Waking up early and going to your place of work either by commute or by car can be a difficult task. Doing the same thing every day for a set number of hours can become quite monotonous and boring. Worst of you, you are forced to leave the comfort of your bed just so that you may get a few bucks at the end of each month. However, what if there was a way to get rid of all of this boring stuff and make money from anywhere at any time. This is what affiliate marketing offers, it has become one of the most popular marketing tactics around the world that allows businesses to boost sales and do it at a fraction of the cost. The highlight is that affiliate marketing is beneficial for both the brands and affiliate marketers, this is one of the main reasons why it has gained so much traction.
According to statistics around 81% of brands in the United States alone use affiliate marketing. In 2017, Amazon even changed their affiliate structure which encouraged more people to indulge in it and also increase their passive income.
What Is Affiliate Marketing?
The idea of affiliate marketing is as simple as it gets, the basic idea behind this strategy is that the affiliate earns a commission on every sale of the product, the product, however, belongs to some other company or person. All the affiliate needs to do is, search for the product that they like and promote it on any portal, then they earn a share in the profit from each sale. All of the sales are tracked through affiliate links and this provides a steady method to keep everything in check. People who have doing affiliate marketing for a long time even earn millions of dollars through it. Some people started affiliated marketing as a side gig but ended up making it their main source of income.
How Does It Work?
One of the reasons why affiliate marketing produces great results is that it divides the responsibilities of product creation and marketing across different individuals. This is why it can also benefit from the skills of a lot of different people making the marketing strategy even more effective. To make this strategy work, three main groups need to be involved. They are the product creators, the affiliates and the consumer. So, let’s talk about each of these parties in detail now.
The seller or product creator is an entrepreneur or a large enterprise that has a product that they want to market. The product can be anything, it can be a physical object, a service or something digital. The seller does not need to be involved in the marketing directly however, they still get revenue from the sale that the affiliate is making.
The affiliate, on the other hand, can either be a company or an individual that promotes the seller’s product in an attractive way. In simple words, the only duty of the affiliate is to promote the product in a way that customers believe that the product will benefit them, and therefore they will go ahead with the purchase. If the consumer buys the product, the affiliate will get a portion from the revenue. Affiliates don’t need to promote the product everywhere, instead they have a specific audience who are only interested in a particular product.
The consumers are probably one of the most important pieces of the puzzle as they are the main drivers of affiliate marketing. Whenever the consumer buys the product, the affiliate and the seller will share the profit. In some cases, the affiliate might disclose to the customer that they are receiving a commission on the sale. The affiliates share in the profit is included in the retail price so that the affiliate and seller don’t run into problems later on.
How Do Affiliates Get Paid?
Affiliate marketing is certainly beneficial for those individuals who want to increase their online income. The process is completely hassled free and it also gives good results. There are a few different payment methods that can be decided between the affiliate and the seller. Let’s take a look at them now.
Pay Per Sale
The first method is pay per sale, as the name suggests using this methodology the affiliate gets paid by the seller on every sale that is made. So, in order to improve the earnings, the affiliate needs to make sure that he creates as many sales as possible.
Pay Per Lead
Another method is pay per lead, in this method the affiliate gets paid when they convince the consumer to perform some kind of action on the seller’s website. The action can be anything from making a purchase to trying a trial product or even subscribing to a newsletter. If the consumer performs any of these tasks, the affiliate gets paid.
Pay Per Click
Unlike the previous method, in pay per click, the affiliate only needs to make sure that they are able to redirect the highest number of people to the seller’s website. The more people they redirect the more they get paid. This essentially means that the affiliate will receive a set sum of money on ever click the customers make on a given link.
Why Should You Become an Affiliate Marketer?
There are a ton of reasons that should convince you to get into affiliate marketing, however, one of the biggest reason is that it becomes a source of passive income. Unlike a job where you need to complete certain tasks every day to get paid at the end of the month, in affiliate marketing you can make money even when you sleep. If you invest a good amount of time in your campaign, in the beginning, you can get it up and running. The customers will then just keep on coming and making purchases even when you are not around to look over.
Another big advantage is that you don’t even need to deal with customer support. You are only there to promote the product and ensure that the consumer makes a purchase if the customer makes a purchase and finds that there is something wrong with the product you won’t get any of the blame. Whatever the problem the customer as they can take it up with the seller themselves.
If you are someone who hates waking up early and getting ready to go to work, then affiliate marketing is just for you. Unlike most other mediums of earning, you can work from home as an affiliate marketer. All you need is a decent internet connection and you will be good to go.
Most businesses need an initial investment to get the cash flowing, however, the story is very different when it comes to affiliate marketing. You can start your marketing campaign without any hassle and if you choose to join an affiliate program then you don’t even have to pay a fee. Best of all, you don’t even need to manufacture your own product. All you need is a seller who wants to market their product and you are good to go.
Affiliate marketing is a great option for those who are trying to take control of their life and set up a steady source of income. In the start, you can just focus on a few products and then get the ball rolling. Once you think that the current products are doing very well, you can then start to introduce more products. One thing that you need to make sure is that the product you choose should be relevant. For example, if your blog is about food then the products you choose should be food-related. Otherwise, the traffic that visits your website will not be interested in buying that product.