It is 2021, and we already live in a world where one can make money even while sleeping.
Wondering how? Affiliate marketing is the answer.
The concept of affiliate marketing is quite simple actually. You need to promote other people’s products through an affiliate network. If people end up buying from your ad, then you earn a commission. The success of affiliate marketing depends on your marketing strategies.
Before knowing about various affiliate marketing strategies, let us understand what affiliate marketing is.
What Is Affiliate Marketing?
Affiliate marketing is one of the oldest and most profitable forms of marketing trending in the market. In this marketing strategy, you refer someone to buy an online product from a specific website. When that person buys the product based on your recommendation, you get a commission. The commission can vary from $1 to $10,000, depending on the product you are promoting.
The strategy of affiliate marketing is based on revenue sharing. If you want to promote a specific product, you need to provide financial incentives to the promoters. If you want to make money, promote a product with value in the market and earn a considerable income as an affiliate marketer.
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How Does Affiliate Marketing Work?
The fun part about affiliate marketing is that the process is as easy as an apple pie. So whether you are a blogger planning to become an affiliate of a specific brand or promote your products, affiliate marketing is super easy for both purposes. The only matter of concern here is that you need to stay updated with the market trends. So check out the 3 simple steps of the affiliate marketing procedure.
- Join an affiliate program-You may find tons of affiliate programs in the online market. But, make sure you choose the ones that offer high commission and pay in time.
- Choose a product that you want to promote: Check out the products in high demand in the market. Choosing a product will generate no fruitful results.
- Share the link:After choosing the product, you will get a unique affiliate link. Share this link on social media platforms. Also, share it via blogs, Facebook ads, YouTube videos, or any other form.
Brace yourself for a handsome commission! Whenever someone purchases that specific product, you earn money.
Several online companies that sell clothes, web-hosting spaces, or other services usually offer an affiliate program. First, you need to sign up for the program to get the unique tracking link. Then, use this link whenever you write about their products and recommend website visitors to visit that company's site.
Every affiliate program has a specific TOS. Thus, they offer a 60 day cookie period. If a visitor uses the special affiliate link to land on the sales page of that company and buys something within the next 60 days, you earn the commission.
What Is The Need For Affiliate Marketing?
If earning money in 3 simple steps isn't enough, there are other essential reasons you should start doing affiliate marketing right away.
You don’t have to develop services or keep products in the store. There are virtually no start-up costs in affiliate marketing. Build a website and sign up for an affiliate program. Initially, you may have to pay for website hosting and domain name. That’s all! Imagine the return of investment that you’ll be earning.
- You get professional independence
Affiliate marketing is probably the best strategy if the 9-5 job isn't working for you. You are your boss here. You get to decide your own working hours and place. Formulate your own strategy and implement it to become a successful affiliate marketer.
You don't have to rent separate workplaces or rely on customer support for affiliate marketing. Even if you need to hire people for the task, your overhead stays low. Think about it. You can even make your own white label and hire affiliates to market it.
In short, affiliate marketing is the one-stop solution for people in love with the eternal competition and want to become their boss.
Top 3 Real-Life Successful Affiliate Marketing Examples
Check out the top 3 successful affiliate websites that have marketed 3rd party products while increasing their rate of income. You can gain some inspiration from these examples. If they can do it, you too can achieve the same.
Example 1: Nerdwallet
Plenty of affiliate marketers would second on this one due to the rate of growth shown by this company in the competitive market. Nerdwallet covers everything from investments in mortgage to credit cards.
- Niche: Consumer finance
- Key obstacle: Extremely competitive market
- Goal: Assist people in choosing the best loans, credit cards, insurance, etc.
- Best content: How many houses can I afford?
They offer amazing content, due to which they have a wide number of website visitors every day. Also, their team uses a highly competitive keyword that could either make or break their business. The outcome is evident. Now let's get back to how they made money.
How many houses can I afford by Nerdwallet
Nerdwallet does not have any products of its own, nor do they have ads to offer. Instead, they promote the following brands:
- Quicken Loans
- Capital One
Example 2: The Wirecutter
This is the internet’s favorite affiliate website for electronics, gadgets, and consumer goods. They have focused on the best product in each category since 2011.
- Niche: Consumer product reviews
- Key obstacle: To develop innovative tests to select the best product without being swayed by commercial interests.
- Goal: To help people find the best product in every category
- Best content: Wirecutter deals
They update the list of the best electronics from all over the web. Let's have a look at the money-making strategies of The Wirecutter.
- Affiliate commissions through BestBuy and Amazon
- Product recommendations
- Answers the queries of people
This is just a glimpse of the most common examples of affiliate marketing.
