Earn Extra Cash: The Ultimate Guide to Affiliate Marketing in 2024.
In the present world of product marketing, the internet is playing a pivotal role in shaping the minds of customers and also fueling sales and profits in business.
However, one of the approaches that has become a model is the use of ‘Affiliate marketing’ to project products and brands for manufacturers and also sellers.
This model is described to be a dynamic business model that revolves around promoting products or services and earning commissions for every sale generated through your unique referral link.
In a chat with an affiliate marketer, Olaseni Lewis noted that In Nigeria, affiliate marketing has emerged as a promising avenue for individuals and businesses to generate passive income and expand their reach in the digital marketplace.
He noted that the most important part of affiliate marketing involves three key players which are the merchant, the affiliate (or marketer), and the consumer.
Olaseni posits that the merchant, often a company or retailer, offers products or services for sale while the affiliate, acting as a middleman, promotes these offerings through various channels such as websites, social media, or email marketing.
According to him, “When a consumer makes a purchase using the affiliate’s unique referral link, the affiliate earns a commission, typically a percentage of the sale”.
He further stated, “ One of the primary benefits of affiliate marketing in Nigeria is its low barrier to entry as Individuals with minimal resources can participate in affiliate programs offered by both local and international companies”.
Hence, this accessibility makes affiliate marketing an attractive option for entrepreneurs and digital enthusiasts seeking alternative income streams.
He, however, stressed that affiliate marketing allows marketers to capitalize on Nigeria’s rapidly growing digital economy.
“With the increasing adoption of smartphones and internet connectivity, Nigerian consumers are increasingly turning to online platforms to fulfill their purchasing needs.
“This shift presents a vast opportunity for affiliates to tap into a growing market and promote products and services that resonate with Nigerian consumers,” he stated.
He added that the economic viability of affiliate marketing in Nigeria is underscored by its potential for scalability and passive income generation.
As he cited, as affiliates build a loyal audience and optimize their marketing strategies, they can increase their earning potential without necessarily increasing their workload.
To this end, affiliates have the flexibility to choose the products or services they promote, enabling them to align with their interests and expertise.
