Affiliate marketing is booming currently. Everyone who has got a decent knowledge of digital marketing is entering this game of affiliate marketing and creating their own side hustle, thereby creating a good source of some solid passive income. Nowadays making money online has became more popular and everyone wants a side hustle that makes decent amount of money. People are getting frustrated of their regular 9-5 jobs and want something sustainable which can help them quit their boring jobs and at the same time make more money online. Affiliate marketing is one of those ways which can help you in achieving this. In this article I’ve discussed everything you need to know about Affiliate Marketing and how anyone can make money working online. Also, I have busted some of the myths about affiliate marketing like its not a get-rich-quick scheme but consistent and dedicated efforts will make you wonders. I am sure after reading this article all of you will have a decent idea of what affiliate marketing is all about and how you can get started with it.
What exactly is Affiliate Marketing?
Affiliate marketing is nothing but promoting other’s products often through affiliate networks , on your own website, thereby earning a commission if people actually end up buying the products thanks to your marketing efforts.
For example, lets say, you are a B2C company that sells organic food products. Through your affiliate programs, you can partner with:
- Bloggers emphasizing on the benefits of organic food products
- Organic food products review sites
- Publishers who have the capabilities to promote sign-ups for your “organic food products” thus driving high-value leads for you
Whatever you are wanting these partners to do – drive sales, leads, new customers, etc. – you pay them after they’ve delivered on that desired action.
In other words, you’re paying only for actual outcomes.
But if you don’t have any products to sell, you signup with many affiliate networks like Amazon Associates, CJ, ClickBank, JVZoo etc. They have an array of categories having loads of products that you can pick and market. Just choose the category in which you have a decent knowledge about that domain which will help you in marketing it in a better way.
If you want to know more about how affiliate marketing actually works, check out this amazing guide.
Myths about Affiliate Marketing
Will I make money while I sleep? Is affiliate marketing a dying industry? Is it really that easy to become an affiliate marketer? So many myths, so little time to bust them all!
90% of the blogger people jump into affiliate marketing for ONE reason: to make money.
There’s nothing wrong in that.
In fact, if done right, affiliate marketing can become a money printing machine.
But here’s the thing: there are so many myths around it.
In this post I’ll help you get past of some of the worst myths about affiliate marketing that need to be debunked so you can actually start making money from it. I bet you are curious at this moment to find them out?
Let’s get started.
1. It’s a Get Rich Quick Scheme
One of the biggest myths, lets start out with this. Everyone looking at some of the top affiliates and think it’s an overnight success.
Affiliate marketing is not a get rich quick scheme. Of course, there is money to be made, but earning a full-time income could take years.
Top affiliates which you see around you are doing this since years, they have mastered the copywriting skills, creating the funnels that convert, team development skills and above all, they have trained themselves to become one of the top players in the world.
There’s nothing quick in affiliate marketing. It involves massive trust building i.e. your audience whom you are targeting, must trust you and the products & services that you are promoting and building this amount of trust takes some time.
2. Need of a Blog or Website
Almost everyone before getting into affiliate marketing think that they need a blog or website to start affiliate marketing.
But in reality, that’s not the case.
Having a blog or website, can be an added benefit as it can act as a good source of traffic for you. But never look at it as a reason for not having a website to start the business. Most of you invest on your website and spend hours choosing over themes, plugins and colors. It will cost you thousands of dollars. You will wait for traffic, clients and sales.
Many people often promote their affiliate inks through their YouTube channel. That’s also a great idea if your channel an products are within the same niche. Also nowadays email lists are considered your net-worth. You can specifically target them and pitch your products, because they are already your subscribers, you don’t need to put any extra efforts in building trust with them. Once you keep delivering quality content to them on a consistent basis why won’t they trust and buy your products.
