Quick intro, what is affiliate marketing?
Affiliate marketing is a type of performance based marketing where you, as an affiliate, get rewarded for every customer you bring for a business/ company by your own marketing efforts.
In simpler words, you get a commission for every customer you get a business.
Here are five steps for you to start making money via affiliate marketing:
1.Build an Audience/ Mailing List:
One of the best ways to guarantee sales, is by already having an audience to sell to. Pick a niche you know a lot about and start growing out an online community centre around it. The goal here is to assume the status of an online influencer.
Building an audience online and selling to them, is going to be a lot more effective than running ads to market your affiliate products. Here’s why:
It is crucial to realize the importance of building a strong connection with your audience. The number of people trying to sell online, in 2017, is huge. You need to give people a reason to buy form you.
On a side note, there’s a lot of people out there selling hoax products to their audiences, just for the money. Please don’t do this. In fact, this is one of the reasons why people nowadays don’t trust online ads that much. Let’s follow business ethics and make online shopping great again. Make sure you sell a product that you have tried, believe in and like yourself.
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Sugegsted: 15 Ways to add value to your social media pages and build and engaging audience.
2.Sign up for an affiliate marketing program online:
There are tons of them out there. Probably ‘Amazon Associates’ and ‘eBay Partner Network(EPN)’ are among the best known, but there are many more options out there.
If you really have a specific brand or product you believe in, and want to market it, reach out to the owners and let them know. Chances are they’ll create a commission plan just for you.
A little tip- make sure you read through all the terms and conditions before you sign up as an affiliate. There are a ton of affiliate programs that lure you in by claiming to have unbelievably high commission rates. Not only are their products horrible, they might not even allow you to take home your earnings.
3.Select a Product and generate a custom link:
Websites like Amazon and E-Bay allow you to sell pretty much anything. Find a product that suites the niche of your audience and generate a custom link, that lets the company know that the traffic is coming over from you.
Once again, keep in mind what I wrote about not marketing hoax products. Let’s make online shopping great again.
It’s very rare that customers really love the product they purchase. If you can make that happen, your business is bound to succeed.
Stick to ethics again, and let your audience know that the product you’re selling them is sponsored/ an affiliate product. If you’ve built the trust and relationship, they wouldn’t mind purchasing it form you, as long as they are impressed by the product.
There are various ways you can advertise the product to your audience- do a review, share pictures every now and then, or send out e-mails to your mailing list. Doing a review and trying it out for yourself works great, as they trust you and seeing you use it takes away a lot of their doubts.
Make 1000$ a day- an example:
Back to high school math class.
Let’s say you have a 100$ product for which you get 10% commission.
This means that you get 10$ for every product you sell.
This also means that you need to sell 100 products to make one thousand dollars.
This might seem like a lot to sell, but with a well-targeted niche audience, and a mere 1% conversion rate, 10,000 followers/ subscribers should be all you need.
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I hope you have a clear idea of how you can go about affiliate marketing. It really is a great way to make a little money without having to manage inventory or create your own products.
In order to keep startup costs as low as possible, use sweat equity instead of delegating work to others. From designing a website to doing the math on the back end, and everything in between, do it yourself. At least, initially. This will help you minimize startup costs as much as possible.
Looking for tips as a startup?
For eye-opening, concrete tips on being successful as a startup, make sure to check out ‘The Lean Startup’, by Eric Reis. Learn how you can get your MVP out into the market as soon as possible and improve on it via the Build-Measure-Learn negative feedback loop.
It helped go from having just a couple hundred dollars in my wallet to running Best Business Books, amongst other successful ecommerce ventures. I did read a ton of other books, but The Lean Startup stood out in its own way.
It’s a must read for every aspiring entrepreneur out there. Purchase a copy below and we’ll ship it to you for free.
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