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The Top 12 Myths of Affiliate Marketing

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The Top 12 Myths of Affiliate Marketing

Opinions expressed by Entrepreneur contributors are their own.

Affiliate marketing is a popular strategy businesses use to drive sales and grow their brand. Although it’s one of the most popular marketing tools in the booming creator economy, some misconceptions about using affiliate links can prevent bloggers from benefiting from them.

1. Affiliate marketing is dead

Statista shows that from 2010-2022, U.S. affiliate marketing spending has steadily increased, reaching $8.2 billion in 2022. Clearly, this channel is not only not dead but also thriving. These days, over 80% of brands run affiliate programs, with 16% of online orders attributed to affiliate marketing.

Affiliate marketing drives sales and is used by anyone from media companies, such as Business Insider and The New York Times, to smaller startups and brands that use it through referral programs.

2. It’s too much work

Modern tools make creating an affiliate link easy. Bloggers can start posting affiliate links and earn money from them on day one.

Popular programs include Amazon Associates, ShareASale and Commission Junction. The idea is to connect customers with brands through relevant content and tools by posting affiliate links that generate sales.

Related: How to Start Your First Affiliate Marketing Campaign

3. It’s passive, low-effort income

While some believe affiliate marketing is too much work, others mistakenly believe it takes virtually no work. Although implementing these links is indeed easy, bloggers need to work on their content, presence, and credibility and attract followers to generate sales and make money with affiliate marketing.

Influencers must be mindful of conversions since they are paid by actions. This means that more active calls-to-action, more selling content and more creative product presentation will be needed.

4. Size matters

A common misconception is that only influencers with a big audience can benefit from affiliate marketing. The truth is that conversions play a bigger role than audience size.

Not only do micro-influencers (those with 1,000-100,000 followers) perform at least 90% of successful influencer marketing, 90% of brands actively want to work with them through affiliate strategies. Because of their smaller followings and high engagement rates, micro-influencers are often seen as a cost-effective way for brands to reach targeted audiences and drive sales.

5. Affiliate marketing blocks other income streams

Earning through affiliate programs does not prevent bloggers from entering into direct contracts with brands, but it does help them attract the attention of companies they’d want to work with.

Additionally, affiliate marketing often becomes a stepping stone to working more closely with the brand. Active blogger partners always have an advantage when selecting brands for the partnership since they have the results and audience data to back up their “influencer” status.

Related: How To Start Affiliate Marketing with No Money in 2023

6. “My audience is too niche”

Believe it or not, a niche is often good for affiliate marketing.

Remember, you can’t be successful if you’re trying to appeal to everybody. Having a specific niche is good because it gives you a clearly defined audience with reliable preferences, tastes and buying habits. Brands know these things, so if your niche has gained interest from fans, it can earn interest from brands, too.

7. Brands only care about sales

Sales are no longer the only available form of brand partnership. Brands are willing to collaborate with other targeted actions that generate awareness and credibility, such as starting a trial period, installing a mobile app or requesting a free consultation.

These alternative forms of action are suitable even for bloggers who are particularly sensitive about maintaining their audience’s trust and wish to foster a relaxed atmosphere.

8. It’s not a viable long-term plan

Long-term partnerships are common in affiliate marketing because both parties benefit from sustained collaboration: You get to know the audience better, so your offerings are more relevant, and the audience builds trust in you and the brand.

Cultivating a relationship with the audience and building trust allows marketing expansion to include content like online courses, software and other digital products.

9. It’s too late to get started

The misconception is that there is too much competition in affiliate marketing. However, with new companies emerging each year, the range of advertisers to promote is constantly expanding. Blogs that provide value will always stand out and have access to profitable brand partnerships.

Related: 8 Things I Wish I’d Known Before Starting Affiliate Marketing

10. It’s just advertising

When Forbes surveyed millennials, 84% said they hate advertising, so equating affiliate marketing to advertising can make it seem unappealing.

However, as an affiliate, you only recommend products you have personally tried and liked while providing valuable content to your audience. Your readers will appreciate your tips and personal experience because they don’t want to spend their time and money experimenting. Affiliate marketing provides a more authentic and unique approach to promoting products.

11. You need a blog to be an affiliate

To sign up for affiliate marketing programs, you just need a following somewhere that will see and click your custom links. Having a community is much more important than being on a specific platform.

