What is Affiliate Marketing?
Who won’t love waking up every day with an assurance that somewhere, you’re automatically earning without stepping outside your home? (passive income).
Isn’t that what everybody wants? An easy way of making money without stress.
This is what Affiliate Marketing is about. The trick is to promote other people’s products which you don’t have to keep, and you earn a particular percentage every time sotrickmeone makes a purchase (through your link).
According to Neil Patel “It’s based on revenue sharing”. Maybe you have a product you’d like to sell. You can give out incentives on every sold product to promoters or publishers through an affiliate program. It is an effective way of driving sales.
If you do not have any product to sell, you can still make money by promoting a product you like. This way, you’d be earning a particular percentage of sales made.
Pat Flynn’s Smart Passive Income defined Affiliate Marketing as the process of earning a commission by promoting other people’s (or company’s) products. You find a product you like, promote it to others and earn a piece of the profit for each sale that you make.
With this, I hope you now have an idea of what Affiliate Marketing is.
Who are Those Involved in Affiliate Marketing?
According to Wikipedia, there are four parties involved in Affiliate Marketing. However, other sources talk about 3.
I will explain all four later. But when we talk about Affiliate marketing, there are two indispensable blocks involved: the product owner and the marketer.
In this sense, I’ll define Affiliate Marketing as a process of Product Marketing with several parties involved. And each party gets to earn as much as their contribution to the production and sale of the product.
In Affiliate Marketing, you can be the owner and marketer of the product. This way, you’d be profiting more from your product.
Now, let’s examine the parties involved in Affiliate Marketing.
Also known as product creator, brand, or retailer. This party is the one involved in product production.
He is simply the owner and seller of the product. A merchant can be an individual or company. Being a merchant is simple. You just have to have a product for sale.
This party is always actively involved. They’re in charge of bringing in buyers or potential customers to purchase the product.
Publishers, also known as Affiliate, earn from commissions on products. They only earn after the buyer has made the purchase.
An Affiliate Marketing Business can give hundreds of dollars or more each month as commission.
To become a publisher, you should have a way you can help Merchants promote their products. It could be a simple blog dedicated to finding the best products in the market.
Also, you can simply use your social media presence to promote a product and earn your commission on it. A good example is YouTube. You do this with an affiliate link.
Note: If buyers or customers don’t use your link to purchase the product, you’ll not earn.
What’s the essence of a product no one is buying?
The buyer or consumer is the one who makes a purchase or buys a product. Every buyer of an affiliate product is part of an Affiliate Marketing System, either they know or not.
Without the buyer, there’ll be no commission for publishers to earn from, and no earnings to share. Even the owner of the product won’t be getting anything.
In short, without the consumer, customer, or buyer, everyone walks away with nothing.
Note: Buyers do not pay additional charges to publishers, as product prices are always included during the sale. Moreover, a product price is to be given by the product owner himself.
Although most people don’t consider them as part of an Affiliate Marketing System, however, these guys serve as an intermediary (middlemen) between the publishers and the merchants.
It is possible to simply promote an affiliate product by sharing the link to your friends or followers, and earn directly.
Allowing networks such as ClickBank or Commission Junction to handle the delivery of your product and payment, makes your affiliate marketing more serious. They also serve as a database to showcase products for publishers to make choices.
Right now, Amazon is the ‘Big dog’ (biggest affiliate network).
You can sign up and get a custom affiliate link to Amazon products. Whenever someone buys a product through your link, you’d get a commission.
Becoming an Affiliate Marketer has never really been the issue. The bigger question is “…how to make money from it”.
Now that you’re familiar with the basics, let’s get on with :
How to Make Money From Affiliate Marketing
Make a Choice of Niche
Getting into the wrong niche could be disastrous as well as time-wasting. Before you venture into affiliate marketing, it is crucial to make the right choice of niche because this will help prolong your stay in the niche.
Don’t just set up a blog or a social media like YouTube channel for affiliate marketing without deciding your niche first.
What are you passionate about?
They say “Passion is a Key to Success” Your passion could be your niche.
It could be anything from fashion, makeup, tech, reading (books), etc. Name it!
However, it’s also good to think about the money involved while choosing a niche. There are times when money triumphs over passion. No one wants to waste time on something that isn’t profitable.
