Finding the right business idea is more difficult than ever before, with many markets and industries now appearing to be fully saturated.
The Region of Durham’s 11th annual Business Count in 2023 revealed a total of 12,718 businesses, which was a similar figure to 2002. In terms of new ways to grow, affiliate marketing is one of the key business ideas that can help you reach untapped markets.
What Is Affiliate Marketing?
This is a marketing method where the business pays a commission to a group of affiliates for promoting their products or services, usually on websites or social media. This approach – originally known as revenue sharing – was created before the internet was available, but it was the arrival of ecommerce sites that made this concept gain widespread popularity.
PC Flowers & Gifts is regarded as operating the first online affiliate network, reaching 2,600 affiliates a year after launching the program. Amazon Associates and Shopify are currently among the biggest affiliate programs in Canada, with the global reputation of these brands helping newcomers attract new affiliates.
What Platforms to Use to Attract New Affiliates?
This guide to Instagram affiliate marketing by Shopify points out that the social media platform is ideal for attracting new affiliates for a variety of reasons. Half of the people who use Instagram shop on the platform, while the focus on videos, images, and live-streamed content makes it easy to promote products in a natural, attractive way.
YouTube can also be used effectively for affiliate marketing. The secret in this case is to choose a niche that allows you to create a series of engaging videos based on topics that are likely to be of interest to your target audience. Affiliate links can then be added naturally to the video scripts and in the descriptions.
Affiliate Marketing in iGaming
As an example of how affiliate marketing can help an industry to grow. The iGaming market has undergone impressive growth in recent years, with a rise from $70 billion in 2022 to over $85 billion by the end of the following year and with further upward movement expected. This has led to many new casinos and gaming sites being created to meet the demand among players. These sites each offer similar types of games, but each operator tries to add a unique angle, like the theme or site design.
Companies looking to set up their own gambling sites can get started with the help of tailored iGaming solutions. The option of setting up an affiliate program helps them to grow while giving other entrepreneurs the chance to set up their own gambling businesses. The use of customised filtering and personal landing pages are among the benefits that help affiliates to attract new players that earn them income.
With these examples, it’s easy to see that there are still ways to start a new business that avoids the most crowded markets and aims for growing sectors of the economy by leveraging the power of affiliate marketing.
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