For example, beauty influencers often promote brands through sponsored content on their social media platforms by creating makeup tutorials and including affiliate links to their websites in the description box of their videos.

12. Affiliate marketing is expensive

Affiliate marketing is the least costly way to monetize a blog on any social media platform. You can create a website for free and maintain a following using tools that social networks provide. For example, banners, plugins and CPA tools are usually accessible for free within affiliate marketing platforms.

While it is true that you will need to invest time and potentially some money to market your blog, it is no more expensive than monetizing through any other available tool on the market if you plan to make it a full-time job and earn a substantial income.

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The AI Video Industry Disruptor

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The AI Video Industry Disruptor

In a world where generative artificial intelligence (AI) is the talk of the town, you can’t afford to overlook the revolutionary role it’s playing in our lives. From large language models (LLMs) being used to draft blog posts and diffusion models for image generation to AI coding assistants for code generation, the productivity potential that generative AI unlocks is staggering. If you are looking to know how to invest in Synthesia, this is the right place for you!

This piece will shine a spotlight on Synthesia, its stocks, investment options, and how to make the most out of this tool.

How to invest in Synthesia stocks: Navigating the basics

Introducing Synthesia – Image via Synthesia

Investing in the stocks of cutting-edge technology companies like Synthesia can be an attractive proposition for many investors. However, the process and availability of investing in such companies, especially those that are not publicly listed, can be complex. 

Here’s a guide to help you navigate the potential avenues for investing in Synthesia.

Step 1: Understanding the company’s status

Synthesia is a private company, which means its shares are not available on public stock exchanges. Investing in private companies is typically more challenging than investing in public companies due to limited availability and higher investment minimums.

Synthesia has raised significant capital through Series A, B, and C funding rounds from notable investors. These rounds have contributed to its high valuation and growth but are generally not open to individual retail investors.

If you’re curious about the cost of using Synthesia, make sure to check out our in-depth guide on “Is Synthesia Free to Use?” for valuable insights.

Step 2: Explore avenues for investment

Before investing, take a look at the wide range of investment avenues available to you:

  • Venture capital funds: One indirect way to invest in Synthesia is through venture capital funds that hold Synthesia in their portfolio. Investors can look for venture capital firms that have backed Synthesia, like Kleiner Perkins, Accel, or GV, and explore investment opportunities in those funds.
  • Secondary market platforms: Platforms like Forge Global or EquityZen provide a marketplace for buying and selling shares of private companies. However, these transactions often require significant minimum investments and are typically available to accredited investors.
  • Direct private investment: For high-net-worth individuals or institutional investors, direct private investments in Synthesia might be a possibility. This would generally involve directly contacting the company or participating in future funding rounds, subject to the company’s approval and investment terms.
  • Initial public offering (IPO) watch: Keep an eye on Synthesia’s public announcements for any potential IPO. An IPO would allow public investors to buy stock in Synthesia through stock exchanges. However, as of now, there is no public information about an impending IPO.

Step 3: Assess eligibility and requirements

Determine if you meet the criteria for an accredited investor, as many such investment opportunities are limited to accredited investors due to regulatory requirements.

Understand the minimum investment requirements, which can be significantly higher for private companies compared to public stocks.

Step 4: Consult financial experts

Before proceeding, consult with financial advisors, especially those experienced in private equity or venture capital investments. They can provide personalized advice based on your financial situation and investment goals.

Step 5: Monitor your investment

Keep track of Synthesia’s business progress, market trends, and any public announcements, especially regarding future funding rounds or a potential IPO.

Additionally, if you’re interested in exploring AI-driven creativity, our guide on Deep Dream Generator provides five valuable tips for creating stunning images.

Considerations before investing

  • Risk assessment: Investing in Synthesia carries a different risk profile compared to investing in other companies. Understanding these risks is crucial, including the lack of liquidity and the long-term nature of such investments.
  • Due diligence: Conduct thorough due diligence on Synthesia’s business model, market potential, financial health, and growth prospects. This information may be limited compared to publicly traded companies.
  • Investment horizon: These investments often come with a longer investment horizon. Assess whether you are comfortable with tying up your capital for an extended period, as it may take years to realize returns from these investments.
  • Diversification: Evaluate how an investment in Synthesia fits into your overall investment portfolio. Diversification is a key risk management strategy, and it’s important to consider how this private equity investment aligns with your other assets.
  • Exit strategies: Understand the potential exit strategies for your investment. Private equity investments typically involve strategies like mergers and acquisitions (M&A), IPOs, or secondary sales. Familiarize yourself with these options and their associated timelines.

