Consider Promoting Financial Services in the Current Climate
Recent events related to COVID-19 have deeply affected the economic landscape causing businesses across the globe to have to adapt to a new normal.
For publishers, this can be viewed as a great opportunity to revisit your business models and incorporate new revenue sources to supplement your existing partnerships.
Financial products are a lucrative source of income and can often be overlooked as not relevant to an audience. However, we find there are often many aspects that can be relevant and compelling to most audience segments.
The below article provides four reasons to consider promoting financial services and how it can benefit your affiliate business in the long run.
#1: Diversify Your Revenue Stream
Diversifying your revenue stream is crucial during these difficult times and will protect your business’ future. It is easy to rely on a single fixed revenue stream, but this approach can leave you and your business vulnerable.
When diversifying your revenue stream, firstly consider the type of deals you are securing such as affiliate partnerships, display placements or flat fee sponsored posts. Each channel comes with its pros and cons. For example, with a flat fee sponsored post, you receive the money up front, whereas with an affiliate program you earn money over time. More often than not, the earning potential is higher than the original flat fee. Having different revenue types working in sync will reduce the risks and grow your business.
Secondly, consider the product verticals you are promoting and if you can expand into other sectors. The unique situation COVID-19 has created has allowed some business to thrive and others to come to a standstill. For example, the travel industry has com to a grinding halt however food delivery services have thrived. By establishing different product verticals you earn from, you can avoid the dependence on a single revenue source and thereby reduce the financial risk.
By investing time and effort, opportunities will open up and the rewards could be exceptional. A great starting point is asking yourself where is my industry heading? Is there a trend where competitors are partnering with different verticals? How are they integrated to create a seamless customer story? What similar product verticals would benefit your audience? It does not hurt to think outside the box, in fact, we would encourage it.
#2: Relevancy of Financial Products
Financial products will continue to stay relevant in all corners of the world. We’ve all heard the expression ‘money makes the world go round,’ which is recognized globally for a reason. Money and finances play a role in every aspect of our lives. It is also a topic that is aligned to many other verticals – saving for your next holiday or big retail purchase? Why not consider a High interest Savings Account to get the most of your money?
Even in the current climate, financial products have not slowed down. In fact, some verticals have increased their activity, with savings accounts, investment and free credit score products performing strongly.
If you’re considering incorporating financial products on your site, consider what products your readers could have a natural interest in, and it always helps talking about a product you believe in. Check out our 5 top tips to incorporating financial products into your blog to find out more.
#3: Higher than Average CPA
Performance marketing is traditionally based on a cost per acquisition (CPA). CPA refers to a commission paid when a user takes a specific action such as filling out an application form, getting a quote, signing up for a trial and so on.
What makes CPAs in the financial services industry stand out is they are typically more lucrative compared to retail. While retail affiliate programs are generally based on a percentage (1-10%) of the cart value, financial products tend to be a flat fee and can range from anywhere for $30 for a lead to $250 for a funded personal loan.
On top of commissions, financial institutions often run incentive campaigns, both for customers (to ensure their product is more attractive) and publishers (to reward either high volumes or quality or both).
#4: Affiliate Marketing Long-Term Benefits
The benefit of an affiliate program is that it is an investment with long-term dividends. If you have a little bit of time up your sleeves with the national lockdowns, now is the perfect time to explore the affiliate channel. If you’re not sure of where to start, check out this how-to guide on 4 easy steps to becoming an affiliate.
Laying down the foundation for a solid stream of revenue for your site can help counter any future unexpected financial risks. For example, if you put the time and energy into creating an SEO rich blog about the benefits of a high interest savings account and link to banks like EQ Bank and Tangerine, you can continue to accrue potential commissions from this initial investment in time for months and years to come. Each time a customer clicks and converts on one of these products, you will continue to receive revenue.
We hope that you’ve found this blog helpful and that you’re ready to get started.
If you’re interested in working with leading brands in the financial services space, we can certainly help and welcome you to sign up for our network by clicking here!