Imagine if you could make money anytime, anywhere! Now, imagine you could do it even when you are asleep! Sounds crazy, right? But courtesy of Affiliate marketing, that dream can come true. In fact, that’s how most people initiate their million-dollar journey today.
Affiliate marketing has now become a popular technique to generate a significant amount of revenue online. This tactic is not just beneficial for brands but is also changing the lives of affiliate marketers. In this technique, the affiliate looks up for people who are in search of a particular product and makes a profit from every sale known as a commission.
Let’s talk about some statistics to support our claims. According to a study, about 80% of brands use the technique of affiliate marketing for the promotion of their businesses. In the United States, almost 16% of overall orders made were courtesy of affiliate marketing and its impact.
Let’s dig deeper into how this whole process works and see how you can earn from affiliate marketing in 2020.
How Does Affiliate Marketing Work?
The central concept behind affiliate marketing is simple; promoting other people’s businesses through an affiliate network. If people end up buying the products that you are promoting, you get a certain percentage of the revenue as commission.
If you have some product you would like to sell, you need to give an incentive to the people who can promote through various Affiliate programs and eventually increase your sales. On the other hand, if you are looking to earn, and make some bucks but have no real product, you can promote and sell someone else’s products to earn money up to millions of dollars as an expert affiliate marketer. Experts claim that there are three types of people in the whole process.
Also known as the retailer, or sometimes the brand too, the first party involved in Affiliate marketing is someone who creates the product. It could be anyone, ranging from an individual to a multinational company. The creator is not actively involved in the process, but since he is the merchant, he has an existing product with the potential to sell.
Like the seller, a publisher can be anyone from one person to a whole company. This is where marketing often starts; an affiliate’s job is not just to promote and advertise the product, but also attract customers that end up making the purchase and can bring value to the creator’s product. There are multiple channels an affiliate can leverage to market their product, including social media, personal networks, or billboards, etc. Their commission strictly depends on the level of job they are doing; it could range from tens of dollars to tens of thousands of dollars.
The most important part of the process undoubtedly is the consumer, the person who takes out money from his pocket and buys the product. This person decides the level of success of the other two members of this triad and can make or break their business. Without any real sales, the affiliate may not be able to get any commission, and likewise, the seller may not be able to sell his product.
Types of Payments
Payments to the affiliate are pre-arranged and mutually agreed upon. They can be one-time payments as well as ongoing payments. The multiple modes of payment are:
Pay per sale
It is a standard marketing structure for affiliate marketers. In this method, the affiliate receives a certain percentage of sales after the customer makes the purchase because of his marketing efforts. In simple words, once the affiliate becomes successful in influencing the consumer to buy the product, they get paid the predetermined amount.
Pay per click
Pay per click means redirecting the customers from any other website to the seller’s site. In such a case, the affiliate develops enticing strategies that the consumer cannot resist and ends up going to the seller’s website. Not only does it boost sales, but it also assists you in growing your network. Here, the affiliate is paid based on how much web traffic he brings to the seller’s blog or website.
Pay per lead
Pay per lead is somewhat more complex than the other methods. It means that the affiliate has to convert the leads to be compensated. Converting the leads roughly translates to making the consumer sign up for the product, download the app, or fill the contact form.
A Success Guide for Online Affiliate Marketers
Choose A Niche
The best chance at success is to find and choose your niche early on because there are tons of people working, and competition can be exhausting. People often say it’s not an easy job to find your niche, but I disagree. All you need to do is look at the products and services already available in the market. Look at their strengths and their weaknesses to figure out any shortcomings.
Once you have classified the products or services with the most loopholes, that’s where you should hit directly. Choose something that excites you and find ways of improving it.
Learn Different Platforms
Affiliate marketing is everywhere, from Youtube to blogs, to Instagram. However, the most preferable channels, according to successful affiliate marketers, include either YouTube or a Blog. You will find countless articles on how to get started.
Build Your Blog Or Website
Excited about the niche you have chosen? Get started on your journey to make some bucks by building a website/blog, a YouTube channel, or an Instagram handle and attract sufficient subscribers/followers. If you are new, watch a few youtube videos and read a few articles by existing affiliate marketers to gain insights. Many internet marketing services providers provide useful affiliate marketing tips for free. Leave no stone unturned, and you will make a ton of money within a year.
Master The Art Of SEO
SEO means optimizing your blog to rank it higher in popular search engines such as Google. Search Engine Optimization (SEO) is crucial in understanding what your target customer wants to see and creating engaging content around the same topics to get maximum traffic.
