What is Affiliate Marketing?
Affiliate marketing is referral marketing or sharing profits with an individual or company that owns the products or services you market. It means that you refer customers to a business that you do not own, for commissions. The products or services you promote don’t have to be your own.
You make money by promoting products or services online. This means that you make money by driving online traffic to the website of a merchant, who is either the manufacturer or the retailer of the products.
Affiliate marketing is performance-based marketing so an affiliate is only paid when a sale is made. The merchant rewards the affiliate for business resulting from their efforts.
Why Choose Affiliate Marketing?
Affiliate marketing is one of the easiest home based businesses to start. Anyone can join an affiliate marketing program because it is normally free to join and no special skills are required. One just needs to complete a form and is ready to get started. There is no need to produce or stock any products so the costs that are involved with running a shop – including an online shop – are eliminated.
- No stock
- No employees
- No business premises
- Minimal overheads
Affiliate marketing offers a wide range of products, platforms, and markets to choose from. Training tools, books, personal care products, household items and much more are just a few of the possible options. However, to build a successful affiliate marketing income, one needs to learn Internet marketing skills.
Is Affiliate Marketing a Get-rich-quick scheme?
Do not imagine that all that you need to do is to set up an affiliate marketing site and dollars will flow into your bank account without doing any work. Affiliate marketing is real work. It is not a get-rich-quick scheme. You will need to invest in knowledge, acquire skills and put in the work.
What skills Does one need to succeed in Affiliate Marketing?
Affiliate marketing, like other online jobs – requires critical thinking and a high level of creativity. It is a wide field and one needs to understand where to fit in. Being a marketing job, one needs to learn marketing skills and especially online marketing.
Some of the skills such as data analysis are technical. Success is about the traffic to one’s sight and that needs to be interpreted. Much as one normally sources services such as blogs and websites from others, it is important to have basic programming and web design skills.
Success is based on performance and since one has no boss over them, it is critical to know how to self motivate. Time management skills are also very important, meaning that one needs to prioritize and do what needs to be done when it needs to be done. Problem solving and people skills are important for long term success.
What will you market?
You can be successful marketing many different products on different websites or blogs. Give your affiliate marketing career your all if you want to make it big.
Become your own boss
If you give people value and give them a reason to keep coming back, they are likely to order through your link even in future. That is why it is important for them to know that you are an affiliate and that you get compensated when they buy from you.
Affiliate Marketing Running Costs
Bloggers, coaches and people who train online can earn extra income through affiliate marketing, which can be incorporated into existing home-based business. This can make running the business cost effective. Online writing and transcription trainers can promote laptops and computer accessories such as keyboards and headphones.
Your Affiliate Marketing Strategy
Blogging works very well with affiliate marketing. You will need to decide what works for you; a blog, a website, social media platforms or a mix of more than one. Setting up an informative blog and driving traffic to it from social media is an effective affiliate marketing strategy. Setting up a YouTube channel is also very effective. Videos are fun and interactive.
Unlike offline marketing efforts or door-to-door marketing, all sales happen online. This is very suitable for stay-at-home moms and people who would like to earn extra income working from home during their free time.
Affiliate marketing does require a lot of effort at least in the initial stages but if you do it right, you can earn passive income once you get the flow of things right and automate some functions. This can free time for you to focus more on your family or to participate in activities you enjoy such as traveling.
The Internet has transformed the world into a global village and as e-commerce grows around the world, there is a lot of money to be made in affiliate marketing. This is something you can do in your free time, as a secondary source of income.
Susan Catherine Keter transformed her life from a stay-at-home mom to a work-from-home mom.