Are you looking for new sources of income? More and more internet entrepreneurs are turning to affiliate marketing. See why:
What is affiliate marketing?
Affiliate marketing refers to the promotion of products and services of other businesses or people, as part of the so-called affiliate network.
Why do it? Because of the commission you get if people buy a service or product through your website.
If we had to give a precise definition, it would look like this:
“Affiliate marketing aims to earn a commission by promoting external services or products. You promote a product that you like and get a share of the profit after the sale. “
More examples? Let’s say you have a website. If you place a banner or link as part of an affiliate program and a user clicks on that link and purchases the product, you will earn a percentage of the amount, according to your agreement.
Who are the main participants in the process?
Let’s look at the main participants in an affiliate marketing process:
1. Merchant – sometimes the merchant can match the manufacturer of the product, brand, manufacturer or distributor of a particular product or service.
2. Affiliate (partner) – the partner is the person or company that promotes a product or service. This is usually done through publications on their own platform, which refer to and recommend the specific product or service.
3. User – the user is important for closing the affiliate cycle. Without making a purchase, there is no income, and without income there are no commissions.
Benefits of affiliate programs
Why start something like this? Often the commissions are not very high. Still, here are some of the key benefits you can reap:
1. No investment in your own product
You do not need to invest time and money in the development of your own product or service. The product is already on the market and is advertised by its manufacturers. Your only task is to encourage consumers to buy it. Of course, your profit from the whole process is less, but the effort you put in is minimal.
2. It is not your responsibility
Selling your own product or service is an exciting endeavor. But it can include many responsibilities such as returning defective goods, managing an online store and constantly communicating with customers. If you are an affiliate, all you have to do is refer users to the specific product.
3. You can make money even without your own website
Did you know that it is possible to make money from an affiliate program even if you do not have your own website? You could share the links on social media, put it in the avatar you use in forums or in the emails you send to your customers and friends.