Affiliate Marketing
Affiliate Marketing
Affiliate marketing is an advertising strategy in which you hire people (affiliates) to promote your products and services and in exchange provide them with a commission. These affiliates choose different marketing platforms of their own such as blogs, social media, etc. to promote your business and to do all the convincing, engaging, and attracting the audience for you. Here are some examples of affiliates for your better understanding.
Examples of Affiliates
- Influencer sites or blogs where the authors earn commission on selling different products
- Cashback or loyalty websites that offer rewards and cashback prices to customers for repeat purchases
- Coupon sites that provide additional discounts to customers for buying a product
- News sites that promote a product or a business through advertising
In this type of marketing, three parties must be involved to make it work:
The seller: Also known as the brand or the product creator who provides a product that could be a physical object or a service. The seller doesn’t need to take an active part in the marketing process.
The affiliate aka publisher: It can be an individual or a company that promotes the brand’s products to potential consumers and earns a commission from each sale they make.
The consumer: he’s the main focus of affiliate marketing as the affiliates share the products with him on social media platforms and blogs. When the consumers purchase the product, the seller and the affiliate share the profits.
Affiliate Marketing Channel: there are multiple marketing channels that affiliates use to advertise the products such as influencers who are usually popular on Instagram and hold the power to impact the purchasing decisions of their followers and bloggers who sample and review products on their blogs.
Why is Affiliate Marketing Important?
The numbers that I shared at the beginning of this blog are enough to convince businesses today why affiliate marketing is an important prospect. However, some benefits of affiliate marketing include:
Low set-up costs: All you have to do is build a landing page and attract affiliates. They will do the marketing and advertising for you.
Low risk: Payments will be made only if the affiliate is successful in making the audience buy your product.
Flexibility: You can decide how small or grand your affiliate program should be. You can always scale up.
Easy management: Once you read this blog further, affiliate program management will be a breeze for you!.
