What is affiliate marketing (and how it works)
Affiliate marketing is a digital marketing model that allows companies to reach more people at a lower cost than traditional advertising. Vendors do this by compensating third-party publishers or affiliates to promote their products or services.
If you have an active blog, YouTube channel or social media page, you are a good candidate to become an affiliate marketer. As an affiliate, you can promote the seller’s offers on your preferred platforms. In essence, you are giving the seller a wider audience.
When someone makes a purchase through your channel, you typically earn a commission on that sale. Alternatively, the brand may pay you to drive leads or drive traffic.
The seller will provide you with an affiliate link that contains your unique ID. That way, when someone buys a product through that URL, the seller can credit the sale to you and give you a commission.
This model presents little risk to the seller as they don’t have to pay anything until you make a sale for them. However, it could potentially be very profitable for you as a publisher. It may take a while to gain traction, but once you do, you can start earning passive income without much effort.
1. Promote your products in email newsletters
Because it’s such a powerful medium, email will probably never go away. You can think of a customer’s email inbox as a curated source of mostly relevant information – and they have full control over it.
If a user sees no value in an email, they will usually delete it. If they see no value in the email chain from the same company, they opt out. On the other hand, if they like the emails they receive, they will be more likely to engage with your content.
A newsletter is a regular email that you send to your subscribers. Newsletters help build customer loyalty in the long term. In each email (or release), you can provide your audience with updates, news, or the latest tips and tricks related to your offering.
The technical aspects of running a newsletter are not difficult to handle with the right software. For example, Mailchimp comes with a solid set of email marketing tools. Building a loyal audience is the most challenging, but also the most rewarding. The secret is to know your audience and talk about what matters to them.
For example, if you share money-saving tips and strategies in your newsletters, you can recommend accounting software that allows users to manage their finances. When readers click on an affiliate link in your newsletter, they will be taken directly to the product page on the retailer’s website.
2. Check the products in the videos
According to a December 2020 survey by Wyzowl, 84% of people say they were convinced to buy a product or service after watching a video about it. The average time people spend watching videos each week is 18 hours. Additionally, the pandemic has made 96% of viewers more likely to watch videos online.
Video is probably the most personal medium. People will see how you look and sound. This transparency can create an emotional connection. This connection can make it more likely that your audience will buy what you’re promoting.
YouTube is one of the most popular online video platforms. You will find many affiliate marketers on this channel. If you’ve ever heard someone talk about a product and tell you there’s a link in the description, there’s a good chance they’re an affiliate.
3. Start the podcast
The podcasting industry is growing in popularity. It is estimated to reach $95 billion worldwide by 2028. As with video, podcasting allows you to tell a compelling story in your own voice. However, podcasts tend to be cheaper and easier to produce than videos. The main drawback is the lack of a visual element, which may turn off people who would rather watch a video.
4. Purchase of online advertising
Buying online advertising can be the riskiest strategy in this post because you will have to invest money before you see results. However, if you know what you are doing, you can reach your goal sooner than expected.
There are different kinds of ads for different media. Let’s talk about two types: pay-per-click (PPC) ads and stand-alone ads. Both methods are designed to drive your potential customers to your home page, landing page, or other place designed to convert them. However, they work a little differently.
With PPC ads, you pay a small fee every time a user clicks on your ad to get to your landing page. They are very common on the web. Here is an example of what is probably a PPC ad on Facebook:
On the other hand, standalone ads are more common among affiliates and information marketers. They are generally more expensive than PPC ads, but ideal for affiliate marketing purposes. Plus, when these ads work, they can be cheaper than other forms of advertising.
5. Join the Pay-Per-Call Affiliate Program
There is one more affiliate advertising model that we haven’t covered: pay per call. This is somewhat different from all the other methods we have discussed so far.
In this model, the goal is to get people to call the company you’re promoting. You often have a unique phone number to share with potential customers. The company can then attribute the call to you.
Pay-per-call advertising works particularly well for businesses that sell or book appointments over the phone, such as locksmiths and towing services. This is because making a phone call indicates more of a purchase commitment than simply browsing a website.
Consider joining a pay per call affiliate network if you think you can get people to call. You can also reach out to companies and ask them if they would be interested in working with you.