There is a misconception that affiliate marketing is an easy way for tech entrepreneurs to make money. People with social media followers simply view themselves using a product, or websites insert a link, and sales come rolling in. Yet affiliate marketing is tough. When done right, it needs perfect alignment between its three main facets: the customer, the marketer, and the company. Read on as we discuss the importance of each to the affiliate marketing tech entrepreneur.
The Customer
Affiliate marketing starts with the potential customer. There are several ways marketers may try to attract them. They could decide to manage a website and gain traction from organic traffic. Other methods may include leveraging social media followers and creating reviews and tutorials. However, the golden rule is that in any medium, potential customers must be provided with something of value.
Value can take several different forms. Usually, it can be advice on how to solve problems, for example, how can they look more like their favorite celebrity using makeup. If not, then it is usually to save money or get something for the best price. This could include everything from the cheapest Black Friday products to introductory offers on certain services.
One great example of affiliate marketing in action comes from the iGaming industry. As new countries and states open up to this fairly modern phenomenon, online casinos know the power that independent voices recommending and reviewing their products can bring. This has created a whole industry of online reviews for gambling and sports betting sites. For example, BonusFinder US is a site that consistently looks for the best weekly bonuses in these new markets. You can view their page here and see what the best one is for residents in Ohio, a new market, this week. By using this, everyone gets something of value as the reader gets valuable insights, the online casinos get potential customers, and the website serves its purpose.
The Marketer
Becoming a marketer with an audience is not easy. If you decide to do it through social media, you need a dedicated following interested in the niche you work in. If you don’t have this, it can take years to build. The same goes for anyone wanting to build a website or blog. Getting the right backlinks you need to bring in organic traffic will take some time unless you decide to purchase an existing site that already has this.
Once followers and traffic are coming in, you then need to find the right products to market. The marketer can reach out to companies they trust, or they may even get approached by them. Many major retailers, like Amazon, have affiliate marketing schemes that can be signed up for. There are also a host of websites that can connect you to companies in your niche.
The Company
If you own a company that sells services or products, then affiliate marketing is a no-brainer. People promote products for you, and you don’t lose that much in terms of revenue by paying their fees. Depending on the product, this can go from 5% to 30% for more in-demand, competitive fields. Look online for websites that accept companies and put them in touch with marketers, or you may decide to reach out to webmasters and social media accounts yourself.
As you can see, affiliate marketing requires a balance between all three aspects to be successful, but it is certainly achievable if they are all carefully considered.
