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What is Affiliate Marketing? Pros & Cons, And How To Profit in 2023

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What is Affiliate Marketing? Pros & Cons, And How To Profit in 2023

You’re starting to see the term everywhere, but you’re wondering what is affiliate marketing? Keep reading for the ultimate guide to affiliate marketing, including its different types, how to make money with it, and its pros and cons. 

What is Affiliate Marketing? 

So, what is affiliate marketing? Let’s review the affiliate marketing definition: 

Through affiliate marketing, marketers earn commission by promoting products through an affiliate link. When a sale is made through the affiliate link, the marketer that promoted the link earns a commission from the sale.

These affiliate links can be promoted on a website, blog post, podcast episode, YouTube channel, social media account, and more. 

Most commissions from affiliate marketing are earned by making a sale. However, marketers can also earn money by generating leads, free-trial users, app downloads, website clicks, and more. 

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How to Start Making Money with Affiliate Marketing? 

Affiliate marketing is a great way to make money because it typically doesn’t require any start-up costs. Joining an affiliate program and getting an affiliate link is usually free. This is because the money is earned after the sale is made, meaning it doesn’t cost the partner money upfront. 

To help you become a successful affiliate marketer, let’s break down this marketing strategy step-by-step: 

  1. Join an affiliate program and obtain your affiliate links. 
  2. Create and publish an ad that promotes the affiliate product. 
  3. Your target audience engages with the ad.
  4. The potential customer is sent to the affiliate website to view the product or service. 
  5. The customer makes a purchase, thus triggering an affiliate sale. 
  6. The affiliate partner records the affiliate sale. 
  7. An affiliate commission is sent back to you, the affiliate marketer. 

If you feel like you need more guidance on how to become an affiliate marketer, we have a course suggestion for you.  The Affiliate Lab is an affiliate marketing course. It was created to teach participants to build, rank, monetize, and eventually flip affiliate marketing websites. 

This online course includes 160 videos and can be completed at your own pace. It takes an in-depth discussion of the exact methods and templates the founder, Matt Diggity, uses to grow his own agency and portfolio of sites. 

Whether you’re looking to flip your affiliate site or keep enjoying its monthly income, this course will help you get there. Click here for $200 off The Affiliate Lab course

Want to see more options? Check out our post on the best affiliate marketing courses to help you make money.

Affiliate Marketing Types

While the process of forming an affiliate partnership might feel easy to you, you can try many types of affiliate marketing. Whether you consider yourself an expert or want to learn more about affiliate marketing for beginners, knowing the different types you can engage in will help you know where to target your affiliate marketing efforts. Let’s review a few different types of affiliate partner marketing. 

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Involved Affiliate Marketing

Firstly, we are going to discuss involved affiliate marketing. 

Involved affiliate marketing occurs when the marketer promotes only products and services they’ve used themselves and deeply believe in. 

This type of affiliate marketing is seen as the most trustworthy. This is because it’s founded on authenticity by the marketer and trust with their audience. Influencer marketing is a form of affiliate marketing. 

This type of affiliate marketing requires more time and effort to build an authentic connection with your audience. However, this also makes it one of the most sustainable options. Having this authentic relationship with your target audience means they’ll trust your recommendations, earning you more sales. 

On the other hand, it also means you should be choosy with each affiliate merchant you partner with. While you might be turning down potential partnerships if the product or service doesn’t meet your standards, it will be better for your affiliate business in the long run. 

This type of affiliate marketing effort can include authentic promotions like:

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  • Instagram Stories providing your genuine review of a product 
  • YouTube video discussing in detail how you use the product you’re promoting
  • Blog posts detailing your experience with a particular service
  • TikTok video showing how useful the product is

The second form of affiliate marketing is related affiliate marketing. 

Related affiliate marketing occurs when affiliate marketers promote products and services that are related to their specific niche. However, they don’t currently use them. 

These types of affiliate marketers are typically already content creators. This is because they’re using their existing platform and audience to promote these products and services. These affiliate marketers have influence, which makes their target audience trust their recommendations despite the fact that they’ve never used the product or service they’re promoting. For example, influencer marketing is also a form of related affiliate marketing. 

It’s considered “related” because the products and services are relevant to their existing audience. However, the marketer isn’t promoting the products based on their personal experience with them. 

The risk with this type of marketing is that it can put your reputation as a thought leader in danger. For example, if you promote a product or service that doesn’t live up to your hype, you could lose the trust of your audience. Once you’ve lost the trust of your followers, it’s very tough to earn it back. 

