Looking to monetize your online presence? Affiliate marketing might just be the answer.
As a performance-based marketing strategy, affiliate marketing allows you to earn a commission by promoting other people’s products.
With the rise of e-commerce and the increasing demand for online shopping, affiliate marketing has become a popular way for businesses and individuals to make money online.
But what exactly are the benefits of affiliate marketing?
In this article, we’ll explore the advantages of this marketing strategy, including the potential for passive income, the ability to work from anywhere, and the opportunity to diversify your revenue streams.
So let’s dive in!
Simplest Introduction to Affiliate Marketing
Affiliate marketing is an outsourced arrangement where affiliates receive a commission for each visit, signup, or sale they generate for a merchant.
Most companies and content creators in Nepal are still unaware of this marketing strategy.
We want to help companies, affiliate marketers, and creators learn more about affiliate marketing in Nepal through this article.
More of that we want you to make money yourself through a minimum effort while staying in your pajamas and not even leaving your home or even your bed.
Affiliate marketing helps businesses to reduce their cost by a fortune since they do not have to pay unless the results are delivered to them.
Businesses can save up a lot of time by using affiliate marketing as a tool to expand their business.
They can reach audiences they have never reached before without the help of affiliate marketing.
For example, Daraz could not have flourished outside of Kathmandu valley if there was no internet and the opportunities that come along with it.
It is the work of Affiliate Marketing and the marketers who have promoted Daraz and its competitors to new heights because of the area they cover due to their content presentation.
The new tech-savvy generations know the desperation of these businesses have presented and opened the aspect of Affiliate Marketing and have understood that it has opened a new door for them.
It is a perfectly symbiotic relationship that benefits both the business and the marketers are able to benefit through.
Now the question comes:
How does the affiliate marketing arrangement work?
Let’s answer this question with an example.
Suppose you make a website for yourself.
Then, you write a blog post and monetize it with ads. Every time someone reads the blog post, they see the ads. When they click on the ads, you get paid.
It does not matter if the blog post is 10 years old. You write the article once, but you can get paid for years after that.
This is how basically Affiliate Marketing works and if you believe the compensation software Payscale. The average annual income of the affiliate marketer can reach up to $53000 a year.
You do the math!
So as our old saying says to us that “Money opens all three eyes of Lord Mahadev as well”.
Affiliate marketing opens a lot of doors of possibilities and opportunities for businesses and ordinary people in front of his/her laptop. It takes the businesses from operating at one dimension to a whole new dimension while making the affiliates’ pocket heavy.
Benefits of Affiliate Marketing
Affiliate Marketing is a lucrative way to earn money for individuals that are interested in it.
There are more than 30 affiliate marketing programs in Nepal.
For businesses, it is the best way to get the desired result and not get disappointed over the lost investment which did not bear fruits as per the desire
Then what are the particular benefits that Affiliate Marketing can give to businesses as well as marketers?
Let me ask a question to the marketers who brave the streets of Kathmandu, Pokhara, Butwal, Birgunj, and Biratnagar to sell products. Is it easy when you go to the field on a daily basis?
The dangerous streets, pollution, daily haggling with clients all of these must bring back some bad memories for you guys.
The stress of going out every day even if you are sick or dead tired and just want to lie down but cannot.
Well, I feel for you guys because I have seen those days and let me tell you I am glad that I made the switch toward affiliate marketing just in time.
The best thing that Affiliate Marketing can give you after the money is flexible hours.
You can work on it at any time of the day that you like without even leaving your home.
Isn’t that great? You can now focus on something other than the office and can have your own life while using your expertise to make money through new means.
Passive Income Potential
Raise your hand if you have been reprimanded by your parents for using your electronic gadgets like Mobile Phones, Laptops, Ipads, Tablets, and so on for hours despite you guys doing something constructive about it.
Well, I have and it is not pleasant.
While we cannot change the minds of our less pen-and-paper generation parents but we sure can surprise them with the passive income that we can make through Affiliate Marketing.
Let us raise our hands again if you have got the nice berating from your parents accusing you of blowing their hard-earned money while you don’t bring in a single penny to your household but spend hours online on your laptop and mobile phone.
Well, this one is even more unpleasant because our parents like to compare us with the achievement of others, especially the people we hate most.
The solution is right in front of you.
As mentioned previously Affiliate Marketing can become the best source of passive income where one can easily earn five figures income while working from your home.
