Lets Discuss The Basics of Affiliate Marketing
Have you imagined the possibility of making six figure income online and all that you need is a website? Welcome to affiliate marketing. In affiliate marketing, you don’t need to own products, no need for warehousing and delivery. You only focus on marketing and sales.
In 2022, according to Statista, the affiliate marketing industry cap was $8.2 billion with a forecast of $15.7 billion. So imagine you starting your affiliate marketing career today, you will be in a good position to take advantage of the industry boom.
What is affiliate marketing?
This is when you promote another person’s product or service and get paid a commission which could be a percentage of the sale price or an agreed fixed amount. The owner of the product handles warehousing, order fulfillment and other sales activities.
A unique code is given to each affiliate which is used to track a sale effort to them. The owner of the product is referred to as merchant.
Benefits of affiliate marketing?There are several benefits but i will stick to these two below:
Minimal Investment and Risk
The cost of a starting a business can be daunting. You will make upfront costs which include product development, office rent, staff salaries, etc. But for affiliate marketing, you just need only a website. If it does not work out, you can probably try another product or move on. Your cost is your website and perhaps little bit of money on sponsored ads. So it doesn’t really hurt to try out affiliate marketing.
Easy to Grow
Affiliate marketing is very flexible and mobile. You can pick up some products from across various continents to promote and earn your commission. This empowers you to tap into the economy of several products and stand a better chance to grow compare to the sales man who works and sell for only one company
Also read: SEO Strategy for Affiliate Marketers
Here’s an example of how affiliate marketing works:
Jack visits your post on the best wedding suits online
Jack also goes ahead to click on recommended other products.
Jack closes his browser and rushes to the office or back to work.
Jack goes back after some few days to check out the suits on your page.
Jack makes purchases including a tie from among the recommended products.
Thanks to the affiliate marketing unique link tracker on the buyers personal device which traces the sale effort back to Jack
Jack gets paid the agreed amount or percentage.
If it is not clear, but interested in affiliate marketing, send an email to [email protected]