WHAT IS AFFILIATE MARKETING AND HOW DOES IT WORK?
Affiliate marketing is a business model which allows individuals to other people’s products and get commissions doing so. It’s an advertising model where a company compensates individuals or third-party to generate traffic or leads to the company’s product and services. These third-parties or individuals are called affiliates. Now, simply put, Affiliate marketing is when an online retailer pays you a commission for generating traffic or sales of their products or services through your referrals.
This could be done by referring a product or service by sharing it on a blog, social media platform (Facebook, Instagram, Twitter, Whatsapp e.t.c) or via a website. Affiliates are paid each time someone makes a purchase through their unique links. If done well, could be a good source of income for entrepreneurs and people looking to make money online.
In recent times Affiliate marketing has gained more popularity and reputation as one of the best ways to make legit income from the internet thanks to huge companies like Amazon who adopted the model as an effective strategy to expand its sales services worldwide. Affiliates usually run this business as an alternate source of income while some others run it a full time business. It all depends on the one that suits their schedules. If in the past you’ve not been considering affiliate marketing as something serious, I’d advise you to wake up from your sleep. This is a real deal.
HOW DOES AFFILIATE MARKETING WORKS?
The whole business model is going to be summarize in the following steps in the chat below
1. Find and join an affiliate program
2. Find a product or service you like and promote it using your link
3. Post those links on your blog, website or social media platforms
4. People purchase the product or service using your link
5. You get paid a commission for the sales made using your affiliate link.
NOTE: The commission rates varies, depending on the affiliate program or the percentage the owner of the product is willing to give out as commission. It could be as high as 50% and as low as 10% depending on what the owner of the product wants to give as commission (usually stated before promotion of product begins).
Additionally, depending on the agreement made with the seller/product owner, earnings could come from any of these forms
Here you get paid a fixed commission whenever a product is sold through your link
Here you get paid for every visitor the seller’s websites get through your link. The visitor doesn’t have to buy before you get a commission; a click on your link that takes visitors to the site earns you some commission
SO, HOW DO YOU START AN AFFILIATE MARKETING BUSINESS?
It is pretty easy to go online and start signing up for every affiliate program existing on the internet, but hey! That would be the beginning of your failure as an affiliate marketer. That would only make up overwhelmed and overloaded before you know it. Instead I’d recommend you take your time and come up with the best possible plan to help you succeed in the business. Here are my top recommendations;
1. Find a good Niche.
A good ‘Niche’ here refers to that area you are passionate about, that is wide enough, not too saturated, and has a huge money making potential.
A few questions to ask yourself when considering a niche to dive into:
i. Are your passionate or knowledgeable about that niche?
ii. Is that niche already oversaturated?
iii. Is that niche big enough to give you something to talk about in your blog, website or social media?
iv. Most importantly, is there money in the Niche?
Be sure to ask yourself these questions to ensure you pick the right niche because most of the products you will be promoting would revolve round it.
2. Join an Affiliate program
The next big step is to join an Affiliate program. There are many good ones out there, but you need to be very careful when choosing who to work with. And easy way to find a good program is by visiting an affiliate market place or platform. Browse your niche to find top performing affiliate platforms. My foremost platforms includes;
3. Pick a product you intend to promote
Joining an affiliate program is one thing and picking the right product or service to promote is another. After joining the platform, you wouldn’t want to start promoting products that are not in your carefully chosen niche. That would ruin your entire effort in Step 1 above. Make sure the product is in line with your audience or intending audience you hope to grow. It should also be in your area of expertise. Imagine yourself trying to build a business revolving round wellness products and you’re promoting a new phone accessories to your audience or potential customers, that’s an error. Carefully pick a product in line with your niche.
3. Build a website, blog or social media platform to reach out to people and share quality content
This is very important in your quest to become a successful affiliate marketer. This is going to be the main channel of communication between your audience/potential audience and yourself. It is also going to serve as your online market place, a meeting point between your followers and you.
One major way to keep your business on the high side is by always sharing quality contents to your followers, this creates credibility and trust in the eyes of your followers. And once that is happens, they will begin to take whatever you say or recommend very serious. Dish out quality and helpful content for free, it doesn’t have to be up to 50+ post; 5-6 quality and helpful posts is enough for a start.
NOTE: Some affiliate programs may require you to already have some good content, site traffic, and some level of online presence before they’ll accept you to partner with them as an affiliate. Like I earlier stated, it’s just some programs that require this, others might be straight forward.
4. Build an Email List
This might come to soon if you are a total newbie to affiliate marketing, but it remains the best form of communication for marketers. It involves collecting emails from potential customers using different strategies and sending the updates on the latest product and service from you. It can be done by running paid ads on social media, giving free books or reports in exchange for mails, adding popups to your site etc.
BENEFITS OF AFFILIATE MARKETING
You can do it with ease, less stress. Your duty as an affiliate is just to handle the ‘marketing’ side of educating, promoting and selling a product to customers. The company does the rest. You work at your own convenient time.
It is a low risk business model. Most affiliate programs doesn’t require any cost to join, which means you can join and start promoting an established product or service without paying any money upfront. Cost for renting of building a physical store will not be a problem.
Affiliate marketing can be a great source of passive income that can be done from the comfort of your home. Some of the product can have recurring income attached, meaning you can keep earning to infinite as long as the buyers continue to use the product.
NOTE ONCE AGAIN: it is very easy to be carried away by all the benefits and advantages of running an affiliate marketing business. It is very important to know that a successful affiliate marketing business can only be built on trust. If customers don’t trust you, believe me they’ll never trust you enough to buy or use whatever you recommend. So be careful, take your time to build a trustworthy relationship with them. It’s best to recommend products or services you have used and benefited from.
Alright, this is where I’d stop for now, do well to subscribe to our newsletter to get all the latest updates on this topic and other helpful tips. Until then, get to work on what you’ve read and feel free to share with your friends using any platform below.
ABOUT Adie Cyprian:
Hello! Its my privilege to meet you. I'm Adie Cyprian, but my friends call me Cypriano, I hope you do the same. I live in Abuja (Nigeria) from where I'm currently running my network marketing business globally.
What I love most about this industry is helping others, the level of personal development it brings, the ability to be your own boss and call your own shots, working f...Continue Reading
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