Micro bloggers and influencers have become the super guides that the consumer trusts when purchasing a product. Their opinions and recommendations are much appreciated that they have become an integral part of the digital marketing value chain. As the new traffic channels show rapid growth in sales, the companies are acquiring innovative monetisation tools to lure affiliate partners. Affiliate marketing is slowly devouring the space of the traditional advertising formats.
If you are a social media enthusiast/influencer looking out for some passive income, then affiliate marketing is what you should try your hands on.
What is affiliate marketing?
Affiliate marketing is the process of earning money or commission for the product that you promote. Each time the product sells, you will get your commission. You will be the affiliate partner of the brand by helping them promote their product or service through your social media platforms.
Each time the product sells, the affiliate gets the commission. Incentive programs like pay per lead and pay per click are also available.
How does it work?
Affiliate marketing involves the seller, the affiliate marketer, and the consumer.
The seller or the product creator:
The seller is the person who produces or creates, and sells. It can be a well known brand or a solo entrepreneur, or a start-up. It can also be a service like education, wellness, etc.
The affiliate:
The affiliate is the promoter who helps promote the product or service using social media networking. Either you can go solo or can work as a company with many members. Each time the product sells, the affiliate gets the commission. Incentive programs like pay per lead and pay per click are also available.
The consumer:
Rightly said, the consumer is the king. The affiliate earns only when someone buys the product, and hence it is the consumer that makes the process successful. Remember, the more popular you are, the higher the purchase.
The affiliate network:
The affiliate network works as an intermediary between the seller and the affiliate. It is not necessary to have a network for the process. But the network could serve as a database of products that help the affiliate marketer select.
What makes affiliate marketing attractive?
Affiliate marketing is cost-effective since it is a zero investment process. You can earn money without spending any. Once you spend your time and effort in the initial campaign to start it rolling, then you can sit back and reap the profit. You can work as a freelancer as it gives you the freedom to work from home. You are at liberty to choose the product that interests you. But be cautious, as it is your credibility that is at stake. Picking a product that is less promoted is wise since that means less competition.
Do your research, pick the product, and initiate the campaign. Now sit back and start earning!
