If you’re someone who keeps up with the latest and greatest in all things startups then you might have come across affiliate marketing.
Affiliate marketing is a brilliant way to start up your first online business.
But first, some of you are probably wondering what the hell affiliate marketing is in the first place.
Here’s the official definition from wikipedia:
Affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts
In a nutshell, affiliate marketing is a type of business where the affiliate gets paid a commission for referring products to a consumer. If a consumer then goes on to buy the product the affiliate makes money.
It’s a pretty simple business model but one that has become increasingly popular over the years as more companies adopt affiliate marketing as part of their revenue generating strategy.
Companies all over the world are increasingly becoming aware of how affiliate marketing can grow their business with virtually zero risk. How? Because any affiliate promoting a product/service of a company is (in most cases) only getting paid when they make a sale.
A truly win-win model of business that works for both the affiliate and the merchant.
How Does It All Work?
This infographic from Bengu follows a step-by-step process on how affiliate marketing works…
What Types Of Companies Use Affiliate Marketing?
Almost every company with some form of online presence has an affiliate program.
Most people don’t even realise affiliate sites when they see them. Price comparison sites, flight booking, hotels booking, review sites all operate under the affiliate marketing umbrella.
Some real-world examples include:
Secret Escapes, Confused.com, MoneySupermarket, Trivago, Lastminute.com, Expedia flights.
This is just a tiny fraction of sites that generate an income through affiliate marketing.
Thousands of bloggers leverage the power of affiliate marketing to make money from their blogs. Most people assume that you can’t make money blogging but many business owners are generating six figures a month from their blogs alone.
How Do I Learn Affiliate Marketing?
There is an abundance of affiliate marketing training out there but it’s important to select the affiliate program that suits you best. Every affiliate program has different things to offer, some are much better than others so you need to do your research to determine which one to go for. Some affiliate programs double up as online business platforms. These platforms teach you how to start a profitable online business from scratch. Not only do they teach you how to leverage the power of affiliate marketing but they also help empower you with entrepreneurial skill sets that will allow you to succeed in business in general.
Other programs just provide bread and butter training and merchant resources such as banners, affiliate links and tracking information.
More people are waking up to the opportunities the internet provides for creating wildly profitable businesses. Affiliate marketing is one such example where people can create systems that automate most of their business, providing the keys to financial freedom that so many of us crave in our lives. The traditional way of working is quickly dying out as more people discover ways of making money from the comfort of their own homes.
Why Is It Awesome?
It’s awesome because you don’t have any of the traditional overheads or investment requirements like you do with start-up or franchise businesses. You don’t need crowdfunding, you don’t even need to take out a loan. A few thousand dollars can get you really far with affiliate marketing.
Don’t get me wrong, this isn’t some sort of magic solution, you’ll still have to put the work in. Affiliate marketing isn’t easy but it has to be one of the best online business ideas that people can leverage today.
Now is the perfect time to start a business with affiliate marketing. The internet is ripe with opportunity and it has never been easier to get yourself started.
Stop procrastinating and start doing something that will move that needle!