Go For Quality Content
The rule is simple; if you want your blog to be a success, come up with high-quality but easy-to-read content. There is absolutely no other way. You can’t curate content blindly and expect the user to come running to you, you have to go the extra mile to win customers. If you are stressed about not having the resources to purchase products for review, you can begin with whatever you have at home. Start reviewing your gadgets, appliances, cosmetics.
Collect Client’s Emails & Grow Your Network List
You may not believe it, but emails are still one of the best methods to communicate well with your audience, and it gives a considerable return for every penny you spend. Tell your customers about new products with engaging content, and make sure they are hooked to your blog. Persuade your customers to sign up and build a strong email marketing campaign to grow your network. If you think it is a big hassle, you can automate your marketing campaign as well.
Make Sales Using Webinars
In the digital age, webinars are an exciting way of promoting your product live. Who wouldn’t want to see a live demonstration of the product they are looking to buy? All you have to do is create an event on Zoom or any other video platform to give a virtual product presentation.
For promotions, rely on your social media followers and contacts. Moreover, Google Hangout is also a great way to live stream your webinar and interact with your audience. Bonus point? It’s free!
During the webinar, display your product to the audience and explain its features. Talk about the pros and cons of your product, the history, and different functionalities. It’s a great way to let your audience know all about your product.
Try New Techniques
Besides useful content and SEO, there are several other techniques you can use to make your affiliate business a successful one. The context of your email, link placement, and callouts such as tables, etc. are also good ways to attract the attention of your reader.
Several extensions and plugins are available that enable you to track your results on your blog or your social media platforms. All you need to do is to download the plugin and connect your blog with Google Analytics.
The insights let you check your web traffic, engagement on your blog, affiliate links, and much more. Tracking your results will assist you in understanding your performance in-depth; you can identify bestsellers, products that are not performing so well, who is buying what product, and so on. You will also get an insight into the effectiveness of your marketing campaign so you can provide better and more engaging content in the future.
Frequently Asked Questions
How much money can I make using Affiliate Marketing?
The answer to this question is simple; there is no fixed number or limit. It all depends on how much hard work you are putting in and what’s your niche. Approximately, affiliate marketers earn six figures per month or even more but after putting in hours of hard work. You cannot expect to start earning big bucks immediately; be patient, and continue publishing high-quality content. Initially, you will need to put a lot of effort to reach this level, but slowly you can get there, don’t get discouraged.
Is a blog essential to building a successful Affiliate Marketing business?
A blog is indeed one of the best tools for Affiliate Marketing, but it is not necessary. There are numerous other ways of promoting a product such as social media platforms, but the blog is more user-friendly as it makes it easier for you to put all your reviews there with listed pros and cons of each product. Whatever you decide eventually, just make sure you work with honesty.
Are Affiliate programs paid?
Do I need to be qualified to start Affiliate Marketing?
The only skill you need to become a successful Affiliate Marketer is creativity and marketing skills. Copywriting and copyediting skills come as an advantage too. But there is no qualification required, anyone who has the basic knowledge of computers, words, and communication can start it.
Is the income consistent in Affiliate Marketing?
The income is not fixed or consistent initially, but if you are working full time with devotion and giving it required attention, you may be able to earn consistent income after six months or so. It could also take several years to get steady income if you are unable to drive traffic.
What is the payment procedure?
Payments mainly depend on the type of marketing model you are working on, for example, you could get paid after every month, or when you have reached a certain amount in commission. As for the modes of payment as well, you could choose to directly get it transferred to your bank or get paid through a PayPal account.
Which program is the most profitable?
Most profitable programs for Affiliate Marketing include Web Hosting ones, but again they can be quite complicated at times. It also depends on the niche you are choosing. For that, you can use keywords to check which niche is mostly popular for Affiliate Marketing. Some of the most famous and profitable Affiliate Program Sites currently are Udemy, SEMrush, Grammarly, and Studio Press, among others. If you want to expand your affiliate and eCommerce business, building a Multi-vendor marketplace can be beneficial in the long run.
If you want to tap the booming affiliate marketing industry, follow the tips give above to get started on the right path. We hope our article helped you gain knowledge about the process. Remember, life-changing income does not come to you in just days, you have to start, grow eventually, and build your name in the market. If you have any insight you would like to share,i comment down below. Cheers!
About the Author
Norman provides ghostwriting and copywriting services. His educational background in the technical field and business studies helps him in tackling topics ranging from career and business productivity to web development and digital marketing. He occasionally writes articles for a software house in Pakistan.