What Is Affiliate Marketing?
Affiliate marketing is offering and promoting a product or service that is being sold by someone else while you make a commission from the sale. Sounds simple enough, right? There are absolutely tons of affiliate programs out there. No matter what niche you’re in or what interests you or your audience has, you can find affiliate programs out there and make money by earning commissions. Are you on the fence about whether affiliate marketing is legit? Let me throw some research at you…The Affiliate Marketing industry is expected to grow to $6.8 billion over the next five years.
Nearly 90% of advertisers said that affiliate programs were “important” or “very important” to their overall marketing strategy.
The majority of publishers revealed that affiliate partnerships drove more than 20% of annual revenue.
U.S. Affiliate Marketing spends nearly $5 billion. That is twice the economy of Belize.
UK Affiliate Marketing drives approximately 1% of the country’s total GDP (more than the industry of agriculture).
40% of marketing professionals quote affiliate marketing as their most desired skill.
Over 80% of brands utilize affiliate marketing.
16% of all online orders are generated through Affiliate Marketing.
Why should I become an affiliate marketer?
The absolute brilliant thing about affiliate marketing is the fact that you don’t need a product or business of your own to start making money. You simply need an audience. Whether that’s through social media, your email list, your website, or other forms of marketing and outreach. As long as you have an audience, you can start making money from affiliate marketing.What if I don’t have an audience?
You certainly don’t need an audience to get started. There are plenty of ways to get your links and promotion material in front of loads of people cheap or even free. Here is a list of popular methods to use in order to get in front of an audience: Social Media: It’s free to post on social media, but you’re unlikely going to make any sales or commissions posting to your friends and family. Start interacting in groups within your niche and drop in your affiliate link when it’s useful to someone in the group (this works for forums as well). This is a free option and will take a lot of time and effort to gain traction. But certainly worth doing. Alternatively, if you have a bit of money to invest, reach out to facebook group owners in your niche to inquire about purchasing the group. It’s quite possible you may end up with a great deal and an instant audience to promote to. Additionally, sites like SocialTradia.com sell Instagram account in specific niches. You could have a following of 10,000+ for only a few hundred dollars. Tip: Inquire about accounts in your niche with high engagement and an audience that is mostly in your target country. Solo Ads: If you don’t have an email list of your own to promote to, one amazing method of promoting your affiliate links is to simply get featured in someone else’s email list! Udimi is the best site I’ve found for this. Sign up for free and find an email marketer with a list in the niche you’re looking for. Send them a message to ask for any tips or what they prefer, and give it a go! It’s a great way to get your efforts off the ground. Done right and you’ll make a big ROI. Start a blog: Another option is to start a website of your own. You can create a large website featuring many articles beneficial to your niche, or use a great landing page builder to create amazing landing pages to run ads to. Note: The HBA Funnel Builder, our #1 affiliate program, is a great landing page builder option. Before you start promoting your links, let’s take a quick look at a few guidelines to live by when it comes to affiliate marketing…Affiliate Marketing Code of Ethics
#1: Make sure honesty comes before commissions This is your audience that you’re recommending a product or service to. Don’t try to scam them. The more they know, like, and trust you, the more commissions you will earn in the end. And even if you aren’t promoting to your audience, being honest and authentic WILL build an audience of your own. Never put commissions above honesty. Hopefully you valued that guideline before my having told you. đ You want your audience to trust you. So any time you recommend a product, especially when the time comes to sell your own, you will have the trust of a large group of people, ready to buy, any time you’re ready to send an email. #2: There are other people online promoting the same product There are obviously other people online that are affiliate marketers. So you can bet there will be others promoting the same product that you want to promote. While your niche audience may not be receiving the same recommendation, it’s still good practice to give your audience an incentive or bonus for taking your advice on a product. Especially when you know they’ll thank you for it. Here are a few ways you can incentivize an affiliate product to your audience:- Include a quick-start PDF guide for the product or service that you’re promoting. Or perhaps a few instructional videos.
- Offer and insist that your audience ask questions. Perhaps offer a live Q&A webinar about the product. People who ask questions are interested in making a purchase and they’re highly likely to buy.