Access to a wide range of products
Believe it or not, the company that made Affiliate marketing famous was none other than retail giant Amazon.
With almost 350 million products listed on its website at any given time, it certainly presents an opportunity for businesses as well as marketers also.
For businesses, it simply gives them a wide range of products they could bring in for sale. There would be no limitations or any kind of obstacle for the businesses to make the sale.
They could scour the globe for the products to bring them to the consumers. The work was previously done by transportation services but now will be facilitated by Affiliate Marketing.
As we have seen in India the handmade products which are manufactured in the slums of Dharavi Mumbai have found their way to the stores of Amazon and Ambani’s Retail stores.
This was made possible by Affiliate Marketing.
Similarly, it also opens the door to possibilities for marketers as well.
The availability of millions of products online allows them to choose the most profitable one to promote and make the necessary sales to earn the commission as well.
Marketers are struggling on day to day basis trying to sell their products to consumers by going on the door to door.
That concept is as old the modern-day marketing itself.
With the high-speed internet in hand, it has made life easier for everyone so why not use it?
We have seen success stories of many people who have made it a business out of selling their products through Affiliate Marketing. So why not add your name to it?
This is the most interesting aspect of Affiliate Marketing.
This is the factor that made me curious to join this field and devote myself to it.
The condition of performance-based pay is what the business is interested in in the concept of Affiliate Marketing.
It must be frustrating for businesses to see their hard-earned profits go down in drain when a marketing campaign fails to generate sales as promised.
It is mind-boggling to see companies pay millions to advertisement agencies and media for ad campaigns while the increment in sales is negligible.
There is very little surety that the marketing campaign would succeed and turn the company’s fortunes around.
Here in the case of Affiliate Marketing, it’s a little different.
Here businesses pay on the performance shown by the marketers.
There are three concepts of performance-based payments in Affiliate Marketing.
The first one is Cost-per-click (CPC), where businesses pay the marketer a commission for every click that leads to a sale.
Meaning money is only paid when the products displayed by marketers receive a click from a potential consumer and buys the product.
Here the company doesn’t have to pay unless they see some business.
The second one is Cost-per-sale (CPS), where a marketer gets paid when someone purchases a product or service from their link.
Let me make it simpler.
We have seen multiple advertisements for e-commerce on multitudes of websites along with the link to buy that product as well.
If someone purchases the product by clicking on that link then the website owner gets paid.
Without the purchase, there is no payment at all.
The third one is cost-per-action (CPA), which requires the customer to take an action such as signing up for an email list, filling out the contact form, or downloading an app before receiving a commission.
We have seen multiple websites asking us to sign up or something. When some people do foolishly though. Then the website owner or the affiliate marketer gets paid.
Without these above-mentioned actions or performances, there is no chance that the marketer will receive a penny from the merchant.
While for businesses it is an opportunity not to be missed since it ensures either you are getting the required sales or getting the promotion that you were promised.
Diversification of Income
We all have heard the quote that “ If you are just dependent on your salary then you are one step from your poverty”
This proved to be a horrible reality for many people during the COVID lockdown.
Many people who were dependent on just their salary had to face the horrible reality that is life.
Many people are faced with the fact that they might end up homeless because they couldn’t pay the rent.
They could not purchase necessary supplies because the cost was high and they hadn’t got their salary because the businesses and the offices were closed.
Well, this was not a reality for some people who had savings or diversified sources of income.
Affiliate Marketing provides such an opportunity to have a diversified source of income so that the horrid realities of COVID lockdown or similar situations come to haunt them later on.
As we saw that there were companies like Daraz, and Sastodeal surviving and thriving during that dark period because of the affiliate marketing they did beforehand of the lockdown.
Their survival and success also allowed the Affiliate Marketers to have an extra source of income while other businesses were closed and sources of income dried up all the while sitting in the safety of their home.
Low Cost of Entry
Most affiliate programs do not require marketers to pay to become an affiliate.
However, one might need to pay if one wants to run paid campaigns in order to reach more people than one originally can.
However, that is not necessary. If the marketer already has an audience, then he/she can promote the products to them directly.
This is one of the most convincing factors that pushed me to this sector.
The low cost of entry acts as an incentive for the broke individual living with their parents while listening to their every bit of nagging on day to day basis
As it was for me!
Affiliate Marketing continues to grow in Nepal rapidly so it is not late yet to jump on the bandwagon to get your hands washed in for some greens.
You know what I mean!