Before you start into the journey of Affiliate Marketing, you first need to understand a few of the basics in becoming an affiliate:
What is Affiliate Marketing?
Affiliate programs are the process of earning a commission by promoting other people's (or company's) products.
How do Affiliate Marketing work?
Affiliate marketing works by sharing trackable links; when a person clicks on the link and buys a product, you receive a commission. You are essentially a freelance salesperson.
Is Affiliate Marketing still profitable?
Yes, affiliates are still profitable, but you need to be mindful of what products you promote. This process is not a set it and forget it approach. It would be best to put a lot of time, effort, and planning into your marketing execution to build your brand image.
What are different types of Affiliate Marketing Partners?
Types of Affiliate Partners:
- Coupon sites
- News & media sites
- Content sites
- Review sites
- Loyalty sites
- Shopping comparison
- Email (Newsletter Marketing)
- Mobile Apps
- Search affiliates
Some Affiliates Facts:
81% of brands and 84% of publishers leverage the power of affiliate marketing, a statistic that will continue to increase as affiliate marketing spending rises every year in the United States. (source: bigcommerce.com)
There is a 10.1% increase in affiliate marketing spending in the United States each year, meaning that by 2020, that number will reach $6.8 billion. (source: bigcommerce.com)
16% of all orders made online can be attributed to the impact of affiliate marketing. (source: bigcommerce.com)
How to become an Affiliate Marketer
In this guide, you'll learn how to get started with affiliate marketing in six easy steps:
Start with an great idea
Successful affiliate marketers start with a great idea, an idea that will help that will kickstart their business. This product doesn't need to be dear to your heart, but it helps! You want to promote products and services that you understand, niches you have knowledge and experience in, and something that sparks your interest.
You might want to focus on digital products to start with; affiliate commissions of 50% or higher are standard with digital products because you do not require physical production.
Validate that idea
Target an idea that isn't already too saturated. It will be harder to build your brand if you are going up against seasoned affiliate salespersons. You want something in demand, without too much competition, and something that will quickly grow your passive income and make you the most money with affiliate marketing efforts.
You can validate ideas using search engine reporting tools and analytics and running ideas family and friends.
Find affiliate program partners
It's also essential to find suitable partners that have healthy commissions. If you don't have healthy compensation, you won't want to continue your endeavors. You also want something that will repay the money and time you will be investing into this project.
The most accessible and most trustworthy partner would be to join the Amazon Affiliate Program. From there, you can register on the Amazon Associates website.
Build honest reviews (Expertise, Authority, Trust)
The most successful marketers leave honest and transparent product reviews—adding valuable content to their channels and users. This builds Expertise, Authority, Trust (E.A.T.)
If people understand that their price will not increase and buy affiliate products from your links will help support your channel and your support in adding new and fresh content, these people might choose to support your efforts.
Grow your Social Media Channels
It would help if you attracted clients without spending money (PPC - Pay Per Click Advertising); growing social media channels allow you to start affiliate marketing without a website, while you build your search engine optimization strategy to produce lots of traffic on a new website.
Even small amounts of traffic can be beneficial, as long as it is highly targeted.
Posting to social media also targets where people already are. It's easier to be found on YouTube with a video or using blog posts on social than it is to attract people in the SERPs (search engine result pages) on your brand new website.
In addition to social media and niche websites, you can send newsletters using email list subscriptions.
Optimize links & build content
Finally, once your affiliate marketing business starts making money with your Affiliate Networks, you can scale your growth, create more content, and optimize your link placement for UX (user-experience) to increase referrals and conversion rates. This process will assist in conversion rate optimization (CRO).
Frequently asked questions
How much money can you make as an affiliate marketer?
Affiliate income is not consistent. You'll look at income on an annual basis instead of monthly. A decent affiliate can make anywhere from $10,000 a year to $400,000.
What are some of the most popular affiliate networks?
The Best Affiliate Marketing Platforms and Networks:
- ShareASale. Awin (Formerly Affiliate Window)
- Amazon Associates
- CJ Affiliate (Formerly Commission Junction)
- Rakuten Marketing (Formerly LinkShare)
- Avangate Affiliate Network
- Walmart Affiliates
- eBay Partner Network
Is Affiliate marketing a pyramid scheme?
No. Affiliate marketing is not a pyramid scheme; With affiliate marketing, a company provides you with a unique link. You earn a commission when you make a affiliate sales through your affiliate link.
How do Affiliate Marketers get paid?
Affiliates can be paid by wire transfer, store credit, PayPal, or direct deposit when your commissions go past $50-100.
How much do Affiliate links pay?
The average affiliate commission rate should be somewhere between 5% to 30%