Unattached Affiliate Marketing

As the name suggests, unattached affiliate marketing is the most withdrawn form of affiliate marketing work. 

Unattached affiliate marketing occurs when the marketer has no attachment or authority on the product they’re promoting. As an affiliate marketer, you don’t have a relationship with your target audience or the product or service you’re promoting. 

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This type of affiliate marketing campaign involves creating pay-per-click advertisements for a product or service, directing traffic to that affiliate link, and hoping they make a purchase. This can include Google Ads, Facebook ads, banner ads, and more.

It’s attractive to people who don’t want to or aren’t already big-time content creators with an engaged audience. You don’t need to be a thought leader in your niche in order to start promoting products or services. Furthermore, you don’t have to spend the time or energy building those relationships with your target audience. 

While this method doesn’t involve building that relationship, you do need to be savvy in your pay-per-click campaigns. If you’re not able to create effective ads that earn clicks, then this type won’t work for you.  

Affiliate Marketing Examples

Now that you understand the concept of affiliate marketing and how to make money from it, let’s explore a few examples. 

Amazon

The Amazon Associate program is one of the most popular forms of affiliate marketing. 

Through the Amazon Associate Program, participants promote some of the millions of products available on their website. This is typically done by creating an Amazon storefront and linking to it on their website, podcast, or social media. After the sale is made, the affiliate marketer earns a percentage of the value of the sale. These percentages are preset by Amazon, and they often change. 

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Here is just one example of the many promoters of this popular affiliate network. 

The first picture shows a TikTok video promoting the user’s latest product find from Amazon.

what is affiliate marketing

The link in his TikTok profile takes you to his Amazon storefront, pictured below:

1681757902 109 What is Affiliate Marketing Pros Cons And How To

This affiliate marketing program offers a low barrier to entry. It also offers a wide variety of available products to promote. This means that no matter which niche you occupy, you can find products uniquely helpful to your specific audience. 

Blog Site: Wirecutter

The New York Times acquired Wirecutter. This blog site earns money by writing about products and listing affiliate links.

1681757902 276 What is Affiliate Marketing Pros Cons And How To

With this model, the site earns money by posting lengthy product reviews and linking to each product. This is a great example of how you can create a website and fill it with blog posts for the purpose of earning additional income.

Pros and Cons of Affiliate Marketing

As affiliate marketing’s popularity continues to rise, how do you determine for yourself if it’s worth diving in? Whether you’re a small business, digital marketing professional, or an influencer, making an informed decision is important. To help you decide if building an affiliate network is right for you, we discuss some of the pros and cons of affiliate marketing below. 

Pros

There are many pros to building an affiliate network. Let’s dive right into discussing them. 

The pros of affiliate marketing include the following: 

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  • Low cost: Joining an affiliate marketing program requires little to no cost. Affiliate commissions are earned after the sale is made. This means that money is exchanged after it’s earned, thus eliminating the need to pay upfront. 
  • Easy execution: While the burden of inspiring a sale falls on the affiliate marketer, the job of filling the order falls on the affiliate partner. This means that you don’t have to order products, fill an order, provide a service, or offer additional customer support as your affiliate partner does. 
  • Remote work: One of the biggest draws to affiliate marketing is that it can be completed remotely from anywhere. It doesn’t require you to drive into an office at specific times. This means you can start building your own income at any time from anywhere. 
  • Low risk: Affiliate marketing requires little investment, so it’s a very low-risk business venture. You don’t have to invest a significant amount of time, money, or resources to begin. 
  • Easily scalable: If you find yourself asking how much do affiliate marketers make, the answer might happily surprise you! This venture is as scalable as you would like it to be. Once you find partnerships and promotional methods that are working for both you and your target audience, these affiliate marketing efforts should be easily scalable. 

Cons

You’re now aware of the benefits affiliate marketers experience. Now, let’s also review some of the cons of affiliate marketing. These cons include: 

  • Tests your patience: Executing an effective affiliate marketing strategy requires time, patience, and consistency. You will not get rich overnight off of one affiliate link. However, with consistent effort, your hard work will start to pay off. 
  • Adhere to affiliate partners’ rules: When you choose to partner with a specific affiliate program, you have to follow the rules of that program. Your affiliate link will be revoked if you do not follow their rules. Every other affiliate partner has to adhere to these rules too, which means you’ll have to work extra hard to stand out from your competition. 
  • Inconsistent pay: When you engage in affiliate marketing, you’re earning money when the sale is made. This means you’re earning money sporadically, not on a bi-weekly basis, like with a consistent corporate job. 

