A lot of people dream of being able to generate income while they sleep. Of course, you can do it if you own a relatively successful business. But, the problem with establishing your own business is that it will require a significant amount of capital to get things started, which is something that most people do not have.
So, what is left for the common man or woman to do? Well, that is where affiliate marketing comes in.
Essentially, it is where an affiliate will partner with a company or a merchant and the former will be given a commission based on every sale that was made. Sounds easy, right? But, in order you to be successful in this industry, you need to be willing to put the effort, time, and patience in long before you can see any tangible benefit.
In this article, I will explain in the simplest terms what affiliate marketing is and how you can get started.
In the traditional model, affiliate marketing has four stakeholders: the merchant, the affiliate, network, and consumers. However, in the newer model, there can only be two or three- three being the merchant, consumer, and the affiliate and two being the merchant and the affiliate.
The merchant is the entity that will provide the products that are going to be promoted by the affiliate. The affiliate (or publisher) is the one that will promote said product by creating valuable content that their audience will love. Typically, the affiliate will be given a special link that can be tracked by the merchant to help them know if a person has bought something from the said link or not.
The other two stakeholders hold key roles, but may sometimes be put out of the equation. Affiliate networks act as the intermediary between the merchant and the affiliate, but affiliates can just search for affiliate programs themselves. The consumers are always going to be there as they will be the one that will help bring in the revenue for the merchant (and also the affiliate).
Affiliate marketing has two sides of the coin. You can either be a merchant that is on the lookout for great affiliates or you can also be the publisher who is looking for a company to work with.
What Needs to Be Done?
For merchants, you need to do the following:
- Come up with a product idea
- Produce said product
- Create affiliate programs to entice affiliates to sign up
- Manage Affiliates
- Select your own platform. It can either be a website, blog, social media account,
or Youtube Channel
- Find affiliate programs so that you can start working with merchants
- For beginners, you can opt to sign up on an affiliate network, though the platform
will get a small cut from your commissions
- Start creating content by adding affiliate links to your content and just wait until
someone buys or signs up using those special links.
There is a lot of potential when it comes to affiliate marketing but if I have to say one thing, it is not for everybody, especially if you are not the type of person who is patient enough to see things through.
Affiliate marketing success takes time (some do not see success even after a year or so), but when you do things right, expect to see good things from your campaign.