What Is Affiliate Marketing and How Can It Boost Your Income?
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Quite simply, affiliate marketing is promoting and selling goods, services, or content created by someone else to your contacts. You do the leg work to promote and make sales for the affiliate program you endorse and earn income for your efforts.
Being an affiliate is an excellent way to boost your income.
A great training resource for affiliate marketers is a site called Wealthy Affiliate. I think that they have a free or low cost trial. The community is amazing!
Here’s how it works –A business creates a product and makes it available to their affiliates for sales. The affiliates promote the product to their customers by endorsing the company that created it or the product itself. The income generated from the promotion and sales of the product produces commissions. This creates passive income for the affiliates and value for the affiliate’s customers.
Here’s why it works- Affiliate programs are an excellent way to boost income. Most of the work is done for you by the product owner. All that’s left is to promote the products and encourage sales. Creating a solid campaign to market the products is easy. Generally, the product owner includes valuable marketing content that you can use to advertise and promote the products. Making smart decisions about what products you promote to your customer base will ensure that sales are high, and income is flowing in.
If you’ve got customers, you’re ready to be an affiliate
If you have a customer base and are already routinely engaging your customers, affiliate marketing is an excellent way to enhance their experience. Your customers see you as a leader and an expert. When you support or endorse other products, they pay attention.
In a way, your recommendation might be all they need to make a buying decision. This means you can offer high-quality options for your tribe to meet their needs without having to create content or products. It’s a win-win!
Use affiliate marketing to enhance the goods and services you already provide
If another business in your industry compliments your business, becoming an affiliate makes perfect sense.
If their product adds value to the goods and services you offer, encouraging your customers to buy it is actually in their best interest.
Additionally, offering opportunities to buy products outside of your typical funnel can expand your ability to connect with your customers without having to create a whole new product line or funnel.
This can be an excellent move when you’re deeply rooted with a tribe or community and want to add extra value to the enduring relationships.
Affiliate marketing is an excellent way to boost your income and offer your customers high-quality goods and services. Partnering with other businesses who produce products can widen your reach and help make a bigger impact on your customer base and your income.
5 Things to Look for When Choosing an Affiliate Program
There are many benefits to becoming an affiliate and promoting products that earn passive income. Some of the benefits include:
- Enhancing your customer’s experience
- Providing high-quality products you don’t have to create
- Earning commissions while you sleep
- Building relationships with content creators
Affiliate marketing sales account for 15% of all digital media revenue at nearly 12 billion dollars in 2019. That means there are a lot of opportunities to be an affiliate and promote goods, services, and products to your customers. How do you choose the right affiliate program for you?
Here’s 5 things to look for when choosing an affiliate program.
- Percentage of commission- Your commission is based on a few factors. Generally, affiliates earn a flat percentage for the sale of a product. That commission may change if there is a large volume of sales or specific goals of a sales campaign are met. Typical percentages range from 5% to 30% so it’s important to find affiliate programs that pay out higher percentages. Additionally, some affiliate programs pay out over and again anytime one of your customers makes a purchase. By tagging them and anchoring their connection to you it is possible that you can continue to earn commissions any time someone you referred makes a purchase.
- Availability of promotional products- The benefit of affiliate marketing is making money by promoting products someone else has created. You save time, money, and other resources by simply endorsing something you support and recommend. Choosing affiliate programs that offer a wide variety of products and supportive promotional materials makes it easier to consistently make offers to your community and generate sales.
- Accessibility to the product owner- The best affiliate programs are between providers you know, like, and trust. Having a first-hand relationship is ideal but not required. Having access to the product owner means you’ll be able to reach someone if there is a customer service need. While you may not always need access to the owner directly, there should be a clear channel to connect with them if and when you need to.
- Customer services practices of the product owner- If one of your customers is dissatisfied or needs assistance, they will look to you since you made the sale, so it’s valuable to know and trust you’ll be able to reach someone if there is a problem. Knowing what the policies and procedures are ahead of time can save a lot of headaches down the road.
- Payment practices of the product owner- Knowing how and when you’ll be paid is important. After all, this is the main reason you are promoting their products. Make sure you fully understand how often and by what means the product owner pays out affiliate commissions.
Choosing an affiliate program is much more than loving a great product. Pay attention to the back-end issues that matter most when joining a program. Make the best decisions for you and your customers to ensure you connect and align with the best affiliate programs for your needs and expectations.
Promoting Other People’s Work Will Make You Money and Friends!
Standing out in your industry is important. No matter who you are, it’s important to keep reaching for more – more exposure, more credibility, more income, and more friends! Promoting other people’s work is a wonderful strategy for all of this and more. As a matter of fact, promoting other people’s work is a great way to get noticed by product owners and other collaborators. Want to capture someone’s attention? Promote their stuff and make them money!
What’s in it for them?
Product owners rely on their affiliates to offer their products to their tribes. The collective reach that affiliates have far exceeds their own and makes it possible for them to connect with new customers with very little effort. In the same way you benefit from making income without creating products, they make income without having to market their products. It’s a win-win.
If you have a successful affiliate sale the product owner is making money. Their products are selling and reaching more people. Many product owners discover large groups of people they never knew that want to consume their products. Making these new connections can create new opportunities to collaborate and make additional products. Essentially, the more you sell, the more they notice.
What’s in it for you?
As an affiliate marketer, you benefit your tribe by offering them additional goods and services that enhance your other offerings. Additionally, using affiliate sales can widen the variety of and increase the frequency for making sales. This creates multiple streams of income that help you earn more while doing less.
One of the collateral benefits is making connections with product owners you may not have access to otherwise. These connections can open doors for collaborations or other opportunities that are professionally or socially beneficial.
You never know, a simple affiliate collaboration could launch a new partnership or friendship that takes your business to a whole new level.
It feels great to know that someone endorses your work. Each time you promote a product owner you are giving them your stamp of approval for their goods, services, or products. That means a lot.
Promoting other people’s work will make you money, but more importantly it could make some great new friends as well. If you are particularly fond of the product or the person who created it, be sure to let them know. You never know if your connection might open a door to a wonderful new partnership or friendship.
Choose Promotions That Make Sense for Your Business
Choosing an affiliate marketing program includes a checklist of important items. From choosing a program with high payouts to a program with excellent customer service, there’s a lot to consider before saying I Do to a program. After you’ve checked off your list, it’s important to make sure that the promotions you join make sense for your business.
If you sell products that serve a specific industry, it might not make sense to introduce a product that feels disconnected to your audience. Choosing a product simply because of the potential commissions or because you adore the product creator might not be in your best interest. Be sure your customers won’t be confused by the goods, services, or products you promote.
Here are three tips to choose promotions that make sense for your business.
Tip- Choose programs that compliment what you already do
Tip- Choose programs that enhance what you already do
Tip- Choose a program that opens up a new opportunity
It’s ok to promote products that are similar to your own- Choosing to promote affiliate programs offering products similar to your own is a wonderful way to compliment what you are already doing. Sharing businesses who mirror what you do isn’t about competition, it’s about collaboration. Consumers love finding new outlets and resources for the things they love. If someone in your industry is promoting a similar or like product, you can have an easy time making sales and passive income because your market is hot.
It’s ok to promote products that enhance your products- One of the awesome ways to use affiliate marketing programs is to offer items that take yours to a new level. If you offer a service, promoting goods that support your service or make it easier or better is a no-brainer. If a promotion can add value to the goods and services you already sell, it makes perfect sense to encourage your tribe to buy. Finding a solution to a problem your customers face or product that they likely will use makes you a hero for doing the hunting on their behalf.
It’s ok to promote products that open up new opportunities- If you’ve been connected with your customers for a while and you’ve done a great job of rounding out your communication, you may be in a great position to open up new funnels or opportunities to connect. There may be a product that you’d like to promote that at first glance doesn’t seem like a natural fit.
If you’ve been creative in your communication, you can capitalize on the opportunity to endorse something from a different angle.
If you’ve connected with your tribe about a secondary issue like parenting, lifestyle, or health, it’s possible that you can promote a product that is unrelated to your typical sales funnel but connects with your tribe on a more personal level.
Choosing products that make sense for your business is important. Making sure what you offer your tribe is logical is part of the sales pitch. If something is a natural fit, the sale will be easier. Pay close attention to how the affiliate program jives with your tribe and you’ll see higher traffic and sales.
Do’s and Don’ts to Be a Happy Affiliate
Successful affiliate sales come from frequent and meaningful connections with your tribe. Reaching out and promoting the goods, services, and products you endorse isn’t just one and done. You’ve got to be consistent and persistent to make sure your people hear the good news.
Being an affiliate is more than giving someone a shout out. It’s important to have a marketing campaign with a goal-focused outcome. Taking consistent action will help ensure you capture as much of the market as you can. Here are some do’s and don’ts for being a happy affiliate.
Do: Commit to a campaign- Many affiliate programs offer swipe copy that you can use to market through emails and social media. Pay attention to any marketing advice the product owner offers during the campaign. Commit to consistently promoting the product through the life of the campaign and pay attention to what methods seem to work well. Rinse and repeat.
Do: Pay attention to what is selling- If your audience is loving a specific product, make the offer again throughout the year. Offering products that have worked with your audience in the past can help make future sales even easier and less of a gamble.
Do: Use contests to motivate you- Many affiliate programs offer contests for the most sales or reaching certain milestones. This can invigorate you and help you stay focused and committed to the campaign. If you are competitive and love contests this can help you become an excellent and happy affiliate.
Don’t: Promote what you haven’t seen- It’s important to purchase the product yourself. Invest your own money to check the quality of the product and make sure it meets your standards and expectations. If you’ve experienced the product firsthand, it’s even easier to promote!
Don’t: Bypass the customer experience- You’ll want to know firsthand what the buying and delivery experience is like. Be sure to go through the funnel yourself so you can discover any glitches or problems, plus having done the exact thing your customers will do helps you if they run into any hassles. You can help them out rather than reaching out to customer service.
Don’t: Ask for special treatment- Generally, the product owner has put a lot of thought into creating their affiliate program. They are confident in how it works and how they want to engage their affiliates. Be mindful of their protocols and avoid asking for special or unusual accommodations especially if they don’t know you.
Being an affiliate is a great way to promote goods, services, and products you know matter to your tribe. Making money by sharing your enthusiasm and support for a program is a win-win. Be mindful of the do’s and don’ts that can make or break your happiness as an affiliate and you’ll thoroughly enjoy the opportunity.