The partnership channel, which includes affiliate marketing, has its roots in the early days of the internet, when websites began to monetize their traffic by promoting other businesses’ products and services. This system allowed website owners to earn a commission on sales of products that originated from their website. Humble beginnings for sure, however, over time, affiliate marketing–now associated with partner marketing nomenclature–slowly evolved into a sophisticated channel for driving traffic, leads, and sales for businesses across a range of industries.
According to a report by the Influencer Marketing Hub’s Benchmark Report, global affiliate marketing spend is projected to reach $14.3B in 2023 and $15.7B by 2024, a stunning increase up from $5.4 billion in 2017 with more than 80% of brands utilizing affiliate marketing as a part of their overall marketing mix. Statista reports that the US is the largest affiliate marketing market in the world. In fact, estimates are that affiliate marketing spend in the US will reach $8.2 billion in 2023 alone. In the UK, the 2022 IAB UK & PwC Affiliate Marketing Report indicated the affiliate marketing industry in the UK was estimated to be worth £1.6B in 2022, a 33% YoY increase, signaling that the affiliate marketing spend in the UK is likely to continue to increase in the coming years. In Germany, Statista reports that affiliate marketing spend was estimated to be €1.47B in 2021. And when it comes to Australia, they estimate affiliate marketing spend at about €1B in 2021.
In terms of industry sectors, affiliate marketing is widely used in e-commerce, retail, travel, and finance industries. However, it’s also gained traction in other sectors such as healthcare, education, gaming and B2B. With its proven track record of driving sales and ROI for businesses, affiliate marketing is expected to continue to grow in importance and scale in the coming years.
And whether you’re a novice marketer looking to explore the world of partnerships or a seasoned veteran seeking to maximize the potential of your existing partnerships, we’ve created a guide designed to serve as a valuable resource for managing partnerships and achieving profitable growth. With the help of effective partnerships, businesses can access new markets, customers, and resources, and create a competitive edge in today’s rapidly evolving business landscape. However, managing partnerships can be a complex process, and it requires careful planning, execution, and measurement to achieve success. This guide will provide you with essential insights, strategies, and best practices to help you navigate the partnership landscape and create profitable growth for your business.
Download the Ultimate Partnership Playbook: Your Comprehensive Guide to Building and Nurturing Profitable Partnerships eBook that sets out to provide marketers and brands interested in driving both business growth and client acquisition with everything they need to build a solid partnership foundation for reliable and repeatable success.