What is Affiliate Marketing?
"Affiliate Marketing is a business model where instead of creating and marketing your own products, you simply promote other people's products. You are paid an affiliate (or referral commission when prospects you refer purchase a product or service"
In cases where vendors are willing to pay per lead, an affiliate is paid a fixed fee for every lead they refer.
So you skip the entire product creation task and focus entirely on the marketing task instead.
Before you embark on affiliate marketing, the vendor must first offer an 'affiliate program' also known as a 'referral program'. In such cases, you'll need to register and sign up as an 'affiliate' of the vendor before you can start promoting the vendor's products or services.
So you skip the entire product creation task and focus entirely on the marketing task instead.
Before you embark on affiliate marketing, the vendor must first offer an 'affiliate program' also known as a 'referral program'. In such cases, you'll need to register and sign up as an 'affiliate' of the vendor before you can start promoting the vendor's products or services.
Advantages & Disadvantages of Affiliate Marketing
PROS
- No need to create own product - Save considerable money and time on product creation
- No need to carry inventory or do fulfilment - Vendor handles all these
- No need to create marketing materials - Vendor usually provides ample marketing materials
- No need to create website and sales copy - Affiliate uses a special link (called an affiliate link) to link to vendor's website
- No need to provide customer support - Vendor takes care of this
CONS
- Still need some skills to select the 'right' product to promote
- Still need to identify the right audience to market to
- Still need to be proficient in driving qualified traffic to vendor's website
- Still need skills to analyze marketing effectiveness and how to scale campaigns
As you can see from the above pros and cons, affiliate marketing removes a significant amount of tasks otherwise required to succeed as a digital entrepreneur.
However, there are still tasks that need to be executed correctly and fairly precisely.
If YOU would like to explore more, please come and join our meet-up session. For more info just click - https://eu4umeetup.eventbrite.com
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