How Long Has Affiliate Marketing Been Around?:
Affiliate marketing has been around for quite some time now, but its origins can be traced back to the mid-1990s. In fact, it only started to gain popularity after 2002-04 as a result of the rapid growth of the internet.
It was during this time that many affiliate programs were launched, and the concept of affiliate marketing began to spread across the world.
Referring to the history of insights, the Amazon Associates Program is widely believed to be one of the oldest affiliate programs in the world. It was launched by Amazon in 1996, just after the company itself was founded in 1994.
The idea behind affiliate marketing is simple:
A company or a business entity pays a commission to an affiliate after the successful completion of conversion [generally through their website or designated landing pages] via unique affiliate links provided to affiliates.
The conversion could be a lead or a sale. But, it will most often be in the context of sales. The commission can be a percentage of the sale, a fixed amount per sale, or a combination of both. [If interested, know more from the affiliate marketing glossary].
At first, affiliate marketing was mainly used by e-commerce companies as a way to increase sales and drive traffic to their websites.
Because it also helped them in [cutting back on advertising expenses and also raising brand exposure or awareness] through affiliates’ efforts.
Over time, it has evolved to include other types of businesses, such as service providers, SaaS, B2B, and even online education platforms.
Do you know? - “Affiliate marketing as an industry is now worth $12 Billion a year and is expected to grow by 10% in the next few years, contributing to about 15% of the total revenue made through ALL digital marketing” – JVZOO [Global Affiliate Network Platform]
One of the reasons why affiliate marketing has become so popular is because it's a win-win situation for both the company and the affiliate.
The company gets to increase its sales and reach a larger audience, while the affiliate gets to earn a commission for promoting products or services that they believe in.
"Affiliate marketing has made businesses millions and ordinary people millionaires" - Robert Foster Bennett
Simple affiliate marketing working model:
Today, affiliate marketing is a multi-billion dollar industry that is used by businesses of all sizes and industries. There are already over 10,000 affiliate programs worldwide.
There are now countless affiliate networks and platforms that connect companies with affiliates, making it easier than ever to get started with affiliate marketing.
But it also needs to be noted that this is 'not' a quick money-making strategy, which is why many affiliates have failed up until this point.
“Nobody becomes a successful affiliate overnight, so don’t expect this to happen in your case. You will fail at first. If you give up too early, you may just miss out on a life-changing adventure” – STM Forum
In conclusion, while affiliate marketing started out small in the 1990s, it has since grown into a massively profitable industry that shows no signs of slowing down.
Here's related information that you may also find helpful - Why affiliate marketing is booming in 21st century? [Know the top reasons].
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