By Priest Willis @ Lenovo
Affiliate Marketing is a type of performance-based marketing
African Americans are major consumers in e-commerce
All the rage in recent years has been about side hustles which has played out in many ways. Some people have decided to drive Uber or sell items on eBay, ultimately creating different businesses that essentially don’t interfere with their “9-5”. One concept that has been around for almost two decades but lesser known or understood on certain levels is Affiliate Marketing. But what exactly is Affiliate Marketing and how does it work?
Why This Matters: Let’s start with what Affiliate Marketing is not. In no way is Affiliate Marketing the same as multi-level marketing (MLM) or ballroom hope: a concept started in 1989 with PC Flowers & Gifts and then with Amazon (AMZN -5.71%), as the first company to scale with the public in the mid 90’s. Affiliate marketing is a type of performance-based marketing which a business pays one or more affiliates for each visitor, customer lead or sale brought by the affiliate's own marketing efforts.
How does Affiliate Marketing work? Start by getting yourself an affiliate account with the company you'd like to work with, which should somehow be related to your area of expertise.
If you’re an influencer or content creator in computers or the tech world for example, you could open an affiliate account with Lenovo (0992.HK -5.40%) and start linking to laptops and more products that you like in different posts to take advantage of this passive revenue stream. If all goes well and your visitors ultimately make a purchase, you get a commission when the sale is completed.
Situational Awareness: African Americans are major consumers in e-commerce, yet they’re still greatly underrepresented in the tech workplace and development of building an interconnected world. Silicon Valley and other parts of the world are facing mounting criticism over the lack of diversity in the space, due to reports black workers make up to 2% of the workforce in several large tech companies. This is another opportunity to level the playing field as you consider new side hustles or begin a new venture. Now you’re in the know!
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