As long as you can make money from that niche you’ve chosen, you can learn about it.
There are also other essential things to be examined. You should also check if there’s an affiliate program available for that niche you’ve chosen.
Research on how well buyers are demanding for products in that niche.
Check if your niche can accommodate one more marketer (you). You shouldn’t venture into a niche with too many marketers already. If not, you’d be picking up the scraps (if there’s even any scrap).
Now that you know how to or decided on a niche let’s move to the next step.
Search for the Best Affiliate Programs
Maybe you’ve done a little of this during your research on your niche—this time you have to look further.
You can also sign up to Amazon Associates to get your affiliate link to any product on Amazon. The right choice of an Affiliate Program always turns out beneficial.
There’s a lot to look out for when choosing an affiliate program. What do they offer? (Products commission). Who are those using the affiliate program? (merchants and publishers). What type of products do they offer? (do they offer products related to your niche?).
Set up a Blog/Website.
Now, you need a way to publish your content. Contrary to what most people think, setting up a website or blog isn’t as complicated as it sounds.
Google offers free hosting on Blogger. You can use this to your advantage. You can easily set up a blog on Blogger and start publishing; It’s free. However, there are also limits to what you can do and undo. You can also buy a custom domain; this is very much advisable.
Another option is to use WordPress. If you’re new to setting up a website, this is also one of the easiest ways. WordPress isn’t free, unlike Blogger, which gives free hosting with lots of limits.
However, WordPress allows you to customize your website or blog to your taste with almost unlimited access to themes and a lot of fascinating plugins. It is the best and most advisable way to set up a website or blog for your affiliate market.
Create Good Contents
This is where the real action begins. The goal here is to establish your site as an authority site in your chosen niche, and it requires lots of work. Producing excellent content is time-consuming, as you’ll be spending so much of your time creating the best content you can. This is where the popular saying “Content is King” comes to play.
Write about those products that interest you; talk about what makes them unique or suitable to use, give convincing reasons your readers(buyers) should have it. If done well, this will become an excellent source of affiliate income for you.
Good contents aren’t just about writing randomly about products. Addressing and solving common issues like products related problems will help build your audience.
Also, to write excellent content, you should search for key phrases and words your audience is currently looking for. It will help you stay relevant and current in your niche.
Search for other affiliate marketers in your niche, check out what they are doing, and restrategize on how you can do it better. You should also check out questions and find a way to better answer them by including them in your content
Give away free information and advice to your audience. It shouldn’t be all about the products and the money. You can do it by sending them Emails. It will help keep you alive and relevant in your customer’s and visitors’ minds, and they’ll keep coming back.
Grow your Audience
A perfect audience will help keep the sales coming. You can start by building an email list. Give out premium ebooks for free and ask for their email in return.
You can also promote your content on social media. It has always been an effective method of increasing the audience.
Learn the basics of SEO. This will help boost your organic traffic, and your site will often show up whenever there is a search related to your niche.
This is the most exciting part. I call it the “make money” section. After all your effort in setting up your blog or website, spending lots of your time creating good content, and building your site, it’s time you start making a profit.
Most people often skip steps 2, 4, or 5 (Grow your audience). It will make you unique. Before you start monetizing, you would have grown enough audience to kick-start your affiliate market to start generating income effectively.
Write about products (Product reviews). Try to be as honest as possible whenever you write about a product. As I have mentioned earlier, give your customers convincing reasons they should have the product as usual. However, this time you’ll include your affiliate link to the product.
Don’t only talk about the features of what makes a product right to have to get sales. Always point out the wrong side of products in your contents. It will build what I call “customers trust”. Customers will start relying on your opinion on products before they purchase.
As soon as your audience starts making purchases through your affiliate link, YES! The money starts coming.
You can also promote products by email. This is where the emails you’ve collected in step 5 becomes more useful. Send customers a newsletter on products you’d like to recommend (don’t spam their email, they won’t appreciate it).
Introduce products with value to your customers. Affiliate programs often give out discounts on products as a promotion. You can introduce such products to your customers, they’ll appreciate it.
Staying relevant is a big part of the game. You’ve come a long way, and now you shouldn’t fall out of the line. Staying relevant isn’t difficult. All you have to do is keep repeating steps 4, 5, and 6.
Never forget, Patience is the key!