing. The good news is that protection methods also keep up with the times and are constantly being improved.
Depending on the characteristics of the company and its budget, you can choose the best option to combat fraudsters. For small and medium-sized businesses, you can try do-it-yourself data analysis. Close monitoring via Google Analytics to identify suspicious patterns. This method takes time and expertise, but gives control over the situation.
For larger players, using anti-fraud solutions from CPA platforms is more suitable. Many websites provide built-in anti-fraud tools. Cooperation with the anti-fraud department allows you to identify and punish fraudsters based on complete and automated data.
Information About the Specialist:
Vasilii Gamov is an outstanding marketing and product specialist with many years of experience in software development for the B2C and B2B segments. One of the expert’s main specialisations is the creation of mobile applications for the iOS and Android platforms, as well as website development.
For more than 12 years of successful work in the technology industry, Vasilii successfully launched various projects in the fields of finance, iGaming, education, e-commerce, media, and advertising technologies.
Sources:
- Ahley Howe “22 Affiliate Marketing Trends to Look Out for in 2024” https://tapfiliate.com/blog/affiliate-marketing-trends/
- Andris Mucenieks “Affiliate Marketing Trends for 2024” https://printify.com/blog/affiliate-marketing-trends/
- Yulia Drutskaya “10 Trends in Affiliate Marketing for 2024” https://cpamatica.io/blog/10-trends-in-affiliate-marketing-for-2024
- Lauren Mohr “10 Affiliate Marketing Trends for 2024: Experts Share Their Thoughts” https://blog.hubspot.com/marketing/affiliate-marketing-trends
- Nikola Baldikov “68 Top Affiliate Marketing Statistics for 2024” https://inboundblogging.com/affiliate-marketing-statistics/