Consider the scenario in which all you required to make online money was a website. You don’t need to develop your items or provide a service. That sounds delicious, doesn’t it? Greetings and hello to affiliate marketing.
According to Statista, spending in affiliate marketing by businesses in the United States will reach $8.2 billion by 2022.
Start today, and you’ll be in a strong position to get the advantage of the opportunities.
What is affiliate marketing and how does it work?
A form of affiliate marketing is when you advertise a product or service for another company in exchange for a commission just on sales you help produce. Commissions are normally calculated as a % of the sale price, but they can also be a fixed sum on occasion.
What is the purpose of affiliate marketing?
Here are two compelling arguments for why you should pursue an affiliate marketing career:
1. Low-cost & low-risk investment
Starting a business entails investing significant up-front expenses for products, staff, equipment, rent, and other related expenses. As a result, it is both risky and expensive. All you need to get started with affiliate marketing is a website. Even if it doesn’t work out, all you’ve lost is your time and a small amount of money in the process.
2. It is simple to scale
A typical salesperson solely sells things from a single manufacturer or supplier. As an affiliate marketer, one has the opportunity to promote products from a variety of different firms while earning commissions from each one.
How much money can I expect to make as just an affiliate marketer?
The short response is there is no such thing as a limit. It is dependent on your niche as well as the amount of effort you put out.
A month’s worth of income for the most successful marketers can reach six or seven figures.
Taking the example of Smart Passive Income, Pat Flynn earned more than $100,000 in affiliate fees during December 2017.
In October 2019, Ryan Robinson, some other affiliate marketer, earned over $19,000 on affiliate revenue. Another successful affiliate website, The Wirecutter, generated an estimated $10 million in revenue before being acquired by the New York Times for $30 million.
Keep in mind, though, that these individuals have done an outstanding job in developing their brand. It has taken people years of dedication and hard effort to get to this point.
You must keep your expectations under control. You won’t make a lot of money right away, but don’t let that deter you from pursuing your dreams.
The achievement of others demonstrates to you that, with dedication, time, and the appropriate information, you, too, have the potential to achieve such levels.
Steps to get you started in affiliate marketing
Step #1. Decide on a platform
In theory, you should be able to be doing affiliate marketing on every platform. Even Instagram is functional.
Creating an audience and increasing your affiliate sales through one of two channels, such as a blog or a YouTube channel, is considerably more straightforward.
Today, it is quite simple and inexpensive to start a blog. There are numerous tutorials available online that will guide you through the process. What’s the best part? Depending on your plan, it will only cost just a few dollars a month.
Once your website is up and running, you should enhance it for search results to increase your chances of ranking higher. You are then free to use affiliate links in the content at your discretion. The art of accomplishing this will be covered later in this article, but there is a technique to it.
YouTube is the other available platform. YouTube allows you to create and upload material for free, which makes it an excellent option for many individuals. Optimize the videos for search engine optimization (SEO), and include links in the video description.
Please keep in mind that you will be required to declare the fact that you are including affiliate links. When you get compensation for an endorsement, Federal Trade Commission (FTC) requires that you disclose the source of your income.
Step #2. Choose a specific niche
Embrace the reality that anyone beginning a blog today will face a slew of challenges and obstacles. According to Statista, the total number of writers in the United States will reach 31.7 million by 2020.
If you want to have the greatest chance of winning, narrow your focus.
Select a topic that is focused on a certain category of interest. For example, the subject of “food” encompasses a vast range of topics. As an alternative to tackle that, attempt something more particular, such as grilling meals.
Maintaining a tight focus on your topics will assist you in building a more concentrated audience and, potentially, help you improve search engine rankings.
Step #3. Become a member of an affiliate program
Affiliate programs are divided into three categories.
High-paying and low-volume affiliate programs
These are high-paying affiliate programs for specialized products.
For example, if you refer 80 consumers to ConvertKit’s affiliate program, you’ll earn about $700 each month. For this reason, a smaller number of people are interested in buying their CRM software.
Low-paying and high-volume affiliate programs
These are low-payout affiliate programs, yet they appeal to a wide audience.
Consider PS4 titles as an illustration. The PlayStation 4 is widely used, yet the average price of a game is only $50, and affiliate fees are often in the low single digits. This means that if you’re lucky, you’ll make $2–3 for each sale.
High-paying and high-volume affiliate programs
High-paying affiliate programs for goods that are popular with the general public are available here.
Credit cards are an example of this.
As a general rule, most people have a credit card and stick with the same firm for many years.
Step #4. Produce outstanding content
Create high-quality content in which your affiliate links naturally appear if you want your site to prosper.
Step #5. Increase the number of visitors to your affiliate website.
Thanks for the wonderful work. Once you have more people reading it, the next stage is to get them to click on the affiliate links.
Here are three ways to boost your website’s traffic:
- Paid traffic
- Email list
- Search engine optimization
Step #6. Make sure your affiliate links are being clicked on
Even if your content is outstanding, it does not guarantee that your affiliate links will be clicked on.
The following are some things to keep in mind.
- Link placement
Step #7. Turn visitors become customers
To profit from affiliate marketing, you need two conversions to occur.
The product page is the initial step in the sales process.
This decision is entirely up to you. To increase your chances of gaining a click, use the strategies outlined above.
The visitor making a purchase is the second conversion. This means that you do not influence the checkout process or conversion rates for affiliate marketing.