It’s Time to Get Started

Joining an affiliate program can be a low-cost and low-risk way to earn extra income. With consistent effort and an effective strategy you can start earning passive income from affiliate marketing!



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Cut Costs, Not Features with This Microsoft Bundle Deal

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Cut Costs, Not Features with This Microsoft Bundle Deal

Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

Software subscription fees can quickly add up, and for small-business owners, entrepreneurs, or freelancers, these costs can eat into profits. Businesses spend approximately 29% of their IT budgets on software, according to a 2023 survey by Gartner.

For business professionals who are looking to streamline workflow without paying steep subscription fees, the Ultimate 2019 Microsoft Bundle might be the perfect solution. For just $71.94 (regularly $927), this comprehensive four-part bundle offers Microsoft Office Professional Plus 2019, Windows 11 Pro, Project 2019, and Visio 2019.

While it’s not the newest version of Microsoft’s software, it can deliver tremendous value for anyone seeking tools to manage their business, boost productivity, and work efficiently. The bundle offers a lifetime license, meaning you’ll get all the functionality you need without the recurring costs associated with subscription services like Microsoft 365.

However, it does come with Windows 11 Pro, which includes the recent AI updates. Windows 11 Pro delivers a modern, intuitive interface with enhanced security features such as biometric login and Smart App Control, making it ideal for professionals who prioritize privacy and usability. It’s also equipped with tools that support multitasking, such as Snap Layouts and Virtual Desktops.

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For companies looking to reduce overhead without compromising essential functionality, making a one-time purchase of slightly older software is a smart financial move. This includes Office’s most popular productivity tools, Word, Excel, PowerPoint, and Outlook.

Project 2019 is a must-have for anyone who is managing large or small projects. It helps track tasks, timelines, and resources, making it easier to stay on top of deadlines and ensure your team moves in the right direction. Project 2019 gives you the tools to streamline processes and manage tasks efficiently.

Visio 2019 is ideal for creating professional diagrams, flowcharts, and organizational charts. It’s particularly valuable for visualizing complex data or workflows, which is essential for business owners looking to improve operational efficiency.

If you need a productivity boost without eating into savings, take a closer look at this bundle.

Get the Ultimate 2019 Microsoft Bundle with Office, Project, Visio, and Windows 11 Pro for $71.94 (regularly $927).

StackSocial prices subject to change.

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3 Trends That Will Change the Future of Entrepreneurship

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3 Trends That Will Change the Future of Entrepreneurship

Opinions expressed by Entrepreneur contributors are their own.

The most recent data from the new Global Entrepreneurship Monitor report reveals a powerful trend for the future of entrepreneurship.

Young adults, aged 18-24, had both the highest entrepreneurial activity and entrepreneurial intentions in the United States, according to the Global Entrepreneurship Monitor 2023-2024 United States Report. With similar results in 2022, this is not just a minor shift — it’s a fundamental change that could have lasting impacts on the economy and society.

I serve as the chair of the board for the Global Entrepreneurship Research Association, the entity that oversees GEM, which was founded in 1999 as a joint venture of Babson College and the London Business School. As the GEM U.S. team co-leader and a professor of entrepreneurship at Babson, I see firsthand the impact of the research created by the Global Entrepreneurship Monitor.

Here are three entrepreneurship trends from the new GEM report that are changing the landscape for the future.

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Related: 21 Success Tips for Young and Aspiring Entrepreneurs

1. Young entrepreneurs on the rise

For years, entrepreneurship has been dominated by older, more experienced individuals, but this year’s report shows that the youngest adults are now at the forefront. According to GEM, 24% of 18- to 24-year-olds are engaged in some form of entrepreneurial activity, a higher rate than any other age group. What’s driving these young entrepreneurs is equally remarkable: They aren’t just starting businesses to make money; many are deeply committed to making a positive impact on society and the environment.

These young entrepreneurs make sustainability a key priority. They are more likely than entrepreneurs from older generations to build businesses with sustainability as a core focus — whether that means reducing their environmental footprint or focusing on social causes. This shift toward impact-driven entrepreneurship isn’t just anecdotal. GEM data shows a significant number of young entrepreneurs taking real, measurable steps to create businesses that align with their values. With sustainability as their north star, young entrepreneurs appear to be simultaneously pursuing societal impact as well as profits.