For a more comprehensive evaluation of Synthesia’s capabilities, we recommend reading our detailed Synthesia AI review.

how to invest in synthesia

Considerations before investing in Synthesia

Investing in Synthesia’s services: An alternate approach

An alternative approach to investing in Synthesia is by availing its services. Take a look at the various ways through which you can make the most out of this AI tool:

1. Creating commercial videos for brands

One lucrative revenue stream with Synthesia is leveraging its video creation capabilities to produce commercial or explainer videos for brands. Businesses often require visually engaging content to promote their products or services. 

As a Synthesia user, you can offer your video production services on freelancing platforms, catering to companies in need of high-quality videos for marketing campaigns or internal use. By delivering professional and compelling videos, you can establish a steady client base and earn income from your creative video production services.

2. Affiliate marketing with AI videos

Another innovative approach to generating revenue with Synthesia is by creating AI-generated videos optimized for affiliate marketing. Instead of relying solely on ad revenue from platforms like YouTube, you can leverage the power of Synthesia to craft engaging and informative videos. Within these videos, strategically embed affiliate links in the video descriptions. 

By promoting products or services through these links, such as those available on e-commerce platforms like Amazon, you have the potential to earn commissions for every sale generated through your affiliate marketing efforts. This revenue stream diversifies your income sources and capitalizes on the popularity of video content in affiliate marketing.

Unlock the mesmerizing world of AI-generated artistry and unleash your creativity with a brushstroke of innovation by exploring our curated list of cutting-edge AI art tools.

3. Comparison and review videos

Synthesia can also be employed to produce valuable comparison and review videos, further expanding your potential revenue streams. For instance, you can create videos that compare two or more products or services within a specific niche, such as “MailChimp vs. SendinBlue” in the email marketing sector. 

In these videos, you can provide insightful analysis and recommendations. To monetize this content, include affiliate links for all the products or services discussed in the video description. This approach allows you to earn commissions regardless of the viewer’s choice, as they might click on any of the provided affiliate links based on their preferences. 

By delivering informative and unbiased comparisons, you can attract a dedicated audience interested in making informed purchasing decisions.

4. Targeted content creation

An effective strategy for generating revenue with Synthesia involves conducting thorough research to understand the specific queries and comparisons that people are actively searching for online. 

Armed with this valuable insight, you can create Synthesia videos that directly address these queries or comparative analyses. Within these videos, strategically embed relevant affiliate links that align with the content’s focus. 

Looking for alternatives to Synthesia? Explore our article on five AI video editors for quick and professional video editing solutions.

how to invest in synthesia

Navigating the right ways to invest in the services of Synthesia

Conclusion

Investing in Synthesia presents a unique opportunity to participate in the growth of the AI video industry. However, like any investment, it comes with its own set of risks. By conducting thorough due diligence and seeking professional advice, investors can make an informed decision.

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5+ High-Earning High-Ticket Affiliate Marketing Programs

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Plus, How I earn full-time income on part-time hoursContinue reading on ILLUMINATION »

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Best deals this week: Get up to 40% off brands like Xbox, Hydro Flask, KitchenAid

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ByChi Tran WLS logo

Friday, December 1, 2023 5:33PM

Best deals this week Get up to 40 off brands

An image of Xbox, KitchenAid mixer, Hydro Flask and Airtag.

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As a participant in multiple affiliate marketing programs, Localish will earn a commission for certain purchases. See full disclaimer below*

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By clicking on the featured links, visitors will leave Localish.com and be directed to third-party e-commerce sites that operate under different terms and privacy policies. Although we are sharing our personal opinions of these products with you, Localish is not endorsing these products. It has not performed product safety testing on any of these products, did not manufacture them, and is not selling, or distributing them and is not making any representations about the safety or caliber of these products. Prices and availability are subject to change from the date of publication.

Copyright © 2023 WLS-TV. All Rights Reserved.

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