While we all are continuously finding ways to get a promotion and sustain in the rat race, deep down we are thinking of getting dollars in our account while we sleep. Along with our regular jobs, it has become necessary to build a second source of income. And affiliate marketing can help you in achieving the goal of making easy money.
‘Passive income’ – This term has lured all office-goers, freelancers, and entrepreneurs too. The idea of making money while putting in the minimum effort is indeed very lucrative. However, finding a stable source of passive income is challenging because of fraudulent schemes prevailing in the market. Therefore, to make extra money on the side, Affiliate marketing is the best and safest option that you can count on from the list of social media marketing jobs.
When done correctly, affiliate marketing can be developed into a self-sustaining business. The best part about it is that you can make money while you sleep, party, or swim. However, you do need to build an engaged audience for your affiliate marketing site and pick up the best as well as the right products to promote. You need to establish and maintain your image as a trustworthy content creator.
What is Affiliate marketing?
Affiliate marketing is the process where you can earn money by promoting other’s products. The brands will reward you with a commission whenever a sale is made using your affiliate links. This process requires doing your own branding first and attracting a loyal audience. Also, you can promote tangible as well as intangible products by becoming an affiliate. Tangible products will be the ones that are physically created and delivered to consumers. While on the other hand, intangible ones will include services, such as consultation, software, e-books, webinars, etc.
Affiliate marketing is a tactic that is extremely beneficial to both brands and affiliate marketers. Let’s see some facts:
- 81% of brands and 84% of publishers leverage the power of affiliate marketing and this statistic is continuously rising.
- There is an increase of almost 8-10% in affiliate marketing spending every year.
- By the end of this year, 16% of all online spending can be attributed to the impact of affiliate marketing.
- Amazon’s affiliate structure provides 1-10% of product revenue to marketers, which is a huge opportunity to increase passive income.
Entities involved in Affiliate marketing
Affiliate marketing works by spreading the responsibility of product marketing. Thus, it manages to leverage the abilities of a variety of individuals for a more effective marketing strategy while providing contributors with a share of the profit. To make this tactic work, three parties are involved in the process:
1. The seller (product creators)
The seller here is the vendor, merchant, product creator, or retailer offering a product to market. It can be an established business, an upcoming startup company, or a solo entrepreneur. The seller does not need to be actively involved in the process of marketing.
2. The affiliate marketer (publisher)
It is the party in charge of promoting the products of the seller in an appealing manner to potential consumers. If the consumer ends up buying the product/service, the affiliate receives a commission from the seller. Sometimes, a commission is also received for driving traffic to the website or for generating leads.
3. The audience (consumer)
Whether the consumer knows it or not, they are the real drivers of the entire affiliate marketing process. Even the best affiliate marketing program will not drive conversion when there is the absence of an engaged audience. Sometimes, the affiliates are upfront with their audience by disclosing that they will receive a commission on every purchase. Other times, consumers are completely oblivious to the affiliate marketing structure behind their purchase. In both the cases, consumers do not have to pay anything extra beyond the actual price of the product.
Payment methods in affiliate marketing
Affiliate marketing offers an undeniable draw for those who want to make money online, as it is a rather inexpensive way of earning without actually creating a product or service. But how will you get paid while working as an affiliate marketer? The answer is a bit tricky.
The consumers need not always purchase a product in order for you to earn a commission. Depending on the program, your contribution to the seller’s sales can be measured differently. There can be three broad ways in which you can receive money from the merchant:
1. Pay per click
In this payment method of affiliate marketing, you will be incentivized to redirect consumers from your marketing platform to the seller’s website. This means you have to engage the audience in such a manner that they move from your platform to the merchant’s. Thus, you will be paid for increasing traffic.
2. Pay per lead
Pay per lead affiliate programs pays you on the basis of genuine leads generated. As an affiliate marketer, you need to persuade your audience to visit the seller’s website and take a particular action. It can be signing up for a newsletter, filling a form, taking the trial of a product, or downloading any software or file.
3. Pay per sale
This is the most standard payment method that you are already aware of. In this program, the seller will pay a percentage of the sale price of the product that you sell. Thus, whenever anyone buys a product using your affiliate link, you will earn a commission after they complete the payment.
Benefits of affiliate marketing
There are a plenty of reasons why you should try the field of affiliate marketing.
1. Passive income
Of course! Building a passive income source is the topmost reason behind the idea of affiliate marketing. While any regular job needs you to be at the workplace to make money, affiliate marketing enables you to make money from anywhere. Even when you are not in front of your desktop, your affiliate marketing blog will be earning you a steady flow of income.
Even to start a small business on your own, a considerably high investment is required. However, affiliate marketing can be done at a very low cost. You have to just invest in your marketing website and build a network. There is no need to create a product or pay any fees to join an affiliate program.
3. No need of customer support
Companies that offer products have to deal with the consumers and provide them after-sales service and support. Thanks to the structure of affiliate marketing, you do not have to be concerned about customer support. Your entire job is just to link the seller and the customer. The seller will deal with any complaints or issues after the sale is made.
4. Work from home
If you are someone who hates going to the office, affiliate marketing is for you. From the comfort of your own home, you can start writing reviews and build your blog. It can be done without ever getting out of your pajamas.
5. Rewards based on performance
When you are doing a full-time job, you earn the same salary every month. On the other hand, affiliate marketing will reward you on the basis of your performance. Sharpening your reviewing skills and writing engaging copies will decide the improvements in your revenue. The more sales your drive, the more you earn!
6. Convenient and flexible
Getting into affiliate marketing essentially means becoming a freelancer. It gives you ultimate independence in setting your own goals. You can choose to promote the products that interest you. You can determine your own working hours. Also, you will be free from company’s terms and conditions. This convenience means you can diversify your portfolio if you like or focus solely on simple and straightforward campaigns.
7. Benefit from SEO
When you undertake SEO properly, you can get tons of organic traffic from search engines. Today, SEO is all about making your website better for visitors. You should learn the basics of digital marketing, such as search engine optimization, keyword research, and link building. It will help you in getting ranked for the searches like “best product” or “product review”.
8. Build relationships
Affiliate marketing concretes the relationship between you and merchants. You will also establish a relationship with your audience and they will look up to you for getting genuine product reviews. Always remember not to misguide the consumers just for the sake of selling a product. It can completely destroy your career as an affiliate marketer.
Join RecurPost’s affiliate program
If your audience is looking for a social media management tool, we encourage you to apply for RecurPost’s affiliate program. RecurPost is a social media scheduling tool that supports various social platforms, such as Facebook, Instagram, LinkedIn, Twitter, and GMB. You can get a 20% recurring commission by promoting RecurPost to your audience and having them sign up for our business or agency plan. Learn more about our program here.
To sum up,
Affiliate marketing is an ideal solution for ones looking to create a second source of income. Find out the best affiliate networks, search for the products that you can promote, create your affiliate links, and begin reviewing them. Over time, you can build your own affiliate company and opt for this career full-time too.
So dive into affiliate marketing, build an audience, engage them, convert passive readers into active consumers, and enhance your payscale one conversion at a time!
Amaiya Rathi is a content writer at RecurPost. She helps RecurPost communicate with their readers in their own language. Whether it is the web copy, social media posts or blogs, Amaiya has worked on all aspects of copywriting.