Before we get into the pros of affiliate marketing and why it might be right for you, let’s briefly explain what it is.
Long story short, affiliate marketing is basically the thing where you see people on their Instagram Stories, for example, promoting a product. They may say something like:
- “Hey, use my link and you can get 20% off!”
- “If you use this code, you’ll get $10 off your first order!”
- “Don’t forget to enter my name at checkout for a free gift!”
So, affiliate marketing basically boils down to a person recommending a product or a service they love and getting a small kickback for promoting it.
Why Affiliate Marketing Works
A. Easy to set up.
In fact, it’s usually a three-step process:
- Identify the product that you love and/or will be recommending
- Google the company name plus the word affiliate
- Go to their affiliate program and sign up
Now, of course, every affiliate program is different. Some will actually have to approve you to become one, while others approve you instantly. There are those who don’t require a W-9 Form and all you need is your PayPal email (where they will send you direct payments every time you earn a commission).
B. The more you sell, the more you earn.
The more I’m promoting different websites / companies / services / products that I love, the more my potential to earn is. It’s not like I’m getting paid a flat fee because I’m earning commission with every sale. So, I can sell whenever and how I choose to:
- Once a month
- Every single day
- Twice a week
Bottom line: It’s totally up to me when I promote. Therefore, how much I sell — and, in turn, how much I earn — is mostly determined by myself.
C. Incentive for your audience.
Because there are benefits for your audience, like…
- Discount codes
- Free trials
- Extended warranties
- Bonus gifts
…you’re really serving your audience. And if you’ve been around these parts for even just a minute, then you know that providing value for your audience is what it’s all about!
At the end of the day, affiliate marketing is most definitely something to consider because it’s a great way to create an extra stream of income for yourself.
For much more on this topic, including:
- What are Brand Partnerships
- The power of the micro influencer
- Why you only need 1k true and engaged fans to make 1 million dollars
Then, you must check out this Build Your Tribe episode below:
And don’t forget to subscribe to BYT for weekly business hack that are sure to up-level your biz game!