Affiliate
An Affiliate refers to a business relationship wherein one company owns less than a majority stake in the other company’s stock, or more commonly, an individual or company (the affiliate) promotes a product or service in exchange for commission on sales or leads generated through their referral.
Problem it addresses
Expanding market reach and increasing sales can be resource-intensive. Businesses are constantly looking for cost-effective ways to drive sales and reach new customers.
How it helps
Affiliate marketing allows businesses to leverage the networks and audiences of affiliates, effectively expanding their reach without the need for upfront advertising costs. It’s a performance-based marketing strategy that rewards affiliates for driving sales or leads, aligning the interests of both the affiliate and the business for mutual benefit.