Affiliate marketing is an online sales tactic that lets a product owner increase sales by allowing others targeting the same audience—“affiliates”—to earn a commission by recommending the product to others. At the same time, it makes it possible for affiliates to earn money on product sales without creating products of their own.
Simply put, affiliate marketing involves referring a product or service by sharing it on a blog, social media platforms, or website. The affiliate earns a commission each time someone makes a purchase through the unique link associated with their recommendation. Done well, this performance-based opportunity can become an important part of your business by netting you a healthy income.
To participate in an affiliate marketing program, you’ll need to take these five simple steps:
Commission rates vary dramatically, depending on the company and the offer. 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. There are also affiliate marketing programs that provide a flat rate per sale instead of a percentage.