- Offer personal support after their purchase. Let your audience know that you have their back if they have any questions or problems they might have to ease their fears or worries.
What Is An Affiliate Program And Is It Right For You?
Put simply, an affiliate program is a system that businesses put in place to allow affiliate marketers to earn commissions by promoting their products and/or services. Amazon has certainly the most well-known affiliate program. Anyone can join their “Associates Program“, as they call it, promote products across Amazon, and earn a commission.How do Affiliate Programs work?
Affiliate programs are simply a way for a business to promote their products and/or services. Spending money on advertising is common for any business, but they canât reach everyone. So rather than relying solely on advertising, businesses are willing to give part of their profits to affiliates for advertising or spreading the word about their products or services for them! Itâs a win all around. People like you and I are who make affiliate programs possible. And it also gives us opportunities that were never possible before! Rather than creating our own products or services, we can make a living⊠and earn large amounts of money⊠simply by promoting other businesses products and services and getting rewarded for it.Free affiliate programs vs paid affiliate programs
I often meet people who are only interested in affiliate programs and opportunities that are free. I certainly understand and relate to that. When I started out as an affiliate marketer, I was struggling to make ends meet. Investing any money into my online side hustle was painful, risky, and scary. But thereâs almost always a trade-off and itâs worth understanding this up front. The benefits of free affiliate programs are obvious⊠theyâre free! But there is typically one major downsides to them⊠Almost all free affiliate programs offer very small commissions. And the smaller the commissions are, the harder you have to work to generate enough traffic and commissions to make a good income. For instance, Amazonâs commission rates are typically between 1% â 6% depending on the category. So unless you already have a website that is generating a large amount of traffic, itâs not quick or easy to benefit from being an Amazon affiliate. There are exceptions to this, especially with online courses or info products, but they are typically very niche-specific. This can certainly be a very good thing, but may not apply to you based on your business or the business and niche you want to start. If you are starting out and need help finding products for your niche, let me know. Iâll be happy to help! Alternatively, paid affiliate programs are only available to you if you purchase or join the product or service yourself. This is beneficial for two reasons: 1. It ensures that you know and use the product. 2. It makes it easier for you to make commissions. They also typically have very large commission rates, making it much easier to succeed and achieve financial freedom. Once I started realizing this, I was able to take my affiliate marketing to another level and itâs made such a huge difference in my life! When I considered the cost and investment of a paid affiliate marketing program, I compared it how much it would cost if I were to start my own local business. Imagine how much it would cost to start a business in your home town⊠buying or leasing office space, hiring employees, creating your products or services, and the countless other expenses every month⊠imagine that! Once I found a paid affiliate program that was worth joining, there is no comparison. So if you do find an affiliate program that might seem right for you and your niche or business, then itâs worth investing in yourself. Dive in and do what it takes to start making your money back as soon as you can to make it worth it! Now letâs move on to what makes affiliate marketing one of the best and most popular methods of extra income there isâŠWhat Are Recurring Affiliate Programs?
A recurring affiliate program is like any other affiliate program, but the product or service that is sold is subscription based and you make money from that sale each month or each year from that recurring subscription.
I can’t recommend or stress more how valuable these types of programs are to your affiliate marketing efforts.
Rather than making a commission one time from an affiliate sale, you could make recurring income from one sale each and every month.
To put this in perspective:
Let’s say you signed up to sell a normal affiliate product for $125 and make an 80% commission from each sale equalling $100 commission per sale.
You are then able to sell that to 10 people. You’ve just made $1000 from 10 sales!
Not bad, right?
Now to make that much again, you’ll need to find 10 more buyers the next month. And so on.
But with a recurring affiliate product in the exact same scenario… You make $1000 EVERY MONTH from those 10 sales!
And if you find 10 more buyers the next month?
You don’t just make $1000 more dollars… you are now making $2000… EVERY SINGLE MONTH…
Keep scaling that and you are ridiculously set! (This
scenario, by the way, is the Home Business Academy’s affiliate program… yes, it’s unreal)
Now that you know how important it is, you can see why these programs make up my best of list.
What Is Passive Income?
Passive income is defined by Wikipedia as âincome resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it.â
However, in every scenario, passive income is earned through the work that is initially put in. And most likely, the work that is put in to maintain or grow it.
