5 key takeaways from Q4 data to shape 2024 affiliate marketing strategies

Now that Q1 is well underway, it’s important to reflect on the last quarter in order to plan for a successful 2024. Your 2023 Q4 performance analysis can reveal valuable insights to positively influence decision-making on this year’s affiliate marketing strategies. Here are five key takeaways to consider as you look back on your Q4 data:

1. Cut off the weakest links

First, you want to perform an audit that checks your current affiliate mix to identify underperforming affiliate types. Once you have found your weakest links, weed out what’s not working and refocus budget and efforts into the partnerships that have been most effective with your brand goals. These might be publishers with a low conversion rate, or when matched with your attribution data, might not be driving the type of customers you’re looking for.

2. Plotting trend data

Plotting trend data against the last two years’ Q4 performances provides a broader perspective of how consumer behaviour affected performance. Using this data, see if there are any patterns, shifts, and anomalies that can be revealed from thorough analysis. This information should provide more insight as to how you should navigate potential market fluctuations and spot potential trend forecasts. Typically, your affiliate trends will echo your on-site performance, but if this diverges, it may give you extra opportunities for growth.

3. Catch emerging affiliates on the rise

Since the affiliate landscape is evolving at a pace more rapid than ever, you should be on the lookout for emerging affiliates that demonstrated promising results in Q4, such as refer-a-friend or buy now, pay later platforms. These could be your untapped gold mines for 2024 that keep you ahead of the curve while identifying which affiliate relationships have the best potential to drive meaningful results.

4. Analyse placement performance

Evaluate the effectiveness of the placements booked for Q4 against your KPIs. Are your placements translating into desired outcomes? The data can help you understand what worked, what didn’t, and what you should do next. An in-depth analysis can give you the information needed to refine placements in this year’s affiliate marketing strategies.

5. Benchmarking for success

Benchmark your performance against others in your vertical as well as overall agency performance to see how you measure up against competitors. This can be effectively done by leveraging the expertise of an agency, which would elevate performance analysis to a higher level. Employing a seasoned agency will help you gain a comparative perspective that goes beyond individual metrics and a holistic view of your industry standing.

Remember, your Q4 analysis can be a powerful tool to help you create your 2024 roadmap to success. Use these takeaways to fine-tune your strategies, embrace emerging opportunities, and set the stage for a successful 2024.

Ready to elevate your brand’s affiliate marketing strategies in 2024? Get in touch to book an informal chat with our experts on how you can launch your affiliate program and harness the power of strategic partnerships.