AFFILIATE MARKETING
Why Successful Businesses Embrace Affiliate Marketing
Opinions expressed by Entrepreneur contributors are their own.
Even though the marketing world has seen some significant new trends and technologies, one strategy has impressively risen in popularity in recent years: affiliate marketing.
While affiliate marketing has been around for years, it has recently taken a front seat in the media as a “side hustle.” Millennials and Generation Z have taken a recent liking to the idea of earning money passively, and affiliate marketing has proven to be a tried and true method for doing so.
And why is it so popular? I’ll give you two big reasons:
- It’s easy for brands and businesses to manage.
- Financially speaking, it’s a win-win.
Let’s break down how affiliate marketing reached this point and the benefits your brand could miss.
Related: 5 Ways Entrepreneurs Can Boost Their Visibility with Affiliate Marketing
The origin of affiliate marketing
First, a little history lesson. If you didn’t know, the concept of affiliates came from the PC Flower and Gifts founder, William J. Tobin, originating in the late 1980s and early 1990s. But it wasn’t until Amazon that the program became more fleshed out and open to the public.
Amazon’s idea was to allow individuals to promote their products and earn commissions on sales generated through their referrals. This concept, of course, was revolutionary as it introduced a performance-based marketing approach, where brands only paid for actual results, such as sales or leads.
Over time, this model gained traction, and when paired with our current technological advancements, it became a mainstream marketing strategy that brands couldn’t afford to participate in.
Related: 3 Tips to Get Started with Affiliate Marketing
The reasons behind the craze
Enter the current day, and affiliate marketing has exploded in popularity. Its current rise can be linked to several key factors.
First, the exponential growth of e-commerce over the past decade has been a significant motivation for affiliate marketing, with more people shopping online than ever. More online shopping has created more opportunities for creators or affiliates to promote the products and services they love while also gaining a little commission.
For marketers and brands — especially small businesses – affiliate marketing is attractive thanks to its low cost and low barriers to entry. On a tight budget, affiliate marketing is a great way to maximize ROI without breaking the bank.
Top that off with the rise of dependency on social media for creators and brands – specifically influencer marketing. It’s easier than ever for people to build an audience online and generate more revenue both for themselves and for brands through the simple process of promoting products and services.
With all that in mind, it’s no surprise the affiliate marketing industry is growing so rapidly, being worth over $17 billion today. Now, let’s look at why the rise of affiliate marketing is a win for brands.
Related: When the World Goes Dark, Will Your Business Keep the Lights On?
Benefits for brands
Brands have much to gain from participating in affiliate marketing and a lot to lose by ignoring it. Here are just a few of the reasons why…
Firstly, it is a great extension of their marketing team — using their affiliates to connect with new and eager audiences at a lower cost.
Secondly, it enhances a brand’s credibility. Positive reviews and recommendations from trusted affiliates can significantly boost a brand’s reputation.
Consumers tend to trust product endorsements from individuals they follow and admire. Think about it – when was the last time you purchased something solely because you saw it in a video or a photo?
Furthermore, affiliate marketing can improve a brand’s SEO efforts. Backlinks can act as roads to your website. With backlinks ranging from a variety of affiliate websites, you end up creating a large roadmap of products that ultimately lead to your website and improve your visibility efforts.
What’s next for affiliate marketing
With all of that said the future of affiliate marketing looks highly promising.
We will likely see a surge in personalization efforts. With tracking systems and the evolution of content marketing, brands can tailor their affiliate marketing strategies to individual consumer preferences to deliver a more personalized and engaged shopping experience.
Additionally, we have seen new social media platforms pop up quickly in recent years — the more, the merrier. More platforms = more opportunities for success.
Lastly, the future of affiliate marketing will be shaped by evolving consumer preferences and online shopping behaviors. With an increasing number of consumers relying on online platforms for their shopping needs, affiliates and brands will continue to have new opportunities to drive interest and improve ROI.
As brands continue to realize the benefits of this marketing strategy, it is likely to remain a prominent fixture in the marketing landscape. By leaning on their affiliates, brands can expand their reach, improve credibility, and drive revenue while providing affiliates with a profitable and flexible income source.
So, should your brand embrace affiliate marketing? The answer is clear: YES!
AFFILIATE MARKETING
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.
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.
AFFILIATE MARKETING
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.
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.
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.
AFFILIATE MARKETING
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.
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