This is one of the most searched queries by online entrepreneurs and budding marketers: Can you make a good amount of money with affiliate marketing?
What does it really take to make money with affiliate marketing, anyway?
Obviously, the answer to these questions is yes, you can make good money with affiliate marketing. It can help you earn extra dollars or even provide you a full time income. However, success never comes in one day, so you cannot expect positive results right away.
Making money from affiliate programs, like any other legitimate business, depends on how correctly and consistently the strategies are implemented to get the best results.
Affiliate marketing problems
One of the main issues when it comes to affiliate marketing is the misconception that affiliate marketing can help you make money quickly with minimal effort. You may have encountered blogs promoting huge passive income through affiliate marketing with just a few clicks of action!
Or, you may have seen blogs or some “experts” showing the tactics for creating your own affiliate website and then forget about it, you just check your bank account for huge amounts of money from it.
It deceives other people by taking advantage of the huge potential of affiliate marketing. Be careful with “quick”, “quick” and “easy” solutions to make money online, as these solutions often use shady tactics to lure people into scams and make money from people wanting to make money online.
Carefully analyze all software and online solutions before taking any of them to avoid scams. Making money online is not as easy as people think. It takes more than just pasting affiliate links onto a web page. Other measures are needed to make it work in the long run, such as good marketing.
Affiliate marketing, like any other business, requires you to work hard to attract customers, increase leads, close sales, and more, which isn’t always easy. As such, there are those people who work hard and strategically and succeed in achieving their business goals, and there are also those who are looking for quick solutions, unwilling to work hard who have not succeeded in affiliate marketing.
So, basically, the question should not be whether you can make money with affiliate marketing, but rather whether you are willing to work hard and take the right approach to making this marketing business model work for you.
Affiliate Marketing Benefits, Approaches and Expectations
If done correctly, affiliate marketing is one of the best ways to make money online. In fact, affiliate marketing is one of the fastest and best growing methods of marketing on the Internet. According to Forrester Research and Rakuten Marketing, affiliate marketing is expected to experience a healthy 60% growth from 2015 through 2020, with the industry at 6.82 billion in 2020.
There are many reasons why affiliate marketing is a fast growing industry and a great choice for anyone looking to make money online:
You don’t have to provide customer support: This is not required because you are not responsible for producing the products. But you need to do your research, and maybe even use the products you recommend to customers, to ensure your customers get the best deals and don’t feel like you cheated them with your recommendations.
No need to worry about storage and inventory: This is again because you don’t own the affiliate products, you simply promote specific products and get a commission for every sale. The task of taking care of stock and warehousing is managed by the vendor if required.
It is a type of passive income: Even if you are doing a full time job somewhere, you can still continue to make money online on a regular basis by promoting the affiliate products of your choice. Then again, you can gradually benefit from affiliate marketing even if you are offline.
Work out of your comfort zone: If you make money from affiliate marketing on a regular basis, you may have the option of staying at home and working from there.
Tips to succeed and earn more affiliate marketing
If you want to get the most out of your affiliate marketing strategy and earn healthy income online promoting affiliate products, here are some proven tips that still work and will help you succeed:
1. Start with some quality products first.
Many beginners in affiliate marketing make the mistake of joining every affiliate platform or network they find and trying to endorse every product they encounter. This is a wrong approach because it will confuse you and you will not be able to give each of these products the focus and resources to promote them in the right way and get good results.
First select a few products that you determine are right for you and your target market and focus on them so you don’t waste yourself too much. See how they work. Analyze the results, refine your marketing, and gradually improve and add your recommendations to increase your return on investment (ROI).
Always consider the immediate needs of your target market, the quality of the products, and the reputation of the product owner or affiliate network before promoting any products or services. Promote products and services that align well with your market and the theme and focus of your website.
2. Diversify your traffic sources.
Diversifying your traffic source will increase traffic to your affiliate links, which will increase your chances of making more sales.
Many affiliate marketers post advertisements for the products they are promoting on their websites. This is a good and effective strategy, but you can improve it by posting your affiliate ads on other people’s websites as well, to gain more traffic. Doing so will definitely increase your chances of making more sales.
Try Google AdWords as an option to help you place your affiliate ads on other sites and get more traffic to your sales page. All you have to do is sign up and run an ad in your AdWords account and then use the relevant link. Measure conversions daily to see if a campaign costs less than it earns.
You can also add affiliate links in your email signature and social media accounts to increase traffic to your affiliate links. Likewise, contribute meaningfully to relevant forums, discussion boards, and comment sections online and include your affiliate links there without being spammy.
3. Test and measure everything in your campaigns.
It is essential that you test and measure the performance of each marketing and promotion method so that you can take appropriate actions to increase your return on investment. For example, test your banner ads on different ad slots on your web pages to determine where they attract the most attention and engagement.
Analyze other engagement and conversion metrics, such as click-through rates, bounce rates, product offerings, devices, and sales data available from within your affiliate network dashboard.
Audit everything from the call-to-action text of your sales copy to the color and visuals used to determine which of all the techniques you use are the best in creating the business. Increase the things that suit you best. You can use useful third-party tools for analytics, such as SmartInsight, HitPath, and SEMrush.
4. Track the order of your affiliate products.
To make money from affiliate marketing, you have to promote products that require a high market. It doesn’t matter how much effort you put in, if people don’t want or need the product you are promoting, you can be sure that you will earn little or no gain from promoting those products.
Don’t waste your time and resources promoting things people don’t want. You shouldn’t force things to shave people off. Even if something is popular one day, it may become outdated and people may reject it. So, keep track of the demand for every product you promote to maximize returns.
Take surveys to find out what your audience or target market actually wants. Also, keep up with industry news, trends and discussions online to get a sense of the pulse of the industry and people’s needs and frustrations. Next, promote the required solutions in the market.
5. Keeping abreast of new affiliate marketing techniques and methods.
Due to the competitive nature of affiliate marketing, you must stay on top of new methods to be able to compete and make money online. Clearly new technologies continue to evolve, you don’t want to be left behind in the market and put your business in a slump.
For example, learn new social media marketing techniques as well as new ways to automate your marketing efforts for a more efficient use of your time.
Affiliate marketing is a profitable option to generate additional income, but it requires a full investment of time and resources to get positive results. Do your research and do your due diligence to identify and promote high quality products when getting into affiliate marketing to get the best results.