However, it’s not all smooth sailing. While young people are leading the way in starting businesses, they are also discontinuing them at higher rates than their older counterparts. The discontinuation rate for 18- to 24-year-olds is 15%, the highest among all age groups. This is not surprising, given the challenges of inexperience and more limited access to capital. Starting a business is tough, and sustaining one is even more challenging. But despite these hurdles, the enthusiasm and energy that young people bring to entrepreneurship are undeniable, and with the right support, this generation has the potential to drive substantial change.

2. Tech gender gap narrows

One of the most promising findings in the GEM report is the narrowing gender gap in the technology sector. Historically, tech startups have been dominated by men, but 2023 saw a record-low difference in the number of men and women starting tech companies. The gap has narrowed to just 1%, with 8% of women compared with 9% of men launching businesses in the Information and Communication Technology (ICT) sector.

This is a significant step forward and reflects broader efforts to support more women technology startups. Still, it’s important to recognize that while progress is being made, continued focus on providing equal opportunities is essential to ensuring this trend continues.

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3. Optimistic outlook for Black and Hispanic entrepreneurs

Another highlight from the report is the optimistic outlook among Black and Hispanic entrepreneurs. These groups showed stronger confidence in their entrepreneurial abilities and lower fear of failure compared to their white counterparts. Black respondents, in particular, demonstrated high levels of resilience and self-assurance, which is vital in overcoming barriers faced in starting and sustaining businesses. This optimism is encouraging, but there’s still much work to be done in assuring ecosystems offer equal opportunities for all aspiring entrepreneurs, regardless of their background.

Related: I Wish I Received This Advice as a Young Entrepreneur

A promising future

Reflecting on the key findings of this year’s GEM report, it’s clear that the entrepreneurial landscape is changing in meaningful ways. The rise of young, sustainability-driven entrepreneurs signals a future where business is not only about profit but also about making a difference. These young entrepreneurs are launching businesses at a time when the world is looking for solutions to some of its most pressing challenges — climate change, poverty and economic recovery.

Yet, to fully realize the potential of this next generation, there must be more focus on addressing the challenges they encounter. Young entrepreneurs need access to the right resources — whether it’s funding, education or mentorship — to turn their innovative ideas into sustainable businesses. The narrowing gender gap in tech is encouraging, but we must continue to foster environments that support women and other underrepresented groups in entrepreneurship.

The GEM report paints a picture of an entrepreneurial future driven by purpose, diversity and innovation. But it also reminds us of the work that lies ahead in making entrepreneurship more accessible and sustainable. If we can provide young entrepreneurs with the tools and support they need, we will not only see more businesses being created — we’ll see businesses that are making a lasting, positive impact on the world.

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These Are the Top Side Hustles to Work Less, Make More Money

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These Are the Top Side Hustles to Work Less, Make More Money

In the best-case scenario, a side hustle could turn into a multimillion-dollar business that generates a passive income stream — but at the very least, starting a side gig could help pay some bills.

A new survey from personal finance software company Quicken shows that almost half (43%) of Americans with a side hustle, or an extra source of income added to a primary income, make more money and clock in fewer hours overall than those without a side hustle.

The three most popular side hustles pursued by those who work less and make more money were personal assistance (20%), cooking and baking (16%), and caregiving (16%). One in five people with side hustles said they were business owners, too, selling products online or offering services like photography.

The majority of people with side hustles (82%) said starting a side gig helped them financially, and kept them from living paycheck to paycheck. Most with side hustles (57%) had savings equal to at least four months of living expenses.

Related: Side Hustles Are Soaring as Entrepreneurs Start Businesses Working Part- or Full-Time Elsewhere, According to a New Report

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The survey also found that, for younger side hustlers, a way to an extra income doubles as a path to becoming more employable. 44% of Gen Z (born between 1997 and 2012) choose to start a side hustle in order to obtain skills for long-term careers, much higher than the overall 18% of Americans who started a side hustle with the same motivation.

Quicken conducted the survey online, gathering responses from more than 1,000 Americans.

Additional research on side hustles, released in August by NEXT Insurance, showed that three out of five people bring in less than $1,000 monthly in side income, while 22% make $1,000 to $10,000 a month, and 15% make more than $10,000.

Related: Starting a Side Hustle Should Come With a Warning Label — Here’s What You Need to Know

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