Are you looking for a way to make some extra money? Affiliate marketing may be the answer! But what is affiliate marketing exactly and what does it entail? That's a good place to start, actually.
Affiliate marketing is a type of online marketing in which businesses promote their products or services through affiliates. The affiliates receive a commission for every sale they generate.
This can be a great way for businesses to reach new customers, while also providing an opportunity for people to earn some extra money.
But how do you get started implementing affiliate marketing into your WordPress site? That's what we'll be discussing here today, along with a few suggestions for platforms to explore when you're first starting out. Let's get started!
How Does Affiliate Marketing Work?
There are three main parties involved in affiliate marketing: the business, the affiliate, and the customer. It works as follows:
1. The business creates a product or service that they want to promote and then recruits affiliates who will agree to promote their product or service. In return for their promotional efforts, the affiliates receive a commission whenever someone they've referred makes a purchase.
2. The customers are the people who ultimately end up buying the product or service. They may be driven to the business's website by an affiliate's promotion, or they may find the business on their own.
3. Businesses can create their own affiliate programs or sign up with an affiliate network. Affiliate networks are platforms that connect businesses with affiliates. They often have a wide variety of affiliates to choose from, as well as tools and resources to help businesses get started with their affiliate programs.
When a business signs up with an affiliate network, they'll create a profile for their business and list the products or services they want to promote. Affiliates can then browse through the businesses and products listed on the affiliate network and decide which ones they want to promote.
If they find a business or product they're interested in, they'll apply to become an affiliate. The business will then review the application and decide whether or not to approve the affiliate. Once an affiliate is approved, they'll be given a unique link that they can use to promote the business or product.
Whenever someone clicks on their affiliate link and makes a purchase, the affiliate will receive a commission.
Types of Affiliate Programs
There are two main types of affiliate programs: pay-per-sale and pay-per-lead.
Pay-per-sale affiliate programs are the most common type of affiliate program. With this type of program, affiliates receive a commission whenever they refer someone who ends up making a purchase. For example, let's say you have an affiliate link for a pair of shoes. If someone clicks on your link and buys the shoes, you'll receive a commission.
Pay-per-lead affiliate programs are less popular than pay-per-sale ones, but they may still be a good method to supplement your income. Affiliates get a commission every time they refer someone who signs up for a free trial or provides their contact information through this type of program. An example would be if you have an affiliate link for a subscription service. If someone clicks on your link and joins the free trial, you will receive a payment.
Which type of affiliate program is right for you will depend on your business and your goals.
If you're looking for a quick and easy way to make some extra money, pay-per-sale programs can be a good option. However, if you're hoping to build long-term relationships with your affiliates, pay-per-lead programs might be a better fit.
Benefits of Affiliate Marketing
There are several benefits of affiliate marketing, both for businesses and affiliates, as you might've guessed.
For businesses, affiliate marketing can be a great way to reach new customers and promote your products or services. With an effective affiliate marketing program, businesses can reach a larger audience than they would be able to on their own.
And because affiliates are only paid when they refer someone who makes a purchase, businesses only have to pay for results.
For affiliates, affiliate marketing can be a great way to earn some extra money. And because there are so many different types of affiliate programs available, affiliates can choose the ones that best fit their needs and interests.
How to Get Started with Affiliate Marketing with WordPress
We bet you were wondering when WordPress was going to factor in here, weren't you? Let's rope the CMS in now as we discuss how to get started with becoming an affiliate marketer.
