GoodRx was valued for around $2.8B back in 2018, although they don’t sell any drugs, and don’t have doctors or pharmacists working for them as employees!
How does GoodRx make money?
This is an important question that thousands of people ask all the time.
Getting the answer to this question might help open for you a window of opportunities for making money online without selling products or services by yourself, if you understand the GoodRx business model well.
And this is what I’m going to explain to you in this short article, as in five minutes only, you will know how I personally make money with the same model and how you too can do it starting today.
So, without further ado, let’s begin!
How Does GoodRx Make Money?
GoodRx makes money in the form of referral fees or commissions as they refer people to pharmacists or doctors, in exchange of a commission on every paying customer or patient they bring to them.
And this is a legitimate way of making money online, and it is called affiliate marketing, or referral marketing.
For example, on the GoodRx.com site, you might look for a certain kind of drug for a certain health condition, such as an allergy or something.
And GoodRx will give you a list of options for specific treatment drugs, and when you click on one of them to see the prices, they will show you the prices from the major pharmacies or marketplaces where you can buy them.
And these prices will usually be discounted from the original price, and to get them, you need to click the “Get Free Coupon” button, and they will give you a discount coupon with a unique code that no one else gets.
And when you go to get the treatment, you show them code, and you will get the discounted price.
And from the same code, the pharmacy or the drugstore will know that you came through the GoodRx website or app, and they will credit GoodRx for that purchase and will give them a commission.
This is how affiliate marketing works and how GoodRx makes money online without selling drugs by themselves.
And drugs is not the only thing they promote, but they also refer patients to services by qualified doctors through the HeyDoctor GoodRx program.
The way this program works, is that the patient would go to the GoodRx site or app, and request an appointment for an online counseling, and a qualified doctor will be appointed to give you the “online” virtual visit, you will tell them the symptoms you have, they will ask you some question, and they will prescribe a suitable treatment if possible.
This is a paid service where you pay through GoodRx app or website, and they will deduct their referral fee, and will send the rest of the money to the doctor.
And that’s how GoodRx app and website make money online.
And now to the important question:
Can You Personally Make Money with The GoodRx Business Model?
Sure!
I personally, along with millions of other online entrepreneurs, make money through the same business model of GoodRx, which is affiliate marketing.
And the nice thing is that this model works for making money online in almost any industry, and not only the medical or health industry.
For example, I make money with affiliate marketing in the basketball industry, dieting industry, entertainment, maintenance, personal finance, and more.
I might promote physical products, like basketball shoes for example, digital products, like online video courses, or even services like promoting insurance companies to people who need them.
For example, on this site, I promote a video course that teaches basketball players how to increase vertical jump height to dunk, and I get a commission everytime I bring someone to buy this course through my promotion.
And you too, can do the same by creating an affiliate business around any industry or niche that you want, or you can also make it related to the health and medical industry like it is with GoodRx website and app.
And you can do that even if you don’t have prior experience in online businesses at all.
3 Steps to Start Your Mini-GoodRx Affiliate Business
In order to make money with referral marketing like GoodRx does, you need to follow three simple steps:
1 – Select an Industry or Niche
To succeed with any online business, you need to focus on a certain industry or niche, so that you build authority and people trust you and take by your promotions.
Like it is with GoodRx that is specialized in the medical industry.
If they were not focused on this industry, people wouldn’t trust them and wouldn’t take by their recommendations, and GoodRx won’t make money.
And as I explained earlier, you don’t have to go to the medical industry in particular like GoodRx did, that’s just an option.
You can do affiliate marketing in almost any niche or industry such as:
- Hobbies: knitting, crochet, painting, drawing, …etc.
- Sports: basketball, soccer, boxing, golf, …etc.
- Passion or causes: meditation, yoga, dieting, veganism, …etc.
- Arts: singing, playing guitar, piano, …etc.
And so on.
2 – Start a Simple Website Like GoodRx.com
And this step doesn’t require technical knowledge or coding, as there are tools and services that allow you to start an affiliate site in 30 seconds, without any coding or experience.
More on that in the following section.
You role isn’t a web developer, but it is to help people in the niche or industry you have chosen for your business.
3 – Help People in Your Niche by Answering Their Questions
Now after you have started your niche website, you need to start adding content and promotions in order to make money like GoodRx website and app.
To do so, you need to see what people in your niche ask on Google, provide helpful answers, and promote relevant products and services as a result in order to make commissions.
For example, if you choose your affiliate site to be related to pet health, then people might ask on Google stuff like:
- Best pet health insurance.
- Best pet health plans.
- Best pet health clinics.
- Best pet health tracker app.
- Best pet health insurance NYC.
- And so on.
And for each of these queries, you would create a simple list-based post, listing the top 5-10 services that people can use.
And you would link to each of these services through a unique link that is called (affiliate link), which helps that service provide to track the referrals you send to them and credit you for any paying customer that comes through your website, and finally give you a commission.
And with these three simple steps, you can make money like GoodRx site and app and with the same business model.
Need Someone to Take You by The Hand?
The business model of GoodRx.com is a simple one, and the most beginner-friendly online business model in my opinion, and my favorite.
However, like every business model, even affiliate marketing has a learning curve, and requires some skills and tools in order to succeed with it.
And while you can start from scratch by yourself and succeed, but there are lots of outdated information out there, hyped-up training programs, and useless tools that others would try to sell you by telling you that these will bring you results fast, but all of their intention is just to sell you their unnecessary tools and training programs.
And this will make you lose lots of the time and money before realizing this.
And what you actually need in order to succeed and make money like GoodRx is summarized in the following five points:
- A step-by-step affiliate marketing plan.
- A detailed training.
- Great web hosting with premium support.
- Research tools to find opportunities for making money.
- Support of experts and community of like-minded entrepreneurs who have already been where you are now.
And all of these five elements can be found online, but separately, they can cost you a lot of money.
However, luckily, I found one place that provides all of these resources and tools at the same place for a fix monthly fee that will save you a lot of money, and will help take out all the technical hassle so that you focus on helping your audience and making money.
And this place is a platform that is called Wealthy Affiliate.
This is where I personally learned and started my affiliate marketing businesses, and now I make the most of my income with this model, as I applied what they taught me on continuous basis.
And the cost of joining this platform is really affordable, especially when compared to building an offline business that costs thousands of dollars just to start.
Even better, this platform offers a free plan to try it if you are not sure yet.
And this plan will offer you access to parts of the tools and services, and to the first level of the training (10 lessons) without any money.
If you are interested in making money with the GoodRx business model, this is the place to go.
Check out this Wealthy Affiliate review in order to learn more about this platform and what they can offer to you, and you will see how you can get started with the free membership at the beginning.
Conclusion
I hope this short article helped you understand how GoodRx makes money with the affiliate marketing business model, and how you personally can follow the same model to make money online, with the training and tools in the previous section.
If you still have any question about anything I mentioned here, please, let me know in the comments’ section below, and I will do my best to answer you asap 🙂