The COVID-19 pandemic has definitely affected the customer spending habits of many. From initial panic-buying through to careful essential purchases, we have seen many changes in the past few months that are outside the norm. Affiliates need to be aware of these changes so they can adjust their programs and properly capitalise on them. Let’s take a look at four changes to be made to programs to accommodate a change in spending habits.
Current spending habits
There is no point in trying to make changes to an affiliate program if you are not aware of the current spending habits of your customers. It is important to look at the data and analytics of your program to determine which are the most used, and to try to determine why this might be. User engagement is going to be key here, as it means that affiliates can determine precisely which of their offers might be the most successful.
Spending habits can then be considered alongside incentives and prizes, as well as the relationship between the two. Since spending habits in this time might be more frugal due to the current global situation, affiliates must find the incentives that their customers are likely to opt for.
Time of day
The right time of day means everything when it comes to purchasing. There are high points and low points throughout a day where people are more likely to engage in spending or entertainment. This can, in part, be determined from your analytics as you can see where people are engaging with your posts the most.
Affiliates then need to tailor their programs so their adverts and incentives are reaching potential customers at the moment they actively want to spend. This is a subtle change, but it can make all the difference.
It is very important to consider longevity when trying to adjust for a change in spending habits. Affiliates need to be able to encourage their players to spend time on their devices to be able to drive conversions and sales.
Much of this can be done through the website itself. While we should never try to confuse customers with website design – as this can result in them just clicking off the page – there are a few subtle things that can be done to lead them forward and help a sale to stick in place.
Pricing of commercials
There is currently a big digital migration taking place. Though some consumers are spending less due to the pandemic, there has also been a rise in those who are spending online. This means that there are more and more businesses developing a digital presence that they might not have had before, while existing digital brands might be expanding their operations.
This is going to result in some changes for market pricing of commercial placements. As demand increases, affiliates must be able to adjust their budgets and their choice of commercials as needed to ensure that their own offers are able to attract attention from the right places.
There is no denying that customer spending habits have changed due to the pandemic. With a rise in online spending, but a more careful approach to it than we have seen at other times, it is imperative that affiliates make the changes to their programs needed to properly capitalise on these new habits from consumers.