Those who are entrepreneurs out there are always thinking about how to further grow their business or expand the stream of their income sources. While thinking about stuff like these, one might consider starting a whole new second-business type of thing.
If he/she is actually able to initiate another business with a view to increasing income level, then what’s the problem with it? Well, it’s really not something that you should pursue because clearly you are not being able to keep your first business in a satisfactory state, how even you can start another one and maintain that with sufficient effectiveness?
However, instead of beginning a second business, what you can do to actually put yourself in a very beneficial state is doing affiliate marketing. It’s expected that by doing affiliate marketing effectively, not only you can find ways to complement and grow your current existing business but also offer more values to the customers and followers.
Unless you already have been doing affiliate marketing, it’s time to put this in your consideration, because you are missing out so many advantages of this profitable revenue stream.
What is Affiliate Marketing?
Affiliate marketing is one of the most profit-friendly online marketing techniques. What happens here is like- a person who already owns a business and sells a particular type of products to a particular customer demographic, lets another entity(affiliates) target that same demographic as customers and thus earn some extra income.
Affiliate marketing won’t need too much hassle because you already have a customer segmentation to share with your affiliates and you just need to recommend some products to others, you don’t need to actually produce them.
Suppose that you have a blog with a large reader-base, or a social media platform or maybe even a website. As a part of being involved in an affiliate marketing deal, what you need to do is to share the product or service of your affiliate’s on your blog or site as reference, so that your reader or fan base can get to know about those products or services and use them.
Of course you are going to provide a unique link once you recommend a product in your blog. Remember that each time a person will be making a purchase through that link, you will earn a commission. If you can show proficiency in the field, you can be sure of the fact that this performance-based opportunity will increase your income to a great extent and become a significant part of your business.
How Does Affiliate Marketing Work?
There are five simple steps that you will be needing to follow:
- Finding and joining an affiliate program
- Choosing the right offers to promote
- Obtaining a specific and unique affiliate link for each offer
- Sharing the links on your websites, blogs and social media platforms
- Collecting the commission that belongs to you each time someone uses that link to make a purchase
The rate of commission will obviously vary a lot, with experience, you might earn as much as 50% even though you might have to start with a flat 5% initially.
What are the Benefits of Affiliate Marketing?
Let’s get one by one:
1. It’s Highly-Profitable and Far-Reaching industry
Remember that affiliate marketing itself is already a billion-dollar industry. Since the industry is huge out there for affiliate marketing, it’s actually pretty easy to find products that really seem interesting to you and in which you actually believe. Such types of products are always easy to promote or advertise, as long as you honestly think the product to be useful to the people.
And when your affiliate marketing involves products that can have your faith, then it’s more likely that your affiliate marketing will be successful and commission-wise you will be getting the best outcome.
2. It’s a Business Opportunity that Requires Low-Cost
It’s very common to a lot of people that they want to start new ventures but can’t really have the perfect opportunity because of the lack of capital required. If you belong to these people, then affiliate marketing is something you can consider doing. Because, it’s a venture that literally needs nothing other than electricity and internet connectivity.
Unlike other business ventures that people do, to initiate affiliate marketing, a person won’t be needing to have a huge capital in the first place. There are far less barriers for starting affiliate marketing compared to other ventures, so chances are there that it might be the best option for you to enter in the business world as a marketer.
While the knowledge to build a blog or a website might be extra-beneficial for you as a affiliate marketer, it’s not a must. There are lots of examples out there, where people have successfully done affiliate marketing only using social media platforms, effectively. However, having a blog will be a bit helpful for you since you can promote your affiliate products using the blogs through ads or targeted contents.
For the best result, it’s suggested to use both the blogs and the social media. After all, the more avenues you can explore, the more opportunities you can discover.
3. No Expertise Needed
It’s really great about affiliate marketing- to start it, you don’t need a PHD. for the other types of business ventures, you have to have basic knowledge at least to initiate, but for affiliate marketing, it’s not mandatory-at least not for the primary stage.
Affiliate marketing is a field of advertising, where you learn how to do it by actually doing it. The more practice you can do, the more perfection you can have.
Also, you have the scope to explore different types of campaigns on your own, to figure it out which are the ones appropriate for you and what learning method will be more effective to be better in the trade.
For instance, if you are a blogger, when you start to do affiliate marketing for the first time, you can simply choose to begin with writing optimized content, that will be attracting more people. The more visitors you can have for your blog, the more possibility of finding the right kind of audience will be out there for you.
4. Excellent as a Supplementary Source of Income
To start doing affiliate marketing, there is no necessity to end your current job or business that you have right now, rather you can use it to further grow your current business. As for having a job, you can always do your affiliate marketing project without hampering your regular work-load since it doesn’t need to totally indulge yourself in it. You can keep doing it just as a side project.
By the way, if you want to do affiliate marketing as your sole income resource, then of course you can put more effort and earn more.
Now we all know that how much a passive income source is helpful is always up for debate and argument. But still, affiliate marketing has so far been recommended well and it’s anticipated that once you learn to do it efficiently and put in the required hard work, you can actually earn from doing it.
5. It Offers You Convenience, Flexibility and Independence
Since it’s already a side hustle, of course no one is going to supervise you and give you orders consistently, rather whatever you do, you are your own boss and you can do your job according to your own convenience. You are offered with abundance of flexibility.
Not only you are having a very easy schedule for your work, your work-environment, style-everything is up to you.
Even there is no need to worry about any kind of after-sales customer concerns. You have the option to just pass it on to the affiliates’ own customer support team.
6. No Necessity of Your Own Specialized Marketing Kit
The whole procedure is actually a whole lot simpler, hardly there’s any complexity. To do affiliate marketing, no need to worry about your marketing kits, tools or added promotional materials. What you need to do is just to get right on it and start earning right away.
7. Limitless Techniques and Strategies to Choose from
No matter in which stage of affiliate marketing you are, you will always find multiple ways and alternatives of doing it. You can write blogs and promote a product with it. You can create online courses and then recommend your students to use a certain product. You can also do affiliate emailing as well.
Apart from these, there are other choices like creating a website dedicated to promote your affiliates, or using the social media platforms.
The best thing is that since there are so many resources online related to affiliate marketing, you can start from the scratch and still expect to get an excellent result.
Examples of Companies that did Affiliate Marketing
There are so many examples out there, let’s just consider here a few of them:
- Niche: Consumer Finance
- Goal: Helping people pick the best credit cards, loans, insurance etc.
- Key Challenge: Extremely competitive market
- Niche: Personal finance
- Goal: To assist ordinary people to make better financial decisions
- Key Challenge: Providing ethical, accurate and updated financial information in a sector marked by self-serving interests
3. The Wire Cutter
- Niche: Consumer product reviews
- Goal: To help people find the best product in every customer category
- Key Challenge: To craft innovative tests and select the best product possible, without being swayed by commercial interests.
Clearly affiliate marketing is one of the best options for you in case you are in the search of a side income source. Of course to get the best result, it’s always preferable that you do practise a lot so that you can get to know your own style of doing it.