There are numerous advantages to becoming an affiliate marketer. From flexible working hours to a near limitless income, if you’ve already got a captive audience, there are no real downsides! But why should you become an affiliate within the financial industry?
Obviously if you’re already working in the financial sector, and this is where your audience is, it’s a no brainer to continue down this path. If you’re just starting out though, and weighing up your options, you may be interested to find out a few of the benefits of becoming a financial affiliate!
What is Affiliate Marketing?
Affiliate marketing is where a business pays someone a commission to promote their products or services to a particular audience. The business gets more traffic and sales, the affiliate is paid a commission simply for advertising something through their platforms, and the customer doesn’t need to compare products or services themselves, as they’re given a recommendation by someone they trust.
The idea was pioneered by the founder of Amazon, Jeff Bezos, in 1996. Amazon showed that the model didn’t just work, it could be hugely successful, and just about every industry has now started using affiliate marketing in some form or another.
Benefits of Affiliate Marketing
The most obvious benefit of affiliate marketing is earning money through endorsing products. Affiliate marketing is often referred to as a way to earn a passive income, as your advertisements can run in the background, while you earn a commission. But there are several other benefits of affiliate marketing too, such as the following:
- You don’t need to have any prior experience, or even a large following when you start out – you can simply grow your audience as you go
- Start up capital isn’t necessary, as you won’t be designing or manufacturing any of the products or services
- There are no real wrong ways to go about affiliate marketing – you can develop your own techniques, and see what works best for you
- There is plenty of flexibility with affiliate marketing, and you can work as many or few hours as you want
Becoming a Financial Affiliate
The online financial market, which includes things like banking, loans, credit cards and investment, is one of the fastest growing industries online. Years ago, this was a very closed off sector, with the big banks and other major financial organisations essentially running the show. But now that the market has shifted online, it’s become much simpler for financial businesses to grow and customers to explore the multitude of options available.
It’s pretty easy to become an affiliate marketer these days too. As long as you’ve got internet access and a laptop or similar device, you can get started earning an income through affiliate marketing. A supplementary income stream is enough of a draw for a lot of people, but there are a few other benefits when it comes to financial affiliate marketing!
Advantages of Affiliate Marketing in the Financial Services Industry
It’s good to note that people are using online financial services more often. From banking online to using loan comparison sites and brokers, this is slowly shifting away from the highstreet, which means online affiliate marketing is becoming more important than ever. According to a study by Finder, the year on year growth online banking has seen means three out of four Brits now use online banking.
Another one of the great things about financial services is that there are almost never any physical products to promote. You therefore don’t have to rely on the seller having enough inventory in stock in order to generate income!
Working as an affiliate in the financial sector can also mean less upkeep in terms of online promotions. With industries like fashion and other sectors that sell physical products, there are usually a large number of special offers and promotions to advertise. As an affiliate, it’s your responsibility to swap these promotions out when they expire, and add new ones to your feed. Financial services are generally much more stable, with almost no offers to flaunt.
The profit margins within the finance industry are additionally comparatively higher than a lot of other sectors. With our broker sites, for instance, you can earn up to £75 per accepted lead.
Why Financial Businesses Use Affiliates
We have seen that there are several benefits for affiliates working within finance. But what about the companies themselves? Affiliate marketing, on the whole, is something that benefits everyone involved, from the businesses and affiliates to the customers themselves. The first two see an increase in conversion and revenue, while the customers can feel confident investing in a product or service, as it’s been recommended by a trusted source.
In terms of the advantages financial companies see from affiliate marketing, we’ve listed the top five benefits below:
- Gain access to your target demographic, who are already engaged with the subject matter
- Increase traffic to your site and see a higher conversion rate
- Get measurable results and a fantastic ROI
- Cross-channel targeting, as well as conversion tracking
- Control over ad placement, such as the creatives used, and viewability
Overall, with the financial market continuing to grow, especially online, now is a great time to get into financial affiliate marketing! This is true for both financial institutions and the affiliates themselves – if you’re looking to earn more money, this could be a fantastic opportunity.
To discuss affiliate marketing in the financial industry in more detail, Leadtree Global would love to hear from you! We’re always happy to add new affiliates to our network, so get in touch today!