It’s always a win-win situation to everyone involved in the process of affiliate marketing from the seller, brands, product/service creation to affiliate marketers and customers.
You can earn millions of dollars with zero investments, just by helping businesses to reach out to more customers.
Why not promote other products and services to make millions? You might struggle to enter this amazingly fast money-making industry because of having no idea about the affiliate marketing basics.
To begin with, it’s easy and completely free. Now let’s get started to knowing what affiliate marketing is, how it actually works, and why it’s so extraordinaire and deviated from other marketing strategies.
What is Affiliate Marketing?
Affiliate Marketing is essentially promoting another brand’s product/service and earning a commission in return for every sale the service or product makes through you. It is one of the fastest and easiest ways to make money online.
Affiliate marketing is great because it has no extra hassle of creating or manufacturing your own products and services or even having to deal with storage and shipment. It’s basically a web-based system where you get paid for referrals.
When someone clicks on the business product/service link and makes a purchase of the product/service, affiliate marketers earn a commission for the sale of that particular company or brand.
Every time you reach out to a potential customer, you fill in your pocket and help other businesses reach out to more people, driving their sales up. Affiliate marketers are paid based on the results and act as an independent sales representative.
That means you are not liable for any returns, breakages, and angry customer complaints. But out of so many marketing strategies, why would you consider affiliate marketing? Here is a comparison to let you choose the best.
Affiliate marketing vs. Network marketing
While affiliate marketing and network marketing have some things in common and might look the same, but in fact, they’re quite different from each other. Though both the marketing strategies include receiving commission from sales of other companies, they differ greatly when it comes to referring to customers. In the case of affiliate marketing, you can join the affiliate programs of the brands/companies you choose to promote, get the link, and sent it to the customer through emails, social media posts, subscribers, and start sending traffic to the said websites.
While with network marketing, it’s a bit of personal strategy and an unstable business model. Much like a pyramid scheme, master salesmen try to recruit some people while creating pressures for the recruits to hire more people. These recruits are given false expectations of earning millions. To earn more, you’ll need to attain a higher position.
The thing is, it’s tough to earn more money with network marketing. One of the major downsides of network marketing is, selling of the product is just a distraction; it’s all about recruiting tons of people into the network similar to the pyramid scheme. You can earn commissions by bringing new people to the system, but in the end, marketers right at the top profit the most.
Affiliate marketing vs. Drop-shipping
Affiliate marketing and drop-shipping have many things in common, like fast setup, comparatively low risk than other businesses, no holding inventories, and, most importantly, no large-scale investment. With so many things in common, these two are not twins. Drop-shipping involves selling your own product line directly from suppliers without holding any inventory. That means you’re allowed to sell it at the price you want, promote your products in your own way, and profit by selling a $1 product at $15 or more. Drop-shipping can be a great way to earn substantial profits, but it also comes with some downturns. This includes maintaining a good customer service to let customers know estimated delivery time, location, etc. Shipping control is in the hands of suppliers, so you might receive a lot of complaints regarding delays. Moreover, drop-shipping is competitive because someone somewhere will sell a similar niche product at a lower price. On the other hand, affiliate marketing is all about promoting more and earning more.
Affiliate marketing vs. digital marketing
Digital marketing includes selling your products online at your own price choice and on a digital platform. In contrast, with affiliate marketing, you just receive a benefit for selling other companies’ products/services. Though both strategies fall under digital marketing, they have their own ways. Digital marketing involves using SEO tools, YouTube channels, blog posts, etc. Digital marketing is useful for those who are willing to promote their business products on their own and achieve quicker publicity. While affiliate marketing is a form of digital marketing, but it’s concerned with sales and leads to other brands/companies.
Affiliate marketing vs. influencer marketing
Influencer marketing is related to individuals who have a substantial online presence and can influence or encourage visitors to make a purchase. The key to this call to action is, influencers build trust and friendly relations with their followers that create the ability to convey brand messages. Affiliates are paid based on the sales they drive to the brand’s website, where influencers get a lump sum amount for promotion. Measuring and tracking performance includes social media followers, giveaway responses, potential reaches, and engagement.
Affiliate marketing vs. lead generation
Affiliate and digital marketing both are incredibly profitable and drive traffic to websites. Do you know the difference? Lead generation is the process of collecting customer information who are
expected to take a call and sell that information to brands/companies that will convert them into customers. But this tool is not applicable in a few industries. Legal services, mortgages, higher education, insurance are a few industries where generating leads can be profitable. But there are industries like Amazon, who won’t pay you a charge for bringing potential customers to the website. But if you’re connected with an affiliate program, you get the commission, which is referred to as affiliate marketing.
What’s more, it’s not just about capturing information. For instance, a person living in Los Angeles filled out a legal service form located in New York. Such a lead won’t be qualified.
Now that you know the differences between affiliate marketing and other tactics like drop shipping, influencer, digital marketing, and lead generation, you can decide the one that suits you best. According to us, affiliate marketing is one of the easiest, low-risk, hassle-free digital marketing plan to earn money. You might choose other marketing strategies based on your interest, but to enjoy true freedom, and be your own boss, affiliate marketing works best. The internet is filled with affiliate programs, and you are completely free to choose your product and get to business. Spend a few hours to create content, and there you go!
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