EXPLAINATION OF AFFILIATE MARKETING

AFFILIATE  MARKETING IS A TYPE OF MARKETING WHERE PUBLISHERS KNOWN AS AFFILIATES PROMOTE THE PRODUCT OR SERVICE FOR A RETAILER OR ADVERTISER .

AFFILIATES GET THEIR PAYOUT WHEN THEY PROVIDE A SPECIFIC RESULT FOR THEIR AFFILIATE PARTNER,SUCH AS CUSTOMERS , WEBSITE TRAFFIC AND GENERATE SALE.

IN RECENT YEARS IT IS A LUCRATIVE BUSINESS STRATEGY FOR SOCIAL MEDIA INFLUENCERS AND THOSE LOOKING FOR A SIDE HUSTLE.

an influencer promoting a product of a particular brand.also means affiliating a product.

    HOW AFFILIATE MARKETING WORKS?

  • AN AFFILIATE PROMOTES AN AFFILIATE LINK OR PRODUCT TO THEIR FOLLOWERS , WEBSITE VISITORS , BLOG READERS.
  • AN AUDIENCE MEMBERS CLICKS THE LINK.
  • THE AUDIENCE MEMBERS MAKE THE PURCHASE .
  • THE AFFILIATE NETWORK RECORD THE TRANSACTION.
  • THE AFFILIATE GETS PAID A MONETARY COMMISSION. YOU CAN START WITH BY LOGGING IN AMAZON ASSOCIATES TO START AFFILIATE MARKETING AND EARN YOUR FIRST COMMISSION.

THE COMMISSION RATES MAY VARY DEPENDING ON THE PRODUCT AND INDUSTRY AND THE AGREEMENT NEGOTIATED BETWEEN THE AFFILIATE AND BRAND.

LOW PRICE AND HIGH VOLUME PRODUCTS LIKE PETS FOOD OR SKINCARE MIGHT EARN YOU 5% OF EACH SALE .WHEREAS HIGH AFFILIATE PROGRAMS SECTORS SUCH AS FINANCE AND SOFTWARE CAN OFFER MORE THAN 20%.

NOTE-AFFILIATE MARKETING CAN ALSO LEAD TO FREELANCING .YOU CAN PROVIDE YOUR CUSTOMERS THE PRODUCTS AT LOW RANGE.TO READ MORE ABOUT FREELANCING CLICK HERE,

    TYPES OF AFFILIATE MARKETING 

1)UNATTACHED AFFILIATE MARKETING-

WHEN THE AFFILIATE IS A PROMOTER . THEY ARE NOT ENGAGED WITH WITH AFFILIATED BRAND . PRODUCT, INDUSTRY OR NICHE AND MAY PROMOTE WIDE RANGE OF PRODUCTS TO MULTIPLE AUDIENCES.

THESE AFFILIATE MARKETERS OFTEN USE PAY PER CLICK(PPC) ADVERTISING CAMPAIGNS TO REACH CUSTOMERS ON SOCIAL MEDIA AND SEARCH ENGINE RESULT PAGES.

2)RELATED AFFILIATE MARKETING-

THIS MARKETING IS THE PRACTICE OF PROMOTING PRODUCTS OR SERVICES THAT ARE RELEVANT TO THE AFFILIATES AUDIENCE.AN AFFILIATE INVEST RESOURCES TO GROW THEIR FOLLOWING THROUGH YOUTUBE, TIKTOK AND BLOGS OR OTHER TYPES OF CONTENT MARKETING.

THESE AFFILIATES CAN BE INFLUENCERS MAKING THEM A TRUSTED SOURCE FOR RECOMMENDING PRODUCTS TO AUDIENCE.

3) INVOLVED AFFILIATE MARKETING-

THIS MARKETING REFERS TO CONTENT THAT INCLUDES PROMOTION OF PRODUCTS IT CAN BE A WALKTHROUGH ,PRODUCT REVIEW OR ONE DEMONSTRATING THE PRODUCTS BENEFITS.

THESE MARKETERS ARE OFTEN CONSIDERED TRUSTWORTHY.EARNING THE AUDIENCE TRUST IS AN SUSTAINABLE WAY OF START AFFILIATE MARKETING.

PROS AND CONS OF AFFILIATE MARKETING

Affiliate marketing pros

Easy to execute-

In affiliate marketing, the main goal is straightforward: refer customers to your partner retailer. Affiliates can focus their efforts on marketing and leave other difficult tasks, such as product development and order fulfillment, to the retailer.

Low investment and risk-

Joining an affiliate program typically doesn’t cost anything. Once an audience is established, affiliates can start earning money by promoting a product without additional investment. This can lead to (relatively) passive income from commissions.

Ability to scale-

When successful, affiliate marketing can increase earnings without the need for additional employees or resources. Affiliates can introduce new products to their audience, negotiate higher commissions, or reinvest earnings to expand their reach.

Affiliate marketing cons

Takes time-

Contrary to some online commentary, affiliate marketing is not a get-rich-quick scheme. Growing an audience and gaining influence requires time and dedication. It may take several years of consistently creating and publishing content before you earn a regular income.

Limited control-

Affiliates have to follow the rules set by an affiliate program. This may include limitations on how a product can be promoted.

Another limitation of affiliate marketing is the commission-based revenue model, which means that affiliates will earn only a fraction of each sale.

If you are successful at referring customers to a particular company, you may be able to negotiate with them for better commissions, bonuses, and access to more impactful marketing content (such as promotions) for your audience. thats why people nowadays prefer affiliate marketing.