Affiliate marketing is a multibillion-dollar sector that offers entrepreneurs tremendous career options. It's quickly becoming a popular technique for eCommerce businesses to promote their goods and services.
Affiliate marketing is a sales strategy in which a business pays a third party to sell its product or service on its behalf. They're affiliate marketers if you've ever listened to a podcast or watched a social media influencer endorse a product. They receive a commission on any sales that arise from their referral in return for suggesting items or services to their audience.
When you sign up for an affiliate marketing program, you'll be given a unique link or code that allows the firms to monitor every consumer you refer to them. You earn a commission when a consumer buys a product after clicking on your link.
You can find programs directly through a company or via an affiliate network like ShareASale. Regardless, here’s how the standard affiliate program works:
You promote Store A on your website, blog, or social network.
Someone clicks your unique link.
They make a purchase in Store A.
The company or affiliate network records the transaction.
The purchase is confirmed by Store A.
You receive a commission.
What are the benefits of affiliate marketing?
Now that you understand how affiliate marketing works, let’s look at a few top benefits.
You don’t own the products you’re promoting
Most public affiliate networks, such as Amazon Associates, are larger and don't need you to buy any of the things you promote. Simply sign up for their affiliate program, copy your link, and paste it on your page or website.
It's ideal for new businesses since you don't have to invest a lot of money in physical or digital items right once. You may spend some time experimenting to find which sorts of items and services are most popular with your target demographic.
It’s a passive income source!
You're pretty much set after you've laid the framework to keep visitors coming to your site. All you have to do now is find affiliate partners that will appeal to your target market and post their links. As long as you maintain your unique links and codes displayed on your site, you'll continue to earn a recurring commission.
How much can you make as a new affiliate marketer?
Commission rates differ based on the firm with whom you're affiliated. The Amazon Associates program pays a commission on sales ranging from 1% to 10%. Others, such as ButcherBox and Thrive Market, charge a fixed fee of $20 for each transaction. There are also affiliate networks that pay up to 30% per sale in recurring commissions.
It's entirely up to you how much money you can make with affiliate marketing. It will be determined by the amount of traffic you can drive to your site(s), your ability to predict which affiliate items and services your audience will respond to, and the affiliate programs you join.
In my next blog, I will get into the different things you have to think about when considering doing Affiliate marketing.
Thank you for reading!