Also you can start pinning attractive images on Pinterest and other similar sites and insert your affiliate links within them to start driving leads and sales. That’s why many digital marketing agencies have in-house team of graphic designers. But as an individual starting out, its perfectly fine even if you don’t have an in depth knowledge of graphic designing. Just having some basic knowledge and implementing it will work. You can get yourself acquainted with basics of graphic designing concepts like color theory, check out this colorful guide..
3. More the website traffic, more the money!
No, it doesn’t works that way. Even if you have got a subscriber list of 1000 loyal people, you can still earn millions. Because affiliate marketing is all about getting conversions. You can drive traffic from various platforms, but what if that traffic is not going ahead and buying any of your products. That traffic would be of no use for you,
Hence it is really important to do extensive research and figure out your ideal customer avatar. Its very important to figure out what your ideal prospects would be expecting from you, only then can you create something that would benefit them. There is a chance that your offer will resonate with the individuals who are looking for the solution to a concerned problem. So that, you can convince your prospects to take up your offer.
4. Affiliate Marketing can be completely Automated
By now you all might have came to know one thing for sure, i.e. affiliate marketing takes time. If you sit and try to automate each and every step it might look quite impersonal and unprofessional for your prospects. Because the main thing here is to understand human behavior and design your approach accordingly. However highly you choose to automate, it can never get ahead of personal human interaction,
Hence its not a good idea to entirely automate your affiliate marketing strategy, because it might affect your relationships with your loyal customers.
How to choose the best affiliate marketing program?
Now there are many affiliate marketing programs out there. A lot of newbies entering into affiliate marketing get confused about which programs tp choose and how will they benefit from it? Is this program good for them? In this post I’ll share some tips on choosing the best affiliate programs. Always keep these points in mind before joining any affiliate programs:
1. Does it fits within your niche
This is very important and I hope you all must be aware of its importance. Promoting a product within your blogging niche does helps when you’re just starting out, because you will have a fair amount pf knowledge about it and that will give the right ideas of promoting it. You can also be creative and think out of the box! For eg: if you have a blog about health and fitness, it will make more sense and be easier for you to promote and drive sales with fitness related products. However there is no need of confining yourselves within it, you can always scale and expand it.
2. Begin with yourselves, be your own client!
Well they say, sell what you love and it stops being a job. Choose products that you believe in and try them out in advance (if possible). If you come across a product you know nothing about but it fits your profile, learn as much as you can about it and try using it so that you become familiar with it. Of course, you might not feel passionate about every product, but great product knowledge will help fill that gap.
3. Does the program has a decent conversion rate?
To be honest, generating revenue is usually the sole reason for taking up affiliate marketing. Well, for better revenue, along with the rate of commission, you must also consider the rate of conversion. Since affiliate marketing works on a cost-per-sale (CPS) compensation model, you need to ensure that the program you are choosing has a high conversion rate in the first place, only then will you be able to draw sales and thereby, profits.
4. Competitors of your program
Its always better, to take a look at some of that brand’s competitors to see if they also have affiliate programs to join. Providing your audience with additional products in a similar category or even from direct competitors will increase your chances for a conversion. Even though your blog covers a variety of products, your customer base might be more inclined to buy from a specific category of featured items. Lean into that knowledge and search for retailers or merchandise in the same arc.
5. Does the program offers a system to track sales?
A good affiliate marketing program will always have a very good sales tracking mechanism. Good tracking systems helps the affiliates analyze in-depth performances of their campaigns, the rise and fall in sales. This will help the affiliates redirect their efforts in the right direction which will be a win-win for everyone eventually.
Also it’ll be beneficial to have a decent amount of knowledge about digital marketing before entering the game of affiliate marketing. Also by learning digital marketing, you can generate many earning opportunities for yourselves.
I hope this article was useful and you would be feeling a little more confident with affiliate marketing. I believe that most of your questions and apprehensions are cleared. If you still got any doubts or you would like to ask me anything, please feel free to comment below or contact me, I’ll try my best to respond back to your queries.