What is Affiliate Marketing: Passive Income Tips and Tricks
The beauty of doing good as an entrepreneur and good coming back to you #GoodKarma
What is Affiliate Marketing?
Affiliate Marketers (or Manufacturer's Representatives) make money by creating a sale for a company that would not have otherwise been made without the affiliate marketer (It's kinda like outsourcing your marketing department to the internet).
As an example, picture yourself as a entrepreneur who sells purses online and imagine having difficulty attracting customers to your website despite having the best value on purses around. Offering an affiliate program would allow anyone in the world to attract traffic to your website on the condition that for every sale they bring in, they receive a small percentage. It's kinda like advanced referral programs or when companies get celebrities to review their product for a a cut of increased sales.
The Purpose of Using Affiliate Marketing As a Tool
As entrepreneurs we believe there is a responsibility to do great things for other people and the rewards will come naturally. Affiliate marketing allows us to recommend products of substantial value, that we ourselves actually use or would use in different circumstances, and receive a percentage for delivering traffic to a website. You've probably noticed that one implementation we use is a partnership with Amazon Affiliates where we can recommend books that have returned exceptional value to our entrepreneurship. We typically offer them at the end of posts like this:
As an Amazon Associate I earn from qualifying purchases. I also would never recommend something that I, myself, would not do and can genuinely say that there is great value in these recommendations.
Amazon is one of the easiest and largest to get into especially because their website has proven success and wide variety of products. You'll find that most of the websites you commonly visit will have an affiliate program found usually at the bottom of their page. Even
Wix has a referral program where you get $100 for each new customer you bring in. Aside from the great virtue of affiliate marketing, it also allows for your website to act as your personal salesman(or woman) 24 hours a day, 365 days a year generating passive income.
Each affiliate program is different so make sure to read all of the facts before applying. Some examples of conditions we have seen are:
The requirement to collect enough monthly referrals before receiving compensation
Different bounty percentages depending on the product sold
A mandatory amount to sell in the beginning to prove affiliate validity
Dollar caps on bounties received in a period
Minimum purchasing price of referrals
With Great Affiliate Power
Lastly and most importantly is that this comes with a great responsibility, your reputation. Obviously if you are only marketing what will make you the most affiliate bounties and not what will drive continued value to your following, you will not get very far with affiliate marketing. The greater value you can deliver to your following the more your followers will respect and share your content. Doing good will have good come back to you.