Affiliate marketing is simple and one of my most loved marketing medium. Every big company is doing this like amazon, flipkart etc. Here you basically put an affiliate marketing software in your website. Then you find some influencing people and give them their affiliate link to promote. You also give them some training about how to promote your business. Then they promote their affiliate link in various social media like facebook, Instagram. YouTube etc. And when someone buy any products, you give them some commission on sales.
Let me give you an example. Suppose you sell some types of service and it cost 1000 rupees per customer. Then you add affiliate commission of 20% and give it to some people to promote it. These people will be called as your affiliates. These affiliates will promote your business via social media marketing, local word of mouth etc. Then when any affiliate is able to sell any product, you will pay him 200 rupees. Suppose you got 10 affiliates and every day each one is able to sell just one of your service, you can sell 10 service per day easily without yourself doing any marketing at all.
If you have your website, you can specify which product or service will have what types of commissions. You can choose to disable giving commissions on certain products (for example products with less profits) and also choose to give more commissions on certain products (for example those products which you want to sale fast to clear your stocks). One advice while creating affiliate commissions is that, first decide how much profit you get from your average customer order value. Then cut some profit from your total profit and use those cut profits to use as affiliate commissions.
By using affiliate marketing you can sell all types of products & service easily without spending your time on any marketing efforts. You can find your affiliates on social media platforms easily. Just post “If Part Time Job Required, Then Contact Me” (or any similar post) in facebook and see how much requests you get in a day ! Then tell them to become your affiliate. You should be picky in choosing your affiliates. Don’t make everyone your affiliate at 1st. I only hire good people to promote my business. Because if they spam, then it will affects my brand image too. So I am very picky in choosing affiliate. Who is spending most time on social media & is a good influencers, I choose them to be my affiliates.
Affiliate marketing is cheap and here you have control over your sales. You will only pay when there is a sale is made, otherwise no payment. So if you find 10 to 20 affiliates for your business and inspire them to promote your business; you will get more sales easily with less marketing cost. More affiliates equal to more profit.