What is affiliate marketing you say?
Are you tired of going to a dead-end job every single day, or have you been considering ways to make passive income while you work, play, or sleep? There is a way that you can make money by promoting products that you love to your followers and friends.
Or have you created a product and want someone else to take care of the marketing aspects of it? You can pay someone a percentage of your retail sales for them to promote your products to their audience.
This process is called affiliate marketing, and it is one of the most popular tactics to drive sales and generate online revenue for businesses.
What is Affiliate Marketing & How Does It Work?
Put simply, affiliate marketing is a process where an affiliate earns a commission each time someone from their audience purchases a product or service they have promoted. This process benefits both the seller and the marketer because it splits the work. The marketer only focuses on getting the product out there, while the creator concentrates solely on making an excellent product.
For affiliate marketing to be successful, there are three major steps to the process.
- Seller creates a product. The first step is for someone to create a product. This product can be a physical object, such as household cleaners, animal products, food, or clothes, or it can be a service, such as life coaching or makeup tutorials.
- Affiliate or advertiser promotes the product. Once the product is created, the seller looks for an affiliate or advertiser to help them find their target audience. A seller can be the affiliate, but they don’t have to be. At this point, the affiliate has a specific audience that is generally interested in what the seller has created, or the affiliate’s audience fits the ideal market the seller wants to target. They promote the seller’s product to their audience, be it through Instagram posts, Facebook posts, emails, or YouTube videos.
- Customer purchases the product. The last and most important step in this process is when the customer interacts with the product. When the customer turns into a lead or buyer, the affiliate gets a percentage, and the seller gets the rest. An affiliate can get between 10% to 30% of the total retail cost of the product offered.
The best way to get started in affiliate marketing is by either making a product or building an audience. Affiliate marketing can be seen as a symbiotic relationship between a product creator and an affiliate marketer. The product creator may not have the skills or audience already in place to make their product successful, while the affiliate marketer may not have the time or desire to create a product on their own.
This working relationship benefits all parties involved. Not only will both the affiliate marketer and the product creator benefit, but also the customer will benefit as well because they are being offered a quality product that they may not have found without the affiliate marketer.
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