Affiliate marketing is an advertising model in which a brand pays third-party content creators to generate traffic and leads for the brand's products or services. Content creators often run a blog or produce video content. They promote the company in their content and are given a unique link to drive their audience to. Then, they are paid a commission for the value of the traffic driven to that link or sales made through it.
Affiliate marketing is a useful tool for businesses who want to reach a wider, established audience through a creator the audience is already familiar with. Affiliate marketing is a billion-dollar industry, and it operates in both B2C and B2B spaces. Return on investment for affiliate marketing can be very high since the company essentially outsources marketing and selling to the affiliate.
Example: Gretchen posted links to a specific software in her blog. For every click that link got, the software company paid her a commission. Gretchen was taking part in affiliate marketing.
Application forms consists of a series of questions that prospective partners have to answer before joining a partner program. While the questions on an application form will change depending on the program, they generally allow you to learn about a potential partner's fit for your program, including their goals, offerings, customer profile, and values.
The information found on an application form can help inform your decision to approve or decline partners that request to join your program.
Example: Beehive filled out the application form for the referral program at TechFront, and they were happy to find out TechFront approved them for the program based on their answers.