In today’s modern day world, where almost everything is technology driven, each one of us or rather most of us, login to some or the other website online, be it a shopping website or any website, which exclusively talks about a particular product or a range of products and the services offered by those products.
Affiliate marketing is one of the oldest forms of marketing. It basically means discussing and eventually creating an interest about a particular online product, in a person or group of people, who then go online and purchase that product, based on your recommendation. After the product is purchased, we (The person who recommended it) will receive a commission. The commission again varies depending upon the product purchased. It is a performance based business.
According to me, the success of affiliate marketing basically depends upon our understanding of the online products and how best we can explain it to people, ultimately ensuring that, they are purchasing the product.
Affiliate marketing is one of the fastest growing sources of revenue.
Advantages and limitations of Affiliate Marketing
1. It involves a low investment cost. Since we can do Affiliate Marketing from home as well (Work online), cost involved is very minimal or almost negligible, compared to other industries.
2. Not much expertise required. We need not be a Marketing expert to do Affiliate Marketing.
3. High profit industry. Affiliate marketing industry is doing pretty well financially, hence we can earn a lot and expect good profits.
4. We can look at Affiliate Marketing as a part time job opportunity, since it can be done online.
If we are looking to earn additional income during our free time at home, Affiliate Marketing is a good concept to invest time in and learn more about it. We can do Affiliate Marketing from home, based on our convenience, eventually creating awareness among people, about different products they can purchase online, depending upon their requirements.
1. We cannot create an independent Affiliate Marketing program. We need to follow the instructions which are already mentioned.
2. Fear of Competition. If a competitor’s product has a unique significance or USP ( Unique selling proposition), which our products don’t, then our business will suffer.
3. We cannot approach the same customer or customers again and again, for our business.
I would like to conclude by saying that, the best way to learn about any product or technology, is to read more about it and also refer to relevant articles pertaining to it. Similarly, if we want to choose Affiliate marketing as an alternative to make good money, we should read more about it and also refer to relevant articles pertaining to it.
For aspiring entrepreneurs, who are planning to achieve success in Affiliate Marketing, my suggestion to you, in terms of selecting your target audience, would be, to target Indian customers or Indian market, instead of US customers or US Market, mainly because of the competition factor. Competition in Indian Market is less compared to US Market.