Ever since the introduction of internet and the possibilities it offered a lot of businesses saw the potential of increasing their exposure and made themselves available online which is when the digital economy started. With technology constantly evolving and internet speeds reaching the phase they are in now it became clear that digital economy would topple the traditional economy by a lot and become much better for profit. Recently the digital economy is one of the key drivers of the economic growth in the US and it’s grown for about 7.2% annually for the past decade which is a rate about 4 times faster than the GDP. The development of technology has also made way for many businesses to easily improve their efficiency in many fields while having lower costs.
The digital economy has a few advantages over the traditional one and those are:
1. Effective resource allocation – in the digital world there is an option to get an algorithm that has information on what people search on Google, what they want and how they want it and it’s much cheaper than paying people who may or may not be able to help you sell your product.
2. Location – it doesn’t matter where you are as long as you have an internet connection and an online presence. You can be sitting at home in your pajamas and be able to make millions selling services or other products if your online store is well marketed.
3. Faster growth of small businesses – when you get your business online it would about $20-$30 to reach an audience between 3000-4000 people which means it would only cost so little to make your new business known to so many people out there that might be interested in your product or service.
Affiliate Marketing
Having a website or a blog that is frequented by a lot of people it one of the better things you can have to be able to make money online because if you have one of those you can use it to put up affiliate links and refer people to services for which you’ll earn commission. If this sounds simple it’s because it is but the hard part is to get to a website or a blog that a lot of people are reading. It takes some time for a new website to become popular and have a lot of traffic. It involves working hard and putting up content regularly but once you build your audience you can truly enjoy the passive income and quit your job to work from home.
The way affiliate marketing works is by offering commission for the products or services sold. There are a lot of websites that have various products and services listed and available, and all you have to do is sign up for their site and apply to be an affiliate for a product. Once you get approved (this usually happens really fast) you will get a unique link that you need to embed in you posts so your audience can see it and if they buy the product or service through this link you’ll get a commission for it which can be anywhere from 20% to 200% depending on the product and the company offering it.
Make sure you refer your readers to products and services you really think are worth their trouble because if you refer them to something mediocre you might start losing your audience and your online income will take a hit. Do your research before you apply for any service to make sure you’re an affiliate of something great and you can proudly present it to your readers.
There are various affiliate websites that you can sign up for and pick from the products and services they are offering including Rakuten Marketing, Share-a-Sale, Commission Junction, ClickBank, Impact Radius and a lot more but you don’t have to use these sites to be an affiliate. There are many companies that recognized the potential in offering affiliate options on their own without using one of the websites above and they implemented an option where you deal with the company directly.
Overall, affiliate marketing is definitely the best way to make money online and build up your…