What Is Affiliate Marketing & Is It A Viable Business Model In 2023?

In simple terms.. The art of referring people to a business and being paid when you do so. It’s similar to a real estate agent being paid.. 

You’re paid a commission every time you make sales.. 

The beauty of doing this on the internet. 

You can do it with just about any product you could imagine. 

From Amazon to Chase bank.. The vast majority of companies on & offline leverage this exact business model.. 

And most of them have affiliate programs.. Meaning you can make money simply by referring to pre-existing business customers. 

For Example, we have an affiliate program where we pay out our affiliates 50% on all sales they can make with our programs

Chances are: You’re buying things from affiliates all of the time & you don’t even realize it..

• The mommy blog telling you to check out her favorite storage container for kids’ toys on Amazon is getting paid every time you purchase.
  
• The Youtuber talking about investing & telling you to sign up & get a free stock is getting a kickback every time you sign up
  
• Looking up a recipe & they’re recommending their favorite pots & pans set or kitchen utensils.. You guessed it they’re getting paid every time you buy.. 

Why has this becomes a very powerful business model for the complete beginner

There is no – 

• Product creation 
• Shipping – Fulfillment 
• Holding inventory 
• Customer service 
• Processing payments/returns 

You as the affiliate can focus on one thing – marketing & promoting said products

Imagine starting a traditional business where you have to wear all these different hats and master all of these different things to have success. 

With affiliate marketing, you can just market.. And be paid.

But How Much Can You Really Make? 

This will greatly depend on a couple of different factors. 

• The Types of products you’re an affiliate for
  
  • Physical goods & products will usually range from 5-10% commissions per sale (owners have to delegate a lot of other things to get products into customer’s hands)
    
  • Digital products can range from 50-90% commissions (Easy fulfillment & usually can be created once & sold over and over again) 

Me – I personally lean into the digital product route. 

• Software – Tools 
• Courses, Coaching & Consulting
  

Not that digital products are any better – it makes achieving big incomes with a relatively small number of people a reality

At its core, it’s a very basic business model

You recommend other people’s products & get paid. 

Now there are a plethora of ways that you can have success with it..

There are too many options & directions out there. 

Summary:

Affiliate marketing without a doubt a viable business model coming into 2023 but the biggest thing that will contribute to your long-term success with it:

• Picking a medium to build an audience / create content on
• Partnering with a company that has an affiliate program
• Bringing that product to your content & naturally over time your audience will be inclined to buy it from you