You may have come across the term affiliate marketing when looking for ways to make money online, If so then this article is for you. The purpose of the article is to introduce you to affiliate marketing and how you can use it to benefit an individual or a business, In addition to this you will also understand how the process of affiliate marketing works.
What Is Affiliate Marketing?
Affiliate marketing is the process of selling a companies services or products through your own website and in return when someone clicks on the link on your site and the sale has gone through you will receive commission for it. In essence with affiliate marketing you get paid comission to promote and eventually sell third party products or services on your site. The process is very easy to setup and is an attractive proposition for advertisers who do not have any of their own products or services to sell through their website. Affiliate marketing is usually seen as a cost effective way to generate sales and increase click‐through rates. There is a large network of affiliate sites which you, as a business owner, can approach to advertise your products on.
What Type Of Business Can Be Made Through Affiliate Marketing?
Most businesses see affiliate marketing as the perfect way to gain more sales and profits as well as increasing their customer base and targeting a new audience. Although businesses have to pay a small commission for any sales generated through the process, in the long run they see this as a brilliant opportunity to take their business to a whole new level. For a start up business or for a sole trader business owner affiliate marketing is ideal as you can quickly build up a large network of advertisers who are offering your products which not only increases your product exposure but can also help you to gain substantial growth within a short period of time. Not only does your business benefit from this process but the affiliate marketer or advertiser will also benefit as they will continue to receive a small commission for every sale made through their website.
No matter which type of products or services you offer or how big or small your business is, affiliate marketing can work for anyone. For more established businesses that already have a large product base it could potentially be a fantastic opportunity to not only make more money but also save money as you will only pay money out once a sale has gone through. For a business which is newly established we have included a checklist below which you need to consider:
Finding A Niche – Before you think about whether affiliate marketing is right for you finding the right product niche is vital. You will need to conduct initial research to see what products are in high demand and which ones have market potential. In addition to this you will need to think about the audience you are targeting and if there is a demand for your product range.
Finding Affiliate Networks – Once you have decided on your products the next step will be to find the right affiliate networks to promote your products on. The networks main purpose is to ensure that the whole process of affiliate marketing does not take up too much time and runs smoothly.
Finding the right affiliate program can be time consuming but with the help of affiliate networks they will find the right merchant for you and your service which could potentially be very rewarding. Signing up with affiliate networks is usually free of charge.
Building and Promoting Your Services and Products – This can easily be done by producing your own website which will also showcase and promote your products. You can build your very own website using software such as WordPress and you can also make use of various social media platforms to also help in promoting your products. As most people use social media it can be a very simple and useful platform to make use of.
Pros and Cons Of Affiliate Marketing
The pros and cons of affiliate marketing are listed below:
Increased Revenue and Sales – By choosing affiliate marketing you have a very good chance of increasing your revenue and sales as you can attract more customers.
Product Exposure – As your products are being advertised on many different sites the exposure they gain automatically increases.
Increased Brand Exposure – Not only will your sales and revenue increase but you will be introducing your brand to a whole new audience.
Easy To Setup – The whole process of affiliate marketing is very easy and simple to setup, all you need to do is just go to the affiliate marketing networks site and sign up there as either a publisher or as an affiliate.
High Commission Rate – Some advertisers may request a high commission rate for promoting and selling your products on their site.
Misleading Advertising – In order to gain as much commission as possible some advertisers may indulge in misleading and false advertising which could have a negative impact on your business.
Unique Product Feeds – You will need to ensure that your product feed or data is unique to what is being advertised on the affiliate site. This may mean that you will need to update your product descriptions and data frequently.
By making use of affiliate marketing not only do you have the potential of increasing your profits but you can also reach a whole new audience. Add to this the increased exposure for your brand and the simple sign up process then you could be on to a win‐win situation.