What is affiliate marketing?
Affiliate Marketing is a great way to drive all sales and generate a sufficient amount of online revenue. Useful for both affiliate marketers and brands, it is probably the most off-conventional way to push away from traditional marketing technique. But what is affiliate marketing?
In simple terms, it is one of the oldest notes in the book when it comes to digital marketing. The simplest way to put it would be similar to referring someone to buy a product and the contact who eventually ends up buying a product on that recommendation. This entitles the person who referred to a commission. This is similar to all the promotional plans that you might have come across while using millennial apps such as Uber or Ola, or the discount coupons that you get when purchasing for the first time.
Depending on the product, the commission varies too. It could range from a single dollar to thousand depending on the USP of the product in general. The most comfortable way to go about affiliate marketing is following a few simple steps and getting it done.
The lifecycle of affiliate marketing
It can be a happy coincidence or a simple way when you can start participating in the affiliate marketing process. Similar to something that Google did when trying to get people to use their Payment system. The process starts when an online shopper finds a feasible affiliate program to enrol into. The choice of products is so diverse that it caters to almost every target audience. The USP of the product and the lucrative quotient of the product is good enough which allows the online shopper to share the link with their possible contacts. However, the affiliate site leads to a merchant site where the actual purchase is made. The process continues until you have more online shoppers in the loop. The rewards, however, are always paid by the merchant site.
The unique link makes it easier to identify the first node in the affiliate marketing which makes it a great tool for tracking and completing the process of the lifecycle. If you are a blogger or someone who believes in endorsing great products, you can incorporate this affiliate link into your content and get going for that cash to knock on your door. The best part is you do not need any qualification to sign up as an affiliate marketing.
Pros and Cons of Affiliate marketing
On the one hand, we can all paint a rosy picture of how easy affiliate marketing can be. Nevertheless, it is not only about the minimal and simple approach that marketing endorses with the affiliate enrolment, but also forms a billion-dollar industry. It is a low-cost business idea, nonetheless, because there is no actual investment that goes into sharing an affiliate link. All you need to do is find a compelling product which is one of a kind and keep the audience excited. There could be a potential cost involved if you want to tread a slightly independent path which can be in the form of aa blog or something similar. However, it is still low compared to the commission that you would earn once you start getting all the clicks on the post.
But that is not all about it. Competition is one of the key places where you can tend to lose your courage to even continue because it is extremely cutthroat. It seems like a great idea, but it is not only you who is excited by it! You cannot control affiliate programs or own them. You have to be extremely dependent on what is existing, and it is only a matter of time and perseverance that your link would be chosen over others.
All you need to do is join a program which offers affiliate marketing. Since it is all product-based, you can choose a product that you want to promote. Since every product has a unique link, it becomes simpler to share it with your friends on social media or even any other form which is accessible. When your contact makes a purchase using the link that you shared, you are entitled to a commission which can be in the form of rewards and cashback.