Affiliate Marketing is the practice whereby a person or company is paid a set fee (or sale percentage) for each referral they send to a product or service that completes an agreed upon action. The action that triggers the sales commission to the affiliate can be as simple as getting a user to enter their zip code or email address on a specific web page, to completing a sale or getting the customer to subscribe to a service. Depending on the level of difficulty of the action, and the value of the product, flat rate payouts can range from $0.80 to over $150.00. If it is a subscription service affiliate commissions can be recurring for as long as the customer maintains their subscription.
Marketing and promoting products by traditional means is expensive. There is a lot of overhead associated with creating a commercial, developing print or radio ads, running/monitoring campaigns, or displaying your ad on relevant websites. If you don’t have a marketing staff to run, develop and track this, 9 times out of 10 you are woefully inefficient at guessing what ad copy resonates with your customers, and ultimately throwing money out the window. If you have a Marketing department, well that costs a lot of money to run too. Creating an affiliate program provides a cost-effective advertising solution for product developers because it:
That’s easy. If you’ve ever created your own product you know you can spend years in the design/development phase. Then you have to find a manufacturer, several distributors. Then you have to tirelessly market and promote your product. You have to deal with manufacturing defects, warehousing of product, rework, obsolescence, customer sales, returns, refunds and support. Lather, rinse, repeat this for each product you develop and it can be difficult to make money, let alone grow your business. The small profits you make need to be reinvested to purchase additional inventory, support the development of new ideas, pay salaries (even if it’s just your own), and support the operations of your business. What makes affiliate marketing so attractive is that you are paid for referrals you send for products you are interested in promoting. Because you don’t have to deal with any other aspects of the business you could promote several products at once. To summarize, the benefits of Affiliate Marketing are:
Resource: Affiliate Bots Review
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