As a consumer, before purchasing a new product, we judge the effectiveness of the product by taking recommendations from credible sources. Based on this sentiment analysis, companies that launch their products look for influential blogging sites, social media pages, vloggers to affiliate their product, thereby increasing brand value and sales.
In the world of online marketing and lead generation, this is called ‘affiliate marketing“.
And with the massive growth occurring in the world of finance and technology, the integration and use of affiliate marketing is quickly catching on in this space as well. For Fintech companies and brands, it is about developing and forging new partnerships, while stimulating new business and new prospects. And for site owners and content creators, it’s a whole new industry to start generating income through referral-based marketing.
With all of that in mind, today we’re going to take a look at both Fintech and Affiliate Marketing, while also presenting what you need to know about each.
Let’s get started.
Due to the increasing personalization of technology, people are choosing to spend more time than ever before on their tech gadgets. Internet connectivity allows consumers to visit websites according to their choice. Affiliate marketing helps businesses enter this personalized social network and promote their brand with the USP of user trust by visiting sites or pages where the admin affiliates the product.
Affiliate marketing costs are lower than brand ambassador promotions. As a result, companies allow anyone to choose to be an affiliate for their product with their blogging sites or social media pages having good popularity. This cuts down on brand promotion costs for businesses and also allows affiliates to earn commissions every time a user purchases a product through the product link posted on their online platform.
Explanation of FinTech
Fintech is an abbreviation for financial technology. Today they are setting new rules for businesses in all industries. Fintech companies are making inroads into the personal lives of consumers with their innovative approaches. When buying and selling products through websites or mobile apps that take priority over conventional purchases, fintech companies are capitalizing on this trend by working more towards affiliate marketing. Linking with marketers and service providers as partners is proving beneficial through wider reach at lower cost.
The Benefits of Affiliate Marketing in the Fintech Industry
Financial Services and FinTech companies are much older than Affiliate Marketing. Fintech flourished in the 90s when the Internet entered the scene, and later e-commerce business models emerged. Many industries have reaped the benefits of affiliate marketing, such as the entertainment and gambling industry. They paid hefty commissions to affiliate marketers. They have reached out everywhere at a fraction of the cost of traditional marketing.
Financial services and banking have been the main proponents of affiliate marketing. They have been using Fintech for more than two decades in cards and online banking. Later, as e-commerce and web content-based marketing surged, they began to use affiliate networks and partners.
The results have been very positive as more and more consumers are using the fintech channel to transact. With consumers having smartphones with them 24/7 and benefiting from the availability of cheap data, competition between companies is hitting everyone trying to bombard the mental space of consumers through apps, emails. and SMS. The carpet bombing is undoubtedly helping to boost revenues as customer acquisition costs have fallen.
Fintech professionals know a few things about marketing. Yet, they are not the influencers or marketers in the digital space. By taking the services of affiliate marketing companies, Fintech’s can take advantage of the knowledge and network of top financial, editorial and influencer websites.
These categories are potential affiliate partners with a great network and great marketing power. There is no shortage of affiliate options. By paying a fixed fee to an affiliate partner, one can avoid huge marketing expenses.
Today, it’s not just banks and financial services companies that use affiliate programs. Even governments and public financial institutions are starting to see the benefits and value of affiliate marketing programs.
Today there are limitless possibilities to have a partnership between FinTech and affiliates. No law says you can only work with a dedicated affiliate marketer. As long as you have an agreement and pay fees to an affiliate, linking up with multiple affiliates is in the company’s favor. This allows better penetration and even compensates for a poor performance of an agency. Having more than one of these marketers can also help compare their performance analyzes over time.
Recruit knowledgeable affiliates as new brand partners
An affiliate partner must be effective and these skills are essential. It is important to take the services of an affiliate partner who has expertise in search engine optimization or SEO in short. You need to have good SEO so that affiliate marketer content can be searched easily in Google. SEO optimization helps increase traffic and conversions at scale.
Affiliates in any industry know that SEO is important. The traffic generated on the website determines the amount to be paid to the marketer. Affiliate marketers know that similar types of websites have worked in SEO and more so, the more the merrier, to increase traffic from Google to the targeted website.
For affiliate marketing in the financial industry or other industry, SEO is becoming more and more critical. The traffic generated on a website determines the amount of an affiliate’s earnings. This is why more and more websites of all types are more and more popular as affiliate businesses; they know how to increase traffic to their website from google.
A resourceful affiliate drives traffic to a business. It provides valuable content such as blogs, reviews, promotions, and other engaging and beneficial material related to the product they are marketing.
This information helps drive sales and customers after browsing this content are influenced and decide to make a purchase. This influence leads to a sale and the affiliate marketer gets paid.
Fintech and affiliate marketing work together
Fintech is constantly evolving and very relevant today in the midst of a pandemic and in the future when the world works differently. With social distancing looking to become the new normal, more consumers will prefer to shop or transact from the comfort of their homes. In this scenario, Fintech and affiliate marketers will need to capitalize on each other’s strengths and bring more synergy to the table.
The data clearly indicates that affiliate marketing pays off. In 2018, nearly $ 560 billion was spent on digital advertising and is expected to increase by more than 13% by 2022. It could be more because the forecasts then did not take into account the unexpected Covid-19.
If you enjoyed everything written in this article today, be sure to check out my latest article on Affiliate Marketing and Fintech. It contains all the latest news, stats, and headlines happening in the busy fintech and online lead generation industries.
Posted on May 22, 2021