Do you think you can be a millionaire, working only for four hours a week? Affiliate marketing can make it possible for you. If you are a total newbie in affiliate marketing, it is a way of earning passive income, where you promote third party products and make some commission by selling them. The concept behind affiliate marketing is profit sharing. When someone makes a product they want to sell, they need a platform to show off and sell Their product to customers. Affiliate marketing works as that platform. It bridges the gap between the product creator and the customer. As a reward for bridging this gap, the product creator shares some of the profit with the affiliate marketer.
If the concept of affiliate marketing or the prospect of passive income spiked your interest, here is a basic overview of the affiliate marketing process.
What Is Affiliate Marketing?
Affiliate marketing is a marketing tactic where you earn by promoting other retailer’s products on your website. Your income from affiliate marketing will be on a performance basis. The more you can help sell the product, the more you earn. For every sale that you make, you get a portion of the profit from the retailer. Affiliate marketing is an excellent way to earn passive income.
How Does It Work?
Affiliate marketing follows a simple cyclic process. Suppose you have published a product review blog on your website for affiliate marketing. Whenever a viewer clicks to the merchants' website through your blog, fills up a lead generation form, or buys the product, you get paid. As long as your blog triggers any action from the client, you will get paid.
These tactics are known as PPC (pay per click), PPL (pay per lead), and PPS (pay per sale). Merchants provide every affiliate marketer with a unique address link so that they can trace back the client's journey to that specific affiliate. It also helps merchants to pay the publishers accordingly. If you want to dive deeper into the affiliate marketing process, check out the Inbound Closer article by NoBSIMReviews.
Components of Affiliate Marketing
Affiliate marketing can be broken down into four components: merchant, affiliate, customer, and network. The first three of them are a must to complete the affiliate marketing cycle.
A merchant is someone who makes or creates a product. Merchant can be a fortune 500 company or a single individual. Merchants are also known as the seller, creator, or vendor. As long as you have a product to sell, you can be a merchant.
Affiliate is the medium through which the product is promoted to customers. It can be a website, a company, or a single individual. Affiliates are also known as publishers. Affiliates promote merchant’s products through review blogs, contents, and some other means.
The consumer is the end user that buys the product, promoted by affiliates. Consumers buy the product directly from the merchant. Consumers don’t have to pay extra if they buy through the affiliate; the affiliate earns a percentage of the profit from the sale of the product.
The Affiliate Network
An affiliate network is an intermediary body between the merchant and the affiliate. It provides a more serious note on affiliate marketing by promoting trust between merchants and affiliates. Affiliate networks like ClickBank, ShareASale come in handy while merchants have to deal with multiple affiliates and manage their payments.
How Can You Start Affiliate Marketing?
With the right knowledge and expertise, anyone can be an affiliate marketer. You can be a merchant, an affiliate, or both. While affiliate marketing is pretty direct in its approach, it does have some variables. To start you off with the process, we have divided it into seven steps.
Find a Platform
You need a platform where you can promote products and get the audience to follow. The platform can be a blog website, YouTube channel, or even Instagram. You need to make sure your public profile on the platform is influential. You can gain this influence by ranking your site in search engines or building a niche blog.
Gather Your Audience
You need to build an audience to whom you can promote your product or service. You can build a loyal audience by creating engaging content, researching your rival's audience, monitoring your viewers. Building a loyal client base is vital for successful affiliate marketing.
Sign Up With an Affiliate Program
You can join an affiliate program or contact the merchant to commence your affiliate marketing journey. Signing up with an affiliate program such as Amazon associate or HubSpot associates usually doesn’t need you to pay money. By signing up, you will be provided with a unique link indicating your affiliation.
Choose a Product That You Can Promote
Choosing a product for promotion is crucial in affiliate marketing. You need to be familiar with the product to promote it to customers. The more knowledgeable you are about the product, the better you can convince people to buy it.
Create Engaging Content
Content is what makes your audience click on a website to buy their product. Suppose your content is engaging and able to pique clients' interest, your chance to make a sale and get paid increases. Your content should be genuine with authentic and credible information for the benefit of your audience.
Track Your Progress
You can track your own affiliation progress to assess which strategy worked best with the client. This tracking process will give you ample opportunity to try out new tactics and tailor it to your needs. By tracking customers' preferences, you can change your content style.
Get Your Commission
You can get paid for a sale or a lead. The payment method can also vary; weekly or monthly. You should be aware of the payment methods followed by the affiliate program or merchants. The payment structure can affect what product you choose to promote or how you promote it.
On a final note, there is no limit to the opportunities that affiliate marketing can present to you. While the affiliate marketing methods can vary depending on the platform or products, the fundamentals stay the same. If you want to try affiliate marketing, you can start with just some basic information. Even though these basics will be enough for you to learn the rope, if you want to be a millionaire working four hours a week as an affiliate marketer, you need to grow your skills and your influence.