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Affiliate marketing is an effective way to market products/services without taking on considerable risk. Whether you’re someone who wants to increase your income or a business trying to increase sales, this article will give you insights into how affiliate marketing works.
For those unfamiliar with affiliate marketing, here is a brief explanation. Affiliate marketing is a process where an affiliate earns a commission for promoting a product/service of a company.
Affiliates are people who promote other companies’ products and services to their audience/followers.
They can do so by using platforms such as;
Note: If affiliates do not have a substantial following, they can advertise through ads.
As affiliates are often companies themselves, it can be challenging to distinguish parties in affiliate marketing. However, in this article, we refer to the companies as marketers, advertisers, or merchants who own the product or service and want affiliates to promote it.
If you would like to know more, check out PART 1: What is affiliate marketing for more details.
Affiliate marketing is a safe and smart way to increase your sales regardless of the size of your marketing budget/company. You only pay commissions when a sale has been made. Therefore, it is an excellent opportunity for any business to grow and improve.
Firstly, access what niche would be most suitable for you and your audience.
The second step is to look for affiliate programs that are suitable for you and your audience.
Note: If you do not have an audience, you can still promote through paid advertising.
A good affiliate program to start with is Amazon, especially if you lack experience or a large following. As soon as you are approved as an affiliate, you can choose a product, and then Amazon will automatically generate a unique affiliate link for you. The link will track any purchase made from your website/social media, etc., for 24 hours. The advantage of this program is that even if consumers do not purchase right away, you can still earn a commission if they buy from Amazon within 24 hours.
In contrast, other affiliate programs allow affiliate links to be tracked for up to 30 days. Therefore if the customer doesn’t decide in a short amount of time, but later, the affiliate will still get a commission since the cookies are stored for longer. Several companies provide long cookie storage, including Nordvpn, Bluehost, Fiverr, and Post Affiliate Pro.
You have two ways how affiliate marketing works for a company. You can either create your own affiliate program or join an affiliate network. Choosing an affiliate network is easier since the network handles all communication between you and the affiliates. Thus, you simply sign up and start with affiliate marketing almost right away. There is, however, a downside to it. This process is costly, and you cannot alter the terms & conditions. As a result, it can negatively affect your business. Alternatively, you can create an affiliate program. Although it requires time and initial investment to create an affiliate program, it is definitely worth the effort since you can gain more leverage and influence.
If you would like to learn more about an affiliate program, check out our next article to gain deeper insight.
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