In the early days of affiliate marketing, affiliate programs were very similar to the real-life equivalents – you would promote a product, show the user how to use it, and then they would pay you when they made a purchase. While there are still similarities between the virtual and the real versions, the lines have blurred and transformed as the industry has changed and evolved.
The first major shift was the change from print to digital media. When the industry shifted from print to digital media, the goal was to create marketing materials that could be consumed and applied virtually anywhere at any time. This meant that the demand for “traditional” print ads decreased and was eventually phased out, replaced by more effective digital ads.
The second major shift was the rise of the click-through. When someone visits a website, the goal is for that person to make a purchase. However, people are reading informative articles, watching videos and just browsing around without making a purchase. To engage with these users and encourage them to make a purchase, marketers shifted the focus to “click-throughs”. Essentially, a click-through is one click on a website ad, blog post or image – the advertiser pays the affiliate when the user clicks through and makes a purchase. This is why, even though people are visiting websites without making a purchase, marketers are still interested in getting them to click through to make a purchase. Furthermore, the more clicks an ad gets, the more money the advertiser owes the affiliate. The affiliate drives the traffic and makes the sale – it is a very similar role to that of a salesperson. In case you’re wondering, Google AdWords supports this type of relationship by allowing you to track the clicks of visitors to your website – you can find more information on their website, https://adwords.google.com/select/payment.
Types of Affiliate Marketing
There are many different types of affiliate marketing strategies, all with their perks and quirks. If you’re looking to find the best affiliate program for your needs, how you will use the product and why you need it, you can start by asking yourself some questions. Once you have your list of answers, you can narrow your research to find the best option for you.
Which Type of Affiliate Marketing Do I Need?
If you’re just getting started, it can be hard to know which type of affiliate marketing is right for you. When you’re first investigating affiliate marketing as a possible source of income, it’s important to note that there are many different strategies and you don’t necessarily need to commit to a single approach. It’s also important to note the differences between the various types of affiliate marketing programs, as each type has its perks and quirks. If you’re looking for a one-stop-shop for learning about different types of affiliate marketing, check out this detailed guide from Bluehost, an affordable web host – https://goo.gl/TBG3vn.
What Is Affiliate Marketing?
If you’re looking to get started with affiliate marketing, you’ve probably heard of it before. Essentially, affiliate marketing is a way for business to attract customers to make purchases. In exchange for bringing in new customers, the business that you’re connecting with will pay you a commission once the customer makes a purchase.
Many businesses opt to use affiliate marketing because it is a highly effective way to grow their audience and potentially make a profit. In fact, the global market for affiliate marketing is anticipated to be worth nearly $100 billion by next year.
Why Should I Use Affiliate Marketing?
There are numerous reasons why you should consider using affiliate marketing to grow your business. First off, the theory behind affiliate marketing is that you’re not the actual seller of the product, so, in most cases, you won’t have to worry about violating any rules and potentially losing your license or getting banned from selling. Additionally, with affiliate marketing, you don’t have to keep track of inventory and sell it yourself. You simply promote the product, create awareness around it and when someone clicks through and makes a purchase, you get a percentage of the sale.
Last but not least, with affiliate marketing, you don’t necessarily need to target a certain audience to make money. In most cases, you’re competing for a share of the pie against other marketers who are also promoting a product, so, in theory, you’ll attract customers from all demographics.
How Do I Get Started With Affiliate Marketing?
If you’re looking to get started with affiliate marketing, the first step is to figure out what your goals are and set a timeline for reaching them. Then, you can start researching the various types of affiliate marketing programs available. You don’t necessarily need to commit to any one option, but narrowing your research to find the best affiliate marketing program for your needs will make it much easier to succeed.
To find the best affiliate program for your needs, ask yourself questions such as:
- What is my target audience?
- What are my earnings goals?
- How do I want to be paid?
- Do I want to be paid per sale, affiliate sales, or a commission?
- What is the lifetime value of a customer?
What Is Commission Chasing?
The opposite of affiliate marketing is commission chasing. Simply put, commission chasing is when you try to make a direct sale (also known as a “cold call”).
While you don’t need to avoid commission chasing altogether, you should always be wary of it. Essentially, when you’re commission chasing, you’re getting paid when a customer makes a purchase regardless of whether you promoted the product or not. In theory, you’re giving away free marketing advice and the customer is going to buy something.
The biggest pro of commission chasing is that you don’t necessarily need to target a specific audience to make money. In theory, if you can get a steady stream of leads, you can make a profit even if you aren’t in front of a specific audience. The con of commission chasing is that it can be very difficult to differentiate between the leads you’re generating yourself and the ones you’re getting paid to promote. Essentially, you’re generating leads that may or may not end up making a purchase – whereas with affiliate marketing, you’re getting paid based on the results of your work, which is often much more accurate.
When Should I Start My Affiliate Marketing Campaign?
If you’re looking to get started with affiliate marketing, the best time to do so is when you’re already established. The reason being is that it’s usually harder to generate sales when you’re just getting started. However, as you become more experienced, your sales will begin to increase and eventually, you’ll be generating enough revenue to support your affiliate marketing campaign.
If you’re just getting started and looking for an easy way to make money, consider starting an affiliate marketing campaign with a small business lender. Most lenders will allow you to set up automated payments once you’ve met a certain threshold of sales. Furthermore, many lenders will waive the paperwork and processing fees associated with starting a business. Simply find a small business lender that suits your needs and the industry you’re entering, get started today.
Does The Industry I’m In Need Offers Any Special Rewards For Affiliates?
One important thing to consider if you’re looking to get started with affiliate marketing is whether or not your chosen industry offers any special rewards for affiliates. For example, let’s say you’re entering the travel industry, but you’re looking for ways to earn money remotely. In that case, you might want to consider exploring the virtual assistant marketplace for rewarding opportunities – specifically, TripAdvisor’s VA Program.
TripAdvisor’s Virtual Assistant (VA) program pays virtual assistants (VAs) 50% of each sale they make – whether the sale is made directly through the platform or through an affiliate program like the one they offer). In exchange for bringing in new customers, the travel industry gods will shower you with gifts including trip credits, complimentary nights and even cash.