In business terms, affiliated means an “official statement” between business entities. Official attachment here refers to a ‘contract’ or an ‘agreement’ of any perks. It is an official announcement to the public regarding the connection between the two businesses.
With an affiliate business, one can have the flexibility to choose the products they want to promote and also choose specific ways to promote the product. Also, one can easily generate sales for other companies and can earn sales commissions as income.
An affiliate is similar to a subsidiary, the only difference is that it is less than 50% owned by the parent company. Either two companies may be affiliated where one company has control over the other or both companies might be controlled by a third company. Two companies can have shareholdings by holding a minority interest (less than half), or one company can be a subsidiary of another.
Affiliation is the most commonly used for marketing and selling in online retailing where one company affiliates with another company to sell its products or services. The seller might have a website on which its affiliates can sell their products or services. The seller will have control over the site and would pay a certain commission to its affiliates. This can also be done by companies other than online marketers. Internet marketers usually use online programs for their work and a home-based business owner can market affiliate products without a website too. These relationships between companies are called “affiliate marketing”. There are various approaches to understand affiliate marketing.
One can approach affiliate marketing in two ways:
1. By offering an affiliate program to others 2. By accepting another business’s affiliate
Once two businesses are affiliated, one company pays its affiliates a commission fee for every sale or every lead they drive to the website. The main goal of a company should be to find affiliates who can reach the untapped markets. For instance, a company with an e-zine can make a good affiliate because it has subscribers who need resources.
A lot of marketers prefer using their websites to make money online. This may include a personal blog or a personal website that links to your affiliate program. This way, one can keep a steady flow of traffic coming into their website.
Therefore, introducing an offer through a “trusted” company would grab the attention of the customers which might not have reached otherwise.
When one company gives out promotional advice and tutorials on its site, its visitors will also be on the beneficial side because they will be the ones recommending the website to others. This way, one can create a successful home-based business for their selves that would take them further along the path into internet marketing success.
Also, one should make sure that they aren’t competing with their affiliates for eyeballs. Marketing channels like search engines, e-mail lists, or content sites must be off-limits to their affiliates. Marketing restrictions must be specified during the agreement and be notified to their partners.
An affiliate agreement should include the following:
- Term of the agreement.
- Under what circumstances can the agreement be terminated.
- Definition of affiliate in that particular regard.
- Relationship between the parties.
- Types of promotional material and advertising content.
- Restrictions on the affiliated use of promotional materials.
- Licenses required.
- Trademarks and service marks.
- Affiliate payments, negotiation of commission.
- Governing law.
- Party defaults.
Types of affiliates
- Corporate securities
- Capital markets
- Executive officers
- Large stockholders
- Parent entities
- Sister companies
Two companies or entities can be affiliates if one entity owns less than the majority of voting stock in the other entity.
Affiliates Versus Subsidiaries
A subsidiary’s majority shareholder is the parent company, unlike an affiliate. The company owns more than half of the subsidiary as the majority shareholder. The parent can have control over the subsidiary and might be allowed to make important decisions like the hiring and firing of its executives, appointing directors on the board, etc.
Advantages of an affiliate model
- It is a fairly passive model if one decides to go with the SEO route to its website.
- There is an incredible variety of products to sell and promote.
- They are a little lenient with their terms and services.
- There is more reach to the consumers.
- Customer service is taken care of by the company in the first place.
- No need to look after the huge stock.
- One can get a paid commission even if the products are not sold.
Disadvantages of an affiliate model
- One might not get a good reputation. If the product works, the entire company will be gone to the other company.
- There might be a low barrier to entry.
- They might attract unsavory characters to the field.
- They are incredibly competitive.
Each business model attracts a different set of consumers. An interesting fact about affiliate marketing is that is can attract a lot of different personas against other business models. Therefore, it is the most diverse way of making money online.
Examples of affiliate marketing in India:
3. MakeMyTrip 4. Swiggy
10. DGM India
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