What is affiliate program/marketing?
Have you ever heard of a pyramid scheme where a designated agent canvases another individual and persuades them to be an agent? In this, the former gets a commission or additional profit for adding up a new member into the kitty. The affiliate market also works on similar lines.
Under this type of program, you earn a monetary bonus. After all, you have introduced a new member into the existing sphere, helped grow the business, and encouraged branding.
Many companies or small-scale businesses working locally encourage such kinds of business models to increase sales. This sort of pyramid scheme has been upgraded to a sophisticated format of 'affiliate program' by moguls in various industries. This concept of marketing attracts the existing ones to earn more.
With the growth of the internet, and growing digital traffic, many businesses have shifted from offline to online, where they have upscaled the profits of businesses through affiliate programs. This means that the organizations gave commissions to their affiliates based on their referral to a new member who joins. Moreover, it also helps the companies to save some extra bucks; for the transfer of funds that the company facilitates apart from the regular services they offer.
Inception
This lucrative method of marketing is undoubtedly a profitable genie in the bottle if used and lured into properly. If leveraged aptly, this genie in disguise could reap some decent bucks for your company.
Affiliate marketing was initiated in 1968 by the company named PC Flowers & Gifts, where they sold flowers via online mode. This start-up eventually grew and reaped $6 million in sales in 1991 and turned into a powerhouse with over 3000 affiliate marketing partners.
In the coming years, the internet took an impactful toll on our lives. We all witnessed a digital boom wherein from buying groceries and clothes to paying bills and doing bank transfers, we all just entered the e-world.
With technology advancements and e-commerce innovations, one of the world's leading e-commerce mogul Amazon was not far behind from testing its luck in affiliate marketing. Amazon launched 'Amazon Associates' in 1996, which eventually became a template for brands to launch their self-curated affiliate programs.
Since 2010, affiliate marketing has undergone booming growth and has turned out into one of the well-known and effective models to pull in extra sales from the existing profits.
As per the report by Statista, the projections show that affiliate marketing in the United States is said to reach $8.2 billion by 2022. Startling, isn't it? This projection is three times more than what affiliate marketing's worth was ten years ago. Moreover, the Awin Report stated that advertisers spent over $13 billion in affiliate marketing. If billions are spent on affiliate marketing, we believe that the product is of worthy substance, don't you feel?
Words of Wisdom
According to Wewege, “there is no doubt that this upward trend will continue, and the affiliate marketing industry will continue to see significant growth especially seeing as online activity has increased dramatically because of the pandemic. The loss of many jobs and the subsequent need for supplemental income has had a significant impact on the affiliate marketing industry, and this is unlikely to subside.”
Apart from its growing popularity in the e-commerce industry, this hidden gem has turned out to be a boon for the fintech sector and has become an integral part of the system. It has proved to be a worthy asset for the fintech companies also because affiliate programs are helping them to pitch in new customers who were earlier hard to access from the organization's radar and expand the brand's name to different tangents of the globe.
With the gaining popularity and increase in use, the service providers for affiliate marketing/programs have also witnessed significant growth in the past few years. According to the reports, the global affiliate marketing sector was estimated to be worth over 12 billion USD in 2019 and, the two biggest aggregators or affiliate marketing providers were from the EU and the USA.
The framework of PingPong's Affiliate Program
After understanding the basic essence of affiliate program/marketing and potential future growth, let's move to understand the intricacies of PingPong's affiliate program and its framework. Let us break down the complexity and understand the process.
In the affiliate program, a total of three participants are present in the whole process, and they are:
- Merchant
- Associate/Affiliate
- Potential customer
Firstly, the associate or affiliate will post/share the link regarding the merchant's service or product on their social media platform. Whoever clicks on the link will be directed to the merchant's website (generating traffic and might encourage the final purchase). Now, based on the purchases and the increasing traffic, the commission percentage for affiliates is decided. For instance,
After calculating the commission based on the percentage, the payment is done to the affiliate. The commission is settled via various payment processors.
Tip: There are countless payment processors in the market but always remember, all of them aren't reliable. Moreover, some payment processors cost painful pennies under the garb of foreign exchange, conversion charges, bank costs, market rates, etc. Therefore, opt for an option from the many that benefits you and helps you save more. (Hint - PingPong)
How to enroll yourself to be a part of PingPong Affiliate Cult?
Don't stress too hard because this isn't rocket science. The steps to be a part of the affiliate program are as follows:
Sign up and apply for the PingPong Affiliate program with this link - PingPong - E-commerce Global Payments & VATs (pingpongx.com)
Now, wait patiently until the PingPong team calls you up and provides you with your unique link through which you can start sharing content about PingPong and the services and products offered by the e-commerce sellers.
With your help, your referrals will create a PingPong account using the referral code/link provided by you.
Now, all you must do is sit back and count your fundings of hard work for pulling in more customers. For years if you have just tasted USD or INR as your earnings, be a part of PingPong and enjoy the luxury of global currency remittance in - JPY, GBP, EUR, AUD, SGD, CAD. MXN, and AED.
Advantages of Affiliate Program
It is your interest that counts & not experience
If you are passionate about sharing your views about the e-commerce services/products and own a community that relies on your words then PingPong's affiliate program is a haven for you. You might be a fresher or an experienced person, no worries because all are welcomed to experience, practice the trade of word of mouth and earn.
But, the primary trait you need to have is research. Know the brand before posting content. Clear your doubts to be a helpful resource to the community. And, gradually you will be able to identify the right audience and the type of content that attracts more visitors, etc.
Flexible
Under the umbrella of affiliate programs, you are never tied to any affiliate program, you can choose as per your convenience and flexibility.
It also means you can work on multiple programs as per your taste, catering to multiple niches. It also gives you the liberty to experiment to find which works well for them and which does not; this gives you the leverage to pull out from the arriving crisis and invest your time in meaningful products.
Passive yet sustainable income
An affiliate program is like having pocket money, except for the fact that it will not be a fixed amount. It could be an increase from your previous funding or a pinch lesser than the previous. But, the payment flow shall carry on based on your work and the content you offer to your peers.
Therefore, with optimization and branding, you could reap good profit. It's just like leasing your home at a decent price and providing beneficial offers to the customer. If the customer is happy, the person shall stay in your home for a long term, and by the end of the month, you will earn extra for your services.
No or Low Investment
You could choose between the two - either free service or starting with low investment. Some opt to run ads related to the products on many search engines like Google, Microsoft Bing, etc, at a low cost. Or utilize social media as a fruitful medium where you could promote the brand via paid advertising.
It isn't necessary to do any investment. People do it to pull in traction to their promoted content. So, research before investing money to avoid any risk.
To know more about affiliate marketing click here - https://targetcircle.com/blog/expert-opinion/affiliate-marketing-fintech-industry/