With the pandemic costing millions of people their job, unemployment levels are at record highs in every country around the globe.
More people are turning to the internet to try and earn a living.
If you’re trying to find a business model that’s easy to operate, with minimal startup costs, why not start affiliate marketing.
As an affiliate, you don’t need to worry about product research and development; someone does that for you.
There are millions of products out there looking for affiliates and an abundance of opportunities if you’re willing to put in the research.
In this post, we’ll unpack everything you need to know about affiliate marketing and how to start.
What Is Affiliate Marketing and How does it Work?
When internet marketers decide to sell products online, many try to increase sales by offering an affiliate program.
The owner spends hours in product research and development to find items they think have a demand online.
However, all that work is for nothing if you can’t sell it.
Therefore, an affiliate program allows the product owner to leverage a remote sales team to boost sales.
To incentivize affiliates, the product owner typically offers a generous commission.
If you’re an Amazon affiliate selling consumer products, your commission might be 5% or lower.
However, if you’re selling digital products, your commissions may be as high as 60%.
Digital products have no recurring or variable costs, only the one block of time the developer spends creating them.
Products like courses and e-books don’t require paper, ink, and printing – they literally cost nothing to produce.
Therefore, 100% of the sale is profit. Product owners are willing to give affiliates the lions share of the deal for the service.
Affiliate marketing is great – you get all your product research done for you, and all you have to do is focus on marketing the product or service.
You don’t have the expense of warehousing and logistics; all you do is promote the offer. (We’ll discuss promotion strategy later in this post.)
To become an affiliate marketer, follow this 4-step process for fast results.
- Find a good affiliate program offering a healthy commission
- Choose the offers you want to promote
- Get your unique affiliate code or link from the product owner
- Promote your affiliate offering through marketing channels
What are the Benefits of Affiliate Marketing?
Choosing affiliate marketing to make some extra income is a lucrative strategy if you get it right.
There are plenty of benefits for affiliate marketers; here are a few top considerations.
Low-cost – Every penny in your budget counts when starting your online business.
Affiliate marketing offers you a low-cost opportunity to earn income online.
You don’t have to purchase or store goods, and you’re not responsible for the logistics or customer service – all you have to do is sell.
Focus on Marketing – As mentioned, your only responsibility is boosting sales for the product.
There are no contractual obligations, and you can drop the product at any stage.
Low Risk – Since you aren’t spending any money on products, warehousing, and logistics, you don’t have to worry about starting capital.
There’s low financial risk involved in the project – the only investment required to succeed besides time and effort is money towards a website or landing page or marketing promotions.
Low Barriers to Entry – There are low barriers to entry with affiliate marketing.
With millions of products featuring affiliate programs, there’s plenty of opportunities out there.
Product owners don’t want to interview you, they issue you with a tracking code, and then the rest is up to you.
This can also be a con, as the competition is stiff in some industries.
Setup Passive Income Streams – If you set up your affiliate marketing right, you can get them to a point where they run on auto-pilot.
There’s little input from your side, and you receive a recurring monthly income.
How Do I Find the Best Affiliate Programs?
There are plenty of affiliate programs out there. Your job is to find the best opportunities.
Start by browsing various affiliate networks for offers. Some of the popular networks include:
- CJ by Conversant
How Do I Market an Affiliate Offer?
So, how do you promote your affiliate offers?
Here are a few strategies you can use to increase your sales.
1. On Your Blog
If you run a lifestyle blog, you have the perfect platform to start selling affiliate products to your readers.
Readers these days are used to being sold to in content, so it’s not a new strategy.
Therefore, don’t hesitate to add affiliate links to your posts.
However, be transparent, make sure you add a disclaimer somewhere on your blog stating you make money from selling affiliate products.
2. On Your Social Accounts
Social media offers you a great platform for marketing your affiliate products.
Facebook and Instagram provide built-in advertising suites allowing you to run targeted campaigns to prospects, even if you’re a new affiliate.
You set your budget and your customer profile and let Facebook extend your posts’ reach offering your affiliate offer.
Your success with your advertising campaign depends on your content strategy.
Make sure you’re releasing top-quality content with CTAs that link to your affiliate code or link.
3. On Other Peoples Blogs
If you don’t own a blog, you can always market your affiliate links on other people’s sites until yours starts gaining traction.
Most websites offer guest posting facilities for free or for a small fee.
You can write an article on the related subject matter and post it on another brand or company’s website.
In the article, you embed a link in the content pointing to your affiliate offer.
When readers click on this offer, it pulls them through to your sales page or link.
You don’t have to pay the guest posting site any of your commission, and the link remains there permanently, creating a stream of passive income from your affiliate sales.
What’s the Key to Success with Affiliate Marketing?
Most of the products you try to sell as an affiliate won’t work. However, persistence is key.
Eventually, you’ll find a product that works, and then it’s all-aboard the gravy train.
It could take you as many as 20 or 30 products before you find one that works.
Commit to testing and learning, and don’t give up at the first sign of adversity.