The affiliate marketing industry is experiencing rapid growth, with expenditures projected to hit approximately $13 billion by 2023. Over 80% of advertisers utilize affiliate programs, and the sector accounts for more than 16% of all ecommerce transactions.
To determine the ideal affiliate program for monetizing your blog, continue reading and discover the perfect match for you.
What are Affiliate Programs?
Affiliate programs are referral programs that allow publishers (such as bloggers) to earn a commission by promoting a business's products.
To get started with affiliate marketing, you simply need to:
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Join a program
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Find a product to promote
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Promote it
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Earn a percentage of the profit for each sale you refer
Sales are tracked through affiliate links. Each program has its own tracking method, but they all provide a way for you to monitor your successful referrals.
There are three key players in any affiliate program:
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Advertiser (or seller) - Their goal is to increase sales and promote their product.
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Publisher (or affiliate marketer) - Their goal is to earn income by promoting the advertiser's product.
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Consumer - They are interested in purchasing the product.
Affiliate marketing models and payment methods vary, but the most common method is getting paid per sale. Some programs may pay per click or lead.
What to look for in Affiliate Programs for Bloggers
When evaluating affiliate programs for bloggers, there are several key metrics to consider. These metrics can help you determine which programs are the best fit for your blog and have the potential to generate higher earnings. Here are the important metrics to look for:Commission rate: Look for affiliate programs that offer reasonable commission rates. This is the percentage of each sale that advertisers pay to affiliates. The best programs often provide recurring commissions, allowing you to establish a steady income stream. Commission rates can vary by industry, and some programs offer rates as high as 50%.
Average order value (AOV): AOV refers to the average amount customers spend per order. Calculate this by dividing the total revenue by the number of orders. A higher AOV means customers are spending more, which can translate to higher earnings for you as an affiliate.
Cookie duration: Affiliate programs utilize cookies to track sales generated through affiliate links. The cookie duration refers to how long the affiliate's unique identifier (cookie) remains on a user's computer after they click the link. A longer cookie duration increases the likelihood of receiving credit for a sale. For instance, with a 30-day cookie duration, if a user makes a purchase within a month after clicking your affiliate link, you will still receive commission credit.
Affiliate Programs for Bloggers
Without further ado, here’s our list of the top affiliate programs for bloggers: