• Feature
• Marketing

Affiliate Marketing And How Can It Boost Your Small Business

by Seun Odegbami

February 15, 2021 1

Do you want to make more money while you sleep? Then Affiliate marketing is here for you.

Affiliate marketing is defined as promoting another’s product or service in return for a commission on sales. There are many including bloggers who take advantage of affiliate marketing.

These bloggers or persons grow their blog and audience, which will be used to promote products or services at a commission when they sell.

Getting Started on Affiliate Marketing 

• An affiliate starts by joining a program where a special passcode and link.
• The affiliate then uses their channel with a large pool of audience such as blogs, Facebook groups, and telegram groups with people who may find interest in the product.
• Anyone who buys through the link can be tracked and credit to the affiliate marketer who promoted it.
• Payment is made at the end of the agreed cycle, which is either weekly or monthly.

How do you become one?

Becoming an Affiliate marketer is very straightforward once you can identify the following.

1.Knowing what to promote: Obviously, you want to promote products that you believe in, stand for, or against what you preach.

As a would-be-Marketer, you would need to do research just-in-case certain issues come up after your followers have purchased their products or services.

2. Promote by writing reviews: Reviews are a good way to talk about the products you are promoting. It gives your audience a breakdown of what they would be purchase. In some instances, you can compare two products together.

What kinds of products can I promote:

1.Digital Products: Digital products are the easiest to sell. They can be from ebooks, video content, audio files, and podcast.

However, because these products’ cost might be relatively low, there will be a need to make a good number of sales from your following to cash out on commission.

2. Online Courses: Online course is also another way to make money from Affiliate marketing. Courses can pay pretty well, especially if it is premium. Most people would be willing to pay a buck or two to learn things that will help them closer to their personal or professional goals.

3.Ecommerce Platforms: Ecommerce sites offer physical products that you can promote. These also may not pay too well because of the operation costs. Your audience may not be able to get the products at an amazing rate.

Affiliate Marketing is not some magic money. It takes persistence and smart work. In 2020 alone, many have earned thousands from these marketing programs.

How does this help small or growing businesses

Remember that you don’t have the man-power and neither can you reach all your audience with the current resources available. As a small business owner; it should be part of your promotional tool.

It is also based on results; this means you would not lose anything if the affiliate marketer makes no sales.

To start as a business owner: 

As a business owner, you need access to reputable network affiliates who would do the scouting, create the programs, commission and, everything in between. In rare cases, you can reach out to experts.

Some folks like @Naijabrandchick have a network of affiliates of small business owners for promotions of products.

Benefits of Affiliate Marketing: 

1. Brings in lots of profit: When you look at the cost of running a FB ad compared to using an affiliate, it costs less and is based on commission. It is more for less.

2.Increases your audience base: As a business, you can feed off your promoter’s audience and can even get them to purchase from you in the future. Businesses can reach more people with more affiliates.

3.Testimonials and Social Proof: People don’t buy if they don’t trust your business. 

Affiliate marketing allows for product reviews that give people social proof that makes the buying decision easy.

4.Engagement: More people learn and know about your brand and business. It puts your products in the eyes of the people that matter to you.

5. Reduction in operation cost: Small businesses can’t afford salespeople or even run a marketing department. These relationships help you build something operational. If your business were to get these services, then your operation cost may go off the roof.

Affiliate Marketing is currently booming right now. A single google share reveals tons of businesses searching for how to make it work for them.

Businesses can reach a set of audience and low budgets without investing in Facebook ads or google ads. 

In Africa and West Africa, where access to funds may prove difficult, taking advantage of Affiliate Marketing will help you grow faster.