Digital/Affiliate Marketing is a highly profitable and cost-effective business model that allows you to earn money by promoting other people's courses, services or products online instead of creating or selling your own products.
You don't need to worry about inventory or providing any services. The statistics show that affiliate marketing is a rapidly growing market, and with the pandemic and the digitization of global e-commerce, businesses are increasingly cross-selling.
According to Statista, the affiliate marketing industry was worth $8.2 billion in 2022, which is a 10% increase from the previous year. The industry is expected to grow to $15.7 billion by 2024 and is projected to be worth over $60 billion by 2026.
As an affiliate, you earn a commission every time someone clicks on the link you promote and makes a purchase. You can do this from anywhere with an internet connection and earn money even when you're not actively working!
If you're interested in learning more about affiliate marketing, check out Statista.
A few Affiliate Marketing stats
GROWING MARKET
The industry was worth $8.2 billion in 2022, a 10% increase from the year before. It's expected to jump to $21.1 billion in 2024 and reach $15.7 billion by 2024.
RISING INTEREST
Looking at Google Trends, we see more people are getting interested in affiliate marketing. There’s been a steady incline for years, and even 2023 has seen a rise in searches.
ORDER THROUGH
AFFILIATE LINKS
Affiliate programs now make up 16% of online orders in the United States as of May 19, 2023, showing how much impact affiliate marketing has on online shopping trends.
INVESTMENT IN AFFILIATE MARKETING
According to the 2023 report ‘The State of Affiliate Marketing’ by Influencer Marketing Hub, there's a lot of financial trust in affiliate marketing. So far, $1.5 billion has been invested in 2023 across 232 rounds, a 15.38% increase compared to the previous year. Specifically, between 2020 and 2022, over $216 million was invested in affiliate marketing software.
WORLDWIDE
PHENOMENA
The same report shows how affiliate services have become worldwide, with 9,600 companies working across continents. As it stands, North America leads the way, hosting nearly half of these services. Asia-Pacific, Europe, and Africa are also catching up.
GLOBAL
AFFILIATE ACTIVITY
The US leads in affiliate marketing, holding 39% of the activities, followed by the UK at 15%, and Germany at 11%. This shows a global acceptance and use of affiliate marketing strategies.
MOBILE TRAFFIC
Mobile affiliate spending saw a big 49% increase YoY, showing a growing area for affiliates to earn more.
JOB MARKET
MOVEMENT
According to PayScale, in 2024, an Online Affiliate Marketing Manager can expect an average salary of $63,510. This salary is made up of a base salary, bonuses, profit-sharing, and commissions, which could total anywhere between $45,000 to $99,000.
Sources: Statista, Kinta
How I see it
Here is my take on it all....
Many people consider this a con; it's a falsehood; that said, there is an increasing amount of lying in this area, which is normal for new and emerging industries.
However, after spending several months researching the field, you will be able to identify those who are exploiting new audiences and those who are not.
Furthermore, many individuals on social media claim to make £10k a month in just a few weeks.
This is highly improbable but not impossible.
The truth is it takes time and effort for an average person like you and me to achieve these results.
What honest people provide are tips, tricks, templates, and what has worked for them. We have all made mistakes on the path to success. Personally, I have spent over $500 on subscriptions to platforms that failed to deliver what they promised.
Being honest, transparent and open is what will win over.