Your side of the equation simply involves handling the digital marketing side of building and selling a product. While industry growth is a good indication of success, entrepreneurs also take this referral marketing route for a few other reasons. It’s also a low- to no-cost business venture you can profit from immensely. Statista estimates the affiliate marketing industry will be worth $8.2 billion by 2022, up from $5.4 billion in 2017. There’s no doubt affiliate marketing is worth it, given its growth in popularity. Elise Dopson, founder of Sprocker Lovers Pros and cons of affiliate marketing Pros Involved affiliate marketing is the only genuine way to become a trusted source on any topic. An organic Instagram Story or blog post about your experience with a product will go a long way.” Elise prefers this method because it’s honest and is “the only genuine way to become a trusted source on any topic.” “You don’t have to hide behind expensive PPC ads and hope for clicks and sales. It takes more time to build this type of credibility with an audience, but it’s necessary to build a sustainable business.Įlise explains that advertising also becomes much easier. In this type of marketing, you use your influence to promote products and services that followers may actually need, instead of paying to get clicks on a banner ad. “It’s rooted in trust and authenticity, which is best for your audience and business.” “Involved affiliate marketing is the way forward,” says Elise. Involved affiliate marketing refers to only recommending products and services you’ve used and truly believe in. If you don’t have trust and transparency, it’ll be hard to build a sustainable affiliate marketing business. It only takes one bad recommendation to lose the trust of your audience. The problem with related affiliate marketing is, do you want to promote something you’ve never tried before? It could be the worst product or service ever and you wouldn’t even know. They have influence, which makes them a trusted source for recommending products, even if they’ve never used it before. Affiliates in this case have an audience, whether it’s through blogging, YouTube, TikTok, or another channel. Related affiliate marketing is where you promote products and services you don’t use, but that are related to your niche.
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“Our focus for Sprocker Lovers is building community and providing free education around a particular niche first, which in our case is the sprocker spaniel dog breed, and selling second.” Related “Unattached affiliate marketing isn’t a genuine business model, it’s for people who just want to generate income,” explains Elise Dopson, founder of Sprocker Lovers. Some don’t have the time or desire to build those relationships, so this type of marketing is their best option. Affiliate marketing businesses rely on reputation and trust with a target audience online.
Unattached affiliate marketing is attractive because you don’t need to do any legwork. Often you are running pay-per-click advertising campaigns with your affiliate link and hoping people will click it, buy the product, and earn a commission. There is no connection between you and the customer. The first type of affiliate marketing is referred to as “unattached,” or when you have no authority in the niche of the product you’re advertising. Understanding these types of affiliate marketing can show you the different ways people make money online in this space, regardless of your moral compass. It wasn’t until 2009 when renowned affiliate marketer Pat Flynn broke down the different types of affiliate marketers into three groups. Types of affiliate marketingĪffiliates always carry a bit of mystery-you never know if the person has ever really used the product, or if they are just promoting it for the money. There are also affiliate marketing programs that provide a flat rate per sale instead of a percentage. On the low end, you’ll earn about 5% of the sale but, with some arrangements, you can earn as much as 50%, usually when promoting a class or event. The affiliate network records the transaction.Ĭommission rates vary depending on the company and the offer.The customer makes a purchase in Store Z.
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