Affiliate marketing – A evolving mantra to make money even while you sleep. Yes, this strategy helps a brand drive sales and generate significant online revenue.
Affiliate marketing is a win-win for brands as well as affiliate marketers. The only prerequisite for a brand to leverage affiliate marketing is to have a functional website. Even a website is not compulsory for those who know how to use social media platforms.
Here are some statistics that prove the effectiveness of affiliate marketing:
- Around 81% of brands and 84% of publishers around the world leverage affiliate marketing
- 38% of marketers consider affiliate marketing as one of the top customer acquisition methods
- A well-crafted affiliate marketing network can boost a business’s revenue by 30%
- Around 15% of the digital media industry’s revenue comes from affiliate marketing. This is in parity with revenue generated from email marketing
Let’s deep dive into what is affiliate marketing, how it works and how Razorpay leverages this program.
What is affiliate marketing?
Affiliate marketing is the process by which a person (affiliate) earns a commission for marketing another company’s products or services or another person.
An affiliate promotes a product or service he loves and earns a profit by promoting the said product or service. The brand, which the affiliate promotes, pays a share of profit from each sale they make through the affiliate.
How does affiliate marketing work?
Affiliate marketing works by dividing the responsibilities of product marketing and brand creation among different people involved. It tries to make most of the abilities of different people for an effective marketing strategy while providing contributors with a share of the profit.
Here are all the parts that are involved to make this marketing technique work:
- The product creator and the seller
- The affiliate marketer
- The consumer or the buyer
Let’s understand the connection between the three that makes an affiliate program a success:
The product creator and the seller
A seller can be a solo entrepreneur or a company who has created a product or invented a service and wants to market it. Definition of the seller also includes a vendor, retailer or a merchant, basically whoever wants to market a product or a service.
The seller does not have to be actively involved in such affiliate marketing programs. All he needs to have a product or service to sell or render.
For instance, a seller can be a company producing mobile phones or a company providing digital payment solutions.
The affiliate marketer
The affiliate marketer can be an individual or a company that persuades potential customers to purchase a seller’s product. They are also known as publishers. They market a product that might be valuable or beneficial to customers, in an appealing way. If a customer ends up buying such a product, the affiliate receives a portion from the money earned as commission.
These publishers or affiliates target specific products to their audience, which are of their interests, and they are most likely to act on such promotions.
The consumer or the buyer
It’s the customer or the buyer who drives affiliate marketing. The affiliates share and promote the products through their social media handles, blogs and websites.
Once the customer buys the product, the seller and the affiliates share the revenue among themselves in an agreed proportion. This solely depends on the contract made between the seller and the publisher.
Sometimes the customers are aware that the affiliate is receiving commission for the purchase they do. Other times, the customers are unaware of the affiliate marketing infrastructure behind the purchase.
The customers will not pay a higher price to the affiliate, as the affiliate’s share is included in the retail price of the product.
Razorpay Partner Program
Razorpay Partner Program is for anyone who can advocate digital payments. Through this medium, you can offer a complete suite of Razorpay services to your merchants and get paid for the same. As we thrive on simplifying online payments for businesses, we want to provide the same ease and empowerment to our partners as well.
From SaaS-based organisations to freelancers, anyone who is capable of onboarding transacting customers (merchants) for Razorpay suite of services can become a reseller or an affiliate.
Here are the benefits that you will get on becoming our affiliate partner:
- Offer online payments
Offer your customers with a complete set of services to easily accept, manage and disburse digital payments.
- Increase your income
Leverage our marketing materials to sell with ease and earn revenue from our affiliate program.
- Get preferential training
Get access to our partner-focused sales training, marketing collateral, tools and much more.
Join Razorpay Affiliate Program now
Now that you understand it is beneficial for both of us, visit our website and signup on https://razorpay.com/partners/. Post sign-up, you will get access to adding merchants from the partner dashboard.
That’s all you have to do to become a Razorpay Reseller. Get started now and earn while you sleep too!