âWe donât have to trade our time for money one to one. Instead, we invest our time upfront, creating valuable products and experiences for people, and we reap the benefits of that time invested later.â
Pat Flynn
This quote from Pat Flynn in Forbes is a great summation of what separates passive income from what we are all typically used to… a job.
Passive income is typically the goal of any and every online entrepreneur. It is the ideal solution for maintaining and sustaining a freedom lifestyle.Entrepreneur.com states that passive income âhas long been the holy grail for entrepreneurs looking to free up their time, untethering the cord of daily duties and responsibilities from the potential to generate healthy monthly revenues.â
Why is passive income so important?
Passive income is so important simply because of the freedom and flexibility that it can provide. And is why so many people seek to obtain it. A regular income is typically obtained by working a regular job, also known as âactive income.â Which is typically forty hours a week for a full-time job. This, of course, is more than a respectable way to earn an income. However, when itâs a job or career that doesnât bring a person any joy or fulfillment, it can be difficult for someone to maintain day in and day out. The real reason why passive income is so important to so many people is that if enough work can be done initially, and enough passive income can be generated each month, it can allow for a completely different lifestyle. A lifestyle of your choosing. If you could obtain enough money each month that would at least replace your full-time job, what would you do with your time? Where would you go? What difference would you make in the lives of those you love? What difference would you make in the world? These are some of the questions people can answer and realize when they generate passive income!Top 3 passive income benefits
#1: Make money while you sleep This is a common phrase used to attract people to a passive income opportunity. When you generate income passively, you can literally be doing anything at all while earning money â whether youâre sleeping, on holiday, or spending time with your family. #2: Make money without working Passive income is just that â income earned passively. You donât have to do anything to continually earn that money. However, you canât make any money without work. Passive income is no exception. The biggest difference is that the work you put in to generate passive income is mostly done initially. Once you set up the platform that is best for you, it will take less effort to keep the money coming in. Quite likely, you will need to put in some time to keep maintaining a passive income or grow the amount that comes in each month, but how much you work, when, and where is completely up to you. #3: You decide how you want to make passive income There are loads of ways to generate passive income. This means you can decide what is best for you based on your interests and passions. More on this below.Is passive income right for me?
This is a fairly important question to ask yourself before pursuing passive income. Sure, anyone would want money coming in while they slept or travelled or retired early⊠but it might not be for everyone. There is a secureness and simplicity in getting paid for the hours you work. Typically, in order to generate a passive income, it takes many hours of work for no money until you have finally put the necessary pieces in place for the money to start coming in. Itâs a bit of a risk to give up your time and invest in yourself and your future. So before you take the leap, be sure you have the right mindset! Pat Flynn, perhaps the best teacher of successfully implementing multiple passive income streams online, shared some of his top tips before getting started:Tip #1 – Before you begin, ask yourself, âAm I doing this just for the money?â Being able to generate passive income largely depends on your audience, and if they detect that you care more about making money than serving them, you wonât succeed. âWhenever Iâve seen people do something just for the money, theyâve failed because their intentions arenât driving them in the right direction. It should always be about helping people and about the passion of making others feel better. The byproduct of doing that is generating money,â
Tip #2 – Be prepared to put in serious time upfront. âI donât believe the overnight success exists. Thereâs a lot of hard work and time involved beforehand,â say Flynn. Angry Birds may have seemed like an overnight success but it was the 52nd game that Rovio created. Flynn says it took him a year or year and a half to build audiences for his most successful sites.
Tip #3 – Banish the thought that once youâve created the product, you can sit back and buff your nails. âThere is no such thing as 100% passive income,â says Flynn. âEven with real estate you still have to manage your properties, or even with the stock market, which is potentially passive income, you still have to manage your portfolio. With online business, there is no such thing as 100% passive income â and this is coming from a guy with a blog called SmartPassiveIncome.com. The definition of passive income is âbuilding these businesses of automation,â but in order to keep them automated and keep that trust going with your audience on top of that, you do have to keep it up every once in a while â so a lot of time upfront and a little time after. But there is alway time involved.â
0 Comments