I think you’re onto something Greg, but it may not simply be a case of the companies ability to market directly to their potential customers.
Affiliate programs have been going through a long term consolidation phase, so there’s less competition between different companies and more competition between the brands of the same company. I’ve seen that with gambling and other high margin affiliate programs.
When you mention direct marketing through social media and such, it’s usually done via “influencers” or “clueless” people who would take $100 for $10,000 worth of advertising. My guess is, if the “influencers” were able to sign up to an affiliate program and earn a commission, they would do a lot better. But then again, it all depends on the influencer and their followers, you won’t get much bank from a million teenagers, I wouldn’t think.
@cashmirrors – of course, there’s always opportunities, no doubt. But the amount of effort required to earn the same amount changes constantly. You know, some people would do almost anything to earn minimum wage in this world. Others aren’t happy with $1,000 an hour. It’s all relative.