How To Optimise Your Affiliate Marketing Program?
You can see your affiliate marketing program grow only when you have optimised it. Wondering how to do that? It isn’t rocket science. Optimisation of affiliate marketing depends on two things:
- Traffic quality that your affiliates are sending you
- The conversion rate of your landing page
Check out the basic norms that you can apply to optimise your affiliate marketing program. Then, apply these principles to gain maximum profit from the program.
- Analyse your target audience and revenue data with care
- Select the right affiliates for your company
- Interact with your affiliates often
- Be careful while using the affiliate methods. If required, restrict some of them.
- Keep track of your landing pages and offers regularly
Besides these steps, do not forget to optimise the traffic quality sent by your affiliates. Interact with your affiliates to achieve the highest levels of success during the onboarding process. Good luck!
Top 10 Affiliate Marketing Networks
You have always received plaudits due to your unmatched quality blogs. But, wouldn't it be nicer if you could make good money from it too?
Affiliate marketing programs can make that come true. Here are the top 10 affiliate programs that any level of blogger can benefit from:
- ShareASale Affiliates
- Amazon Associates
- eBay Partners
- Shopify Affiliate Program
- Rakuten Marketing Affiliates
- Leadpages Partner Program
- StudioPress Affiliate Website
- CJ Affiliate Publisher’s Program
- Bluehost Affiliate Program
Hopefully, you have got a taste of affiliate programs. Now, you can monetise your blog and earn money easily. However, remember that the most important thing in affiliate marketing is understanding your target customers' intentions.
Affiliate Marketing Vs. Influence Marketing
When it comes to digital marketing, many people often confuse between Affiliate Marketing and Influence Marketing. However, both marketing strategies are an integral part of digital marketing. If used properly, both can help you earn money. So, where's the catch? The catch is that both of them differ based on how they work. Check out this table for details.
The strategy leads to partnerships with influencers on social media who promote your brand to followers.
The strategy allows you to promote 3rd party products on your website and receive a commission when a lead buys that product.
Revenue growth and lead generation
Who are they?
Bloggers, celebrities, industry leaders, and media personalities
Blogs, companies, and publishers
Table 2: Difference between affiliate marketing and influential marketing
Affiliate marketing has made quite a buzz in this era of the digital market. Is there an easier way to make money? Probably, no. If you are thinking about embracing this strategy in your blogs, consider the examples mentioned in the blog. See how they have worked to reach the pinnacle of success. Act smartly to make the best of this opportunity.
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Most Important Frequently Asked Questions Searched By Students
Q1. What is affiliate marketing?
Ans. Affiliate marketing is a type of performance-based marketing in which a business rewards affiliates for each customer brought to the business by the affiliate's own marketing efforts.
Q2. How does affiliate marketing work?
Ans. In affiliate marketing, affiliates earn a commission for promoting a company's products or services. When an affiliate promotes a product or service and a customer makes a purchase through the affiliate's unique referral link, the affiliate earns a commission.
Q3. Is affiliate marketing a good way for students to make money?
Ans.Affiliate marketing can be a good way for students to make some extra money, as it allows them to earn commissions by promoting products or services they are interested in. However, it's important to keep in mind that affiliate marketing requires time and effort to be successful, and it may not be a suitable income source for everyone.
Q4. How can students get started with affiliate marketing?
Ans.To get started with affiliate marketing, students can:
- Choose a niche or topic that they are interested in and knowledgeable about.
- Research and find affiliate programs that offer products or services related to their chosen niche.
- Sign up for the affiliate program and get a unique referral link.
- Promote the products or services using their referral link, through social media, blogs, or other online platforms.
Q5. Are there any risks or challenges to consider when starting an affiliate marketing business?
Ans. Some risks and challenges to consider when starting an affiliate marketing business include:
- Competition: There may be a lot of other affiliates promoting the same products or services, which can make it difficult to stand out.
- Changes in affiliate programs: The terms and conditions of affiliate programs can change, which can affect an affiliate's income.
- Tracking and reporting: It's important to keep track of referrals and sales to ensure that affiliates are being paid correctly.
Q6. Are there any resources or tools that can help students with affiliate marketing?
Ans. There are many resources and tools available to help students with affiliate marketing, including:
- Affiliate marketing forums and communities: These can provide valuable insights and advice from experienced affiliates.
- Affiliate marketing courses and training programs: These can provide a structured learning experience and help students understand the basics of affiliate marketing.
- Affiliate marketing software: There are a variety of tools and software available to help affiliates track their referrals and sales, as well as optimize their marketing efforts.