Smart people understand there are smart ways to earn extra money. One way to achieve this is through affiliate marketing.
Now, to generate money as an affiliate marketer, you need to first arm yourself with the right information, tools, and a solid platform.
The good news is that most affiliate programs come equipped with everything an affiliate marketer needs to advance from beginner to expert level.
In this article, let’s look at affiliate marketing side hustle, examples of suitable programs, and how you can make it a lucrative business.
What Is Affiliate Marketing?
It’s a type of marketing in which publishers, or “affiliates,” get paid a commission by businesses in exchange for bringing in new clients. These third-party publishers get paid to spread the word about the business via a commission structure.
It’s a smart side hustle, and if you do it correctly, it can grow to become your primary source of income. The best part? Most programs don’t need any initial financial commitment to join, making it a low-risk entry point.
How It Works as a Side Hustle
Affiliate marketing is a practical marketing approach because it pools the skills of many people to promote a product while rewarding them with a commission. Now, for it to be successful, there must be cooperation from three sources:
Let’s explore the intricate triangle formed by these three entities that make affiliate marketing work:
Merchant
There is a product to sell, and the seller is a merchant, or manufacturer. Whether it’s a tangible good or a service, both are acceptable as the product.
The vendor, also the “brand,” can be the marketer or the affiliate and still reap the benefits of revenue sharing through affiliate marketing. The vendor can also be an online retailer looking to expand their customer base through affiliate marketing.
Affiliate
The affiliate is a third party promoting the merchant’s product to increase sales. It means the affiliate persuades potential buyers that the product is worth their money. The affiliate earns a commission on the sale if the customer purchases after clicking on the affiliate link.
Affiliate marketers typically target a small subset of the population and tailor their content to appeal to the preferences of that group.
It enables the affiliate to carve out a specific market or establish a unique brand, effectively drawing on customers likely to take advantage of the promotion.
Customer
The affiliate system relies on sales, so the client is ultimately responsible for the success or failure of the business. The affiliate will promote the product or service to prospects through mediums like Facebook, Instagram, TikTok, or a blog.
If customers decide the product or service is of value to them, they will click the affiliate’s marketing link and complete their purchase on the merchant’s site. If the customer makes a purchase, the affiliate will receive a commission.
Remember that the consumer must know you are an affiliate and earn a commission on their purchase for recommending the product to them.
How You Make Money With Affiliate Marketing
Affiliate marketing has an inherent appeal for those who want to have a side hustle and make money fast. But how does the affiliate receive payment for bringing in the customer? There are several payment structures for the affiliate:
Pay-Per-Click Model
The primary goal of affiliate marketing is to increase site visits and conversions. So, it should be no surprise that SEO has become synonymous with affiliate marketing.
Although organic traffic is free, it is not enough to support affiliate marketers in a competitive industry, so some turn to pay-per-click advertising instead.
The main goal of PPC schemes is to motivate the affiliate to lead customers toward the vendor’s site. It means the content the affiliate creates must be compelling enough for the customer to click.
The affiliate then receives a commission based on the volume of visitors. In pay-per-click, two fundamental principles are always present:
EPC (Earnings-Per-Click)
It refers to the average amount an affiliate makes for every one hundred clicks on their affiliate link.
Cost per Acquisition Model (CPA)
Here, affiliates earn a commission whenever a visitor clicks on an affiliate link and then completes a desired action on the merchant’s website. For example, subscribing to the email list or filling out a “Contact Us” form.
Pay Per Sale
The format conforms to industry standards in affiliate promotion. Thanks to an affiliate’s promotion efforts, the merchant will give the affiliate a commission cut if a customer buys a product.
Example of an Affiliate Marketing Program
Wealthy Affiliate
Founded by Kyle and Carson, Wealthy Affiliate is an online hub for affiliate marketers to network, learn, and grow.
There are approximately 1.4 million active users and 1800 coaches on the platform. This platform gives users access to tutorials, resources, a user-friendly website, and professional guidance.
When you promote Wealthy affiliates as a free Starter member and someone upgrades to a premium membership using your affiliate link, you will earn a 21-24% commission.
If you’re an affiliate, upgrading to premium can increase your income from 20% to 42%-49%, depending on the customer’s chosen payment plan.
Here comes the best part:
Each client you invite to Wealthy Affiliate (WA) becomes your referral, and you’ll receive a commission for as long as they stay a WA member.
How Quick Can You Earn Through Affiliate Marketing?
Within six to twelve months (of course, this varies by niche and product), affiliates should begin to see consistent commissions. After 12 to 18 months, a good niche site will start making $1,000 a month.
Start Your Affiliate Marketing Side Hustle Now
Affiliate marketing programs can be a lucrative side hustle. However, it’s not for people seeking a fast method to get rich or a simple job switch.
The good news?
Wealthy Affiliates is an excellent place to start, as it provides free access to a comprehensive affiliate marketing training program, coaching, and a helpful community.
If you invest time and refine your approach, you can set up an affiliate system that brings in steady, passive income for many years.
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