Gen Zers use many social networks to create connections, play games, consume and share content and earn from it. One increasing trend is that this generation isn’t just looking to engage with content, but they also want to create it and make money on it.
According to various polls, Gen Zers are the most actively seeking to monetize their social media accounts, while Millennials maintained an online presence primarily to engage with people they already knew.
Social media bloggers make money by partnering with brands and advertisers to promote products to followers on their accounts for a fee. Another avenue to profit for influencers is affiliate marketing.
Brands and retailers offer link programs, where one can post a link and earn a percentage of the sale if someone clicks on it.
According to Affise, income from affiliate marketing ranges widely but over 25% of affiliates make between $81,000 and $200,000 per year.
There are a few ways to get involved in affiliate marketing – the most common are directly from brands or via special platforms, which provide a list of brands. For instance, Admitad ConvertSocial provides access to over 100,000 brands, including FarFetch, Sony, Nike, and others.
Here are some numbers about affiliate marketing:
- 81% of brands offer some kind of affiliate link program for their products
- Most of this is happening in the US (nearly 40%)
- Practically everyone who makes money from affiliate linking uses more than one program (94%)
- Affiliate links are responsible for around 15% of product or service sales globally
Earning As A Creator
When enrolling in affiliate marketing programs, creators receive a unique affiliate link so that anyone who clicks on it can be traced to that specific creator. The programs work on either CPA (cost per action) or CPC (cost per click), which means that brands only pay for specific actions, making it the most enticing model for companies.
The tracking is typically done using computer cookies that track your online behavior. If the cookie identifies that person to make a purchase from the site in a prescribed time frame, then a commission is earned.
Some programs and brands use cookies to track purchases coming from creators for as long as 30 days. For example, if you’re an Amazon affiliate and someone clicks a link to look at a dress or a kitchen item you’re selling and they don’t make a purchase, but two weeks later they decide to buy a $700 treadmill–you’re still likely eligible for some commission.
Affiliate marketing is a volume game because the amounts earned are typically small ranging from cents or dollars for one person. The price of the product you promote also matters — the more expensive the product is, the more lucrative the earnings are going to be.
The commission you earn varies from niche to niche. Hubspot recently published a piece on “50 of the Best Affiliate Programs That Pay the Highest Commission”, with Sephora, Ulta Beauty, and others on top.
Related resource: Social Media Marketing World 2022: What Is The Social Media Marketing World?
Pros And Cons of using Affiliate Marketing
Any creator can earn with affiliate marketing, and it’s easy to get started. It’s a low risk since you’re not buying products or stocking and shipping things. There’s less hassle and responsibility, so any profit is basically free money.
As a creator, you can start working with various brands right away and then use them in your portfolio. You don’t have to spend a long time on campaigns for specific brands, and brands will always be happy with your work since they only pay for results – clicks or sold products.
On the flip side, It can take a long time to build up enough traffic to generate a meaningful amount of money. It’s also competitive, since like we said above, anyone can do it. However, over time you learn what works better for your audience, and your earnings grow.
One way for creators to get affiliate links is directly through brands or companies, but that usually requires more effort. Another avenue to consider is a marketplace that helps creators and brands find each other and simplifies the entire process.
Affiliate marketing platforms help pair content creators with brand links so they can monetize with affiliate marketing. Such programs already have brands and stores looking to promote their products through influencer marketing in-store. They provide support for creators’ intuitive and convenient payment withdrawals.
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- Top Digital Marketing Strategies to Adopt in the Year 2021
The post How Creators Monetize Social Media With Affiliate Marketing appeared first on Social Media Magazine.
