One type of marketing people under-utilize and take for granted is affiliate marketing. Most affiliate marketers only get a few dollars from their efforts which isn’t enough to generate a full-time income. After analyzing other affiliate marketers who make six-figure incomes from promoting other people’s products, I came up with five tips for affiliate marketing that you need to implement in your blogging strategy.
#1: Search For The Higher Commissions
The successful affiliate marketers I analyzed like to promote other people’s training courses and products to get a higher commission. Some people who create training courses will give affiliates 50% of the commission each time a customer buys the training course through the affiliate link. Plenty of training courses get sold for $100 which means you would make $50 per affiliate sale. Udemy offers an excellent affiliate program where you get to make about half of the profit per sale…by promoting training courses that you did not create. It is practically impossible to find a reasonably priced product that you could make $50 per sale through the Amazon Associates program. Udemy currently uses LinkShare for its affiliate program.
[tweetthis url=”http://bit.ly/1EB73p3″]Look for affiliate opportunities that give you a high percentage of the commission. LinkShare is a good one.[/tweetthis]
#2: Only Promote Products Related To Your Niche
When you promote other people’s products, you must only promote products related to your niche. If you promote too many products that are too different from each other, your visitors won’t understand the meaning of your brand. When it comes to affiliate marketing, it is better to offer specific products than a wide range of products. A brand that is not specific has a vague meaning. Getting specific allows you to develop a clearer identity for your brand and offer more products that your visitors are more likely to buy. You may wonder if you could possibly find affiliate links of enough of your products if you get really specific, but in reality, there are thousands of products (if not millions) that you could promote as affiliate links. Running out of products to promote won’t be a problem that you come across. If you do come across that problem, then you need to use more affiliate platforms. You could also start creating products to fill in the gap.
#3: Don’t Over Promote Affiliate Links
Your blog is a place for people to read your content and develop a greater appreciation for what you stand for. If you primarily think of a blog as a money-making platform, then your blog is not going to generate money. Success on the web starts with your desire to empower others, and as you learn new techniques, money becomes the by-product. It took me several years and mistakes before I finally thrived on the web.
If your blog is filled with affiliate links, then you will ruin your readers’ experiences on your blog. The best readers are the ones who will come back to your blog and read your content often. These readers don’t stick around because you have a bunch of affiliate links on your blog’s sidebar. They stick around because they appreciate your content.
[tweetthis twitter_handles=”@MarcGuberti” url=”http://bit.ly/1EB73p3″]Visitors will only stick around if they appreciate your content, not because of affiliate links.[/tweetthis]
#4: Don’t Rely On Affiliate Marketing
One of the most common mistakes I see affiliate marketers make is that they rely on affiliate marketing for their income. Some affiliate marketers are successful with this method and make six-figure incomes. However, the revenue affiliate marketers generate is dependent on products being available at desirable rates. If one affiliate generates half of your revenue, and that affiliate suddenly no longer becomes an option, then you lost half of your revenue just like that. If an affiliate decides to reduce the commission rate, then you lose more revenue. Although this is true for any marketer (even if the marketer creates his own products), these types of changes have a stronger financial impact on the people who rely on affiliate marketing to make sales.
Affiliate marketing is wonderful, but you must also create your own products. I promote other people’s products, but I also have over a dozen books on Amazon and a few training courses on Udemy. These products account for the bulk of my revenue because I get the best rates on my own products and I get to control the product creation rate.
Having your own products serves as a way to give you more options. You can still promote a fellow entrepreneur’s Kindle book and make 4% of the commission, but once you write your own Kindle book, you can promote that Kindle book and get up to a 70% commission per sale (KDP’s standard commission rate for a book priced between $2.99 and $9.99. You’ll make a little more by using your own affiliate link). Other affiliate marketers may decide to promote your products, and then you will get more sales in the short-term and the long-term. When affiliates promote your products, more people see them. More people seeing your products may lead to returning customers and word of mouth marketing. As you get more customers, you will build an authority on the web that will be impossible for others to ignore.
#5: Promote Products With Different Price Ranges
When you become an affiliate marketer, you need to promote three types of products: low-priced, mid-priced, and high-priced products. These three different price points depend on your niche, but some of the products you promote need to be priced at over $100. The more expensive products typically lead to greater commissions per sale but a lower volume of sales while the less expensive products attract a greater volume of sales but lower commissions per sale. Offering the perfect mix of these products will ensure that you get more sales and revenue when potential customers see your affiliate marketing in action.
Affiliate marketing is a powerful type of marketing in which you don’t have to put in any work to create a product, but you can make revenue by promoting other people’s products to your audience. However, affiliate marketing only leads to a full-time income if you use it effectively. Moreover, affiliate marketing is by no means the right basket to put all of your eggs into. That’s too risky, and your earnings are dependent on affiliate platforms sticking around and keeping their commission rates at the same values. Affiliate marketing combined with product creation is one of the most effective ways to make money in today’s era.
What are your thoughts on affiliate marketing? Which tip was your favorite? Do you have any affiliate marketing tips for us? Please share your thoughts and advice below.