A Tiny Country Capable of Generating Immense Profits. Iceland
The majority of affiliates love huuuge geos. We get that — they offer you a better chance of getting traffic and it’s relatively easy to scale up.
And yet today we are talking about a country that looks tiny by all means, except for its territory. Iceland is small, it’s a tough one for scaling up and on top of that, you’ll be waiting for months to start getting profits.
But if you can find an approach to the people, you’ll fly high above the competition and scaling won’t fall far behind. Given the extremely high solvency, it is rather easy to get a high conversion rate and earn money on Iceland
Iceland: General information
As of March 2023, fewer than 348,000 people live in the country. The population is growing at a snail’s pace only by a few hundred people per year. Most of it is a natural increase due to a positive difference between births and deaths. There are few immigrants in Iceland, and the country does not create programs to appeal to skilled foreigners.
The official language is Icelandic. Almost everybody understands English as well, so you can create funnels in that language.
However, the conversion rate will go up if you’ll find a way to use the state’s language for your creos and adapt promotional materials.
And when you do the translation, make sure you’re working with a native speaker. The language itself is complex, and grammar or lexis mistakes will significantly bring down the confidence in your product, which will lead to a noticeable drop in conversion.
There is no problem with web connectivity in Iceland. The high speed of both landline and mobile Internet allows you to use video creos and beautiful, functional and heavy web pages. Which doesn’t mean that pages need zero optimized because the traffic is still expensive.
Strange as it may seem, people access the Internet from desktop devices more often than mobile devices.
Speaking of money, the prices in Iceland are high for nearly everything. Renting an apartment on the outskirts of a small town will cost you about $1,000 a month. Chicken fillets are almost $20 per kilo. Taxes can reach half of a citizen’s income. But at the same time there you can find some of the highest salaries in Europe: 3,000 euros/month on average. A cashier earns about 1,500 euros, and teachers get ~5,000 euros.
High wages and high prices are common for all well-developed countries. This situation leads to the fact that, on one hand, people have the opportunity to save money, but, on the other hand, they cannot always get everything they want beyond basic needs. For example, not everyone in the country can afford quality education for themselves or their children.
Seems to be the perfect geo for the ‘luxury life’ approach, right? Well, not always. Most Icelanders don’t dream about driving a Ferrari or owning a helicopter. What they really want is education for their children, traveling around the world, a chance to reduce the number of working hours, and a considerable bank account balance they’ll keep them running after retirement. These would be the main triggers to catch locals on.
Most wealthy people live in the capital city of Reykjavik. But you don’t need to narrow down the targeting; there are not too many people anyway, and almost every Icelander can find savings for investing.
Manufacturing is not developed at all. The main sources of income would be fishing, harvesting eiderdown, and tourism.
Among the most popular sites:
- Google;
- YouTube;
- Facebook;
- Twitter
Best traffic sources:
- Facebook;
- Google Ads;
- Teasers;
- Native Ads.
Cryptocurrency is loosely regulated and not banned. People are allowed to make all kinds of transactions, except illegal ones like buying guns. However, the industry itself is underdeveloped, and the cryptocurrency fever is still not shaking Iceland seriously enough, which provides huge potential in 2023 to direct traffic.
Iceland: Meet the people
The quiet pace of life, with no significant crises, ensures a high level of public trust in all media personalities, including politicians. Of course, except for those who have been involved in corruption scandals or fraud.
Here is a list of people who could be called Icelandic opinion leaders:
Вот список людей, которых можно назвать норвежскими лидерами мнений:
- Björk Guðmundsdóttir. Actress and singer.
- Gylfi Þór Sigurðsson. Football player.
- Rúrik Gíslason. Football player.
- Katrín Jakobsdóttir. Prime Minister.
- Hildur Ingveldar Guðnadóttir. Musician and composer.
- Heiða Rún Sigurðardóttir. Actress.
- Sigmundur Davíð Gunnlaugsson. Politician and former prime minister.
Additional details
Popular banks:
- Arion Bank;
- Byr;
- Kvika;
- Landsbankinn;
- Íslandsbanki.
Major online media:
- Morgunblaðið;
- Visir.is;
- RÚV;
- DV;
- Viðskiptablaðið;
- Fótbolti.net;
- Iceland Review.
Popular TV shows:
- Æði;
- Veislan;
- Ísland Got Talent;
- Hvar er best að búa? 1;
- The Bachelor: Iceland.
Iceland is a tiny geo with big money. You have to find an approach to the local audience and keep on scaling by adapting funnels and tools. There is a lot of money, little competition, and no crypto boom yet, which is worth taking advantage of.