Affiliate marketing is a great way to make extra money, and there are plenty of affiliate programs available to join. But should freelancers join affiliate programs?
Working as a freelancer can be a great way to make money on your own schedule, but it can also be tough to find clients and projects. Affiliate programs are one way to supplement your income as a freelancer. Affiliate programs can be a great way to bring in extra money, but before you join one, there are some things you should consider.
Since the 2000s, affiliate marketing has steadily gained traction. Worldwide search for the keyword “Affiliate Marketing” has been steadily increasing for the past 5 years since 2016 peaking at 100% in June 2021.
As more and more businesses use affiliate marketing to get their brand closer to consumers, there has also been a rise in influencer marketing whereby business owners collaborate with bloggers and social media influencers to advertise their businesses and services has made affiliate marketing the backbone of marketing plans.
What is Affiliate Marketing
Affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts. Affiliates typically earn a commission for referring customers to the merchant’s website, but some affiliates may earn income from other types of referral traffic such as social media referrals, email referrals, and click-through referrals.
How Affiliate Marketing Works
Affiliate marketing is a very popular business model, and it’s been estimated that over $6 billion was paid out to affiliate marketers in 2017. There are a number of different ways to get involved in affiliate marketing, and it can be a great way to monetize your website or blog.
The industry has four main players: the merchant, the network, the publisher, and the customer. The merchant is the company who offers a product or service for sale. The network is the company that connects the merchant with the publishers and takes a commission on sales. The publisher is the person who promotes the product or service and is typically an affiliate marketing expert. The customer is the person who buys the product or service.
When a customer visits the publisher’s website, Facebook, or Twitter page, clicks the link to the affiliate company’s landing page, and then takes action, the affiliate company pays the publisher a commission according to the terms they agree on. Typically, payments can be based on the number of clicks, leads, or sales generatWed.
Why Freelancers Join Affiliate Programs (2 Reasons)
1. A great way to make money on the side
When it comes to making money on the side, many freelancers are always looking for new and interesting ways to do so. Affiliate marketing can be a great way for them to make some extra cash.
Top affiliates and influencers make over $100k a month from affiliate sales (influencers such as Pat Flynn, John Chow, Rae Hoffman, Mark Ling, Kristy McCubbin, and Shawn Collins).
48% of affiliate marketers globally earn $20k a year (which is $1660 a month) with Only 3% of all affiliate marketers making over $150k a year with the affiliate marketing industry is worth $12 billion (as of 2021). Which explains why affiliate marketing can be a great boost to your source of income as a freelancer.
To see the true worth of affiliate marketing, Jason Stone was able to generate $7 million between June 2016 – and June 2017 using the then 2.5 million-strong Instagram following on his @millionare_mentor account.
2. Build your brand.
Affiliate marketing can be a great way for freelancers to build their brand and get their name out there. By joining an affiliate program, freelancers can partner with brands and promote their products and services. In return, they can earn a commission for every sale that they make.
Affiliate marketing can be a win-win for both freelancers and brands. For freelancers, it’s a great way to get exposure to new audiences and build relationships with potential clients. For brands, it’s a way to get quality leads and sales from people who are already interested in their products.
More than 80% of brands have affiliate programs with America being the biggest player in the affiliate industry with a 39% share.
In the beginning of 2020, 81% of brands implemented efforts to start building an affiliate network, and a further 84% of publishers also delved into the area. This is because efforts here have proven incredibly beneficial for driving sales and building brands.
Ultimately, it is up to the freelancer to decide whether or not the benefits of joining an affiliate program outweigh the costs. If you are considering becoming an affiliate marketer, leave a comment and let us know what you think.