Wake up at an ungodly hour. Drive to the office through total gridlock, streets jammed with other half-asleep commuters. Slog through email after mind-numbing email until the sweet release at five o’clock.
What if, instead of dealing with the monotony and stupor of the rat race to earn a few bucks, you could make money at any time, from anywhere — even while you sleep?
That’s the concept behind affiliate marketing.
Affiliate marketing is a popular tactic to drive sales and generate significant online revenue. Extremely beneficial to both brands and affiliate marketers, the new push towards less traditional marketing tactics has paid off. In fact:
- 81% of brands and 84% of publishers leverage the power of affiliate marketing, a statistic that will continue to increase as affiliate marketing spending increases every year.
- 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.
- In 2018, content marketing costs were gauged to be 62% of traditional marketing schemes while simultaneously generating three times the leads of traditional methods. In fact, 16% of all orders made online can be attributed to the impact of affiliate marketing.
- In March of 2017, eShopoly affiliate structure changed, offering rates of 1-10% of product revenue for creators, providing the opportunity for affiliates to dramatically increase their passive income based on the vertical they’re selling on.
- The affiliate marketing of Jason Stone, otherwise known as Millionaire Mentor, was responsible for as much as $7 million in retailer sales just in the months of June and July in 2017.
What Is Affiliate Marketing?
Affiliate marketing is the process by which an affiliate earns a commission for marketing another person’s or company’s products. The affiliate simply searches for a product they enjoy, then promotes that product and earns a piece of the profit from each sale they make. The sales are tracked via affiliate links from one website to another.
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How Does Affiliate Marketing Work?
Because affiliate marketing works by spreading the responsibilities of product marketing and creation across parties, it manages to leverage the abilities of a variety of individuals for a more effective marketing strategy while providing contributors with a share of the profit. To make this work, three different parties must be involved:
- Seller and product creators.
- The affiliate or advertiser.
- The consumer.
Let’s delve into the complex relationship these three parties share to ensure affiliate marketing is a success.
1. Seller and product creators.
The seller, whether a solo entrepreneur or large enterprise, is a vendor, merchant, product creator, or retailer with a product to market. The product can be a physical object, like household goods, or a service, like makeup tutorials. Also known as the brand, the seller does not need to be actively involved in the marketing, but they may also be the advertiser and profit from the revenue sharing associated with affiliate marketing.
2. The affiliate or publisher.
Also known as a publisher, the affiliate can be either an individual or a company that markets the seller’s product in an appealing way to potential consumers. In other words, the affiliate promotes the product to persuade consumers that it is valuable or beneficial to them and convince them to purchase the product. If the consumer does end up buying the product, the affiliate receives a portion of the revenue made.
Affiliates often have a very specific audience to whom they market, generally adhering to that audience’s interests. This creates a defined niche or personal brand that helps the affiliate attract consumers who will be most likely to act on the promotion.
3. The consumer.
Whether the consumer knows it or not, they (and their purchases) are the drivers of affiliate marketing. Affiliates share these products with them on social media, blogs, and websites.
When consumers buy the product, the seller and the affiliate share the profits. Sometimes the affiliate will choose to be upfront with the consumer by disclosing that they are receiving commission for the sales they make. Other times the consumer may be completely oblivious to the affiliate marketing infrastructure behind their purchase.
Either way, they will rarely pay more for the product purchased through affiliate marketing; the affiliate’s share of the profit is included in the retail price. The consumer will complete the purchase process and receive the product as normal, unaffected by the affiliate marketing system in which they are a significant part.
How Do Affiliate Marketers Get Paid?
A quick and inexpensive method of making money without the hassle of actually selling a product, affiliate marketing has an undeniable draw for those looking to increase their income online. But how does an affiliate get paid after linking the seller to the consumer? The answer is complicated. The consumer doesn’t always need to buy the product for the affiliate to get a kickback. Depending on the program, the affiliate’s contribution to the seller’s sales will be measured differently. The affiliate may get paid in various ways:
1. Pay per sale.
This is the standard affiliate marketing structure. In this program, the merchant pays the affiliate a percentage of the sale price of the product after the consumer purchases the product as a result of the affiliate’s marketing strategies. In other words, the affiliate must actually get the investor to invest in the product before they are compensated.
2. Pay per lead.
A more complex system, pay per lead affiliate programs compensates the affiliate based on the conversion of leads. The affiliate must persuade the consumer to visit the merchant’s website and complete the desired action — whether it’s filling out a contact form, signing up for a trial of a product, subscribing to a newsletter, or downloading software or files.
3. Pay per click.
This program focuses on incentivizing the affiliate to redirect consumers from their marketing platform to the merchant’s website. This means the affiliate must engage the consumer to the extent that they will move from the affiliate’s site to the merchant’s site. The affiliate is paid based on the increase in web traffic.
Why Be an Affiliate Marketer?
What are the reasons to become an affiliate marketer?
1. Passive income.
While any “regular” job requires you to be at work to make money, affiliate marketing offers you the ability to make money while you sleep. By investing an initial amount of time into a campaign, you will see continuous returns on that time as consumers purchase the product over the following days and weeks. You receive money for your work long after you’ve finished it. Even when you’re not in front of your computer, your marketing skills will be earning you a steady flow of income.
2. No customer support.
Individual sellers and companies offering products or services have to deal with their consumers and ensure they are satisfied with what they have purchased. Thanks to the affiliate marketing structure, you’ll never have to be concerned with customer support or customer satisfaction. The entire job of the affiliate marketer is to link the seller with the consumer. The seller deals with any consumer complaints after you receive your commission from the sale.
3. Work from home.
If you’re someone who hates going to the office, affiliate marketing is the perfect solution. You’ll be able to launch campaigns and receive revenue from the products that sellers create while working from the comfort of your own home. This is a job you can do without ever getting out of your pajamas.
Most businesses require startup fees as well as a cash flow to finance the products being sold. However, affiliate marketing can be done at a low cost, meaning you can get started quickly and without much hassle. There are no affiliate program fees to worry about and no need to create a product. Beginning this line of work is relatively straightforward.
5. Convenient and flexible.
Since you’re essentially becoming a freelancer, you get ultimate independence in setting your own goals, redirecting your path when you feel so inclined, choosing the products that interest you, and even determining your own hours. This convenience means you can diversify your portfolio if you like or focus solely on simple and straightforward campaigns. You’ll also be free from company restrictions and regulations as well as ill-performing teams.
6. Performance-Based rewards.
With other jobs, you could work an 80-hour week and still earn the same salary. Affiliate marketing is purely based on your performance. You’ll get from it what you put into it. Honing your reviewing skills and writing engaging campaigns will translate to direct improvements in your revenue. You’ll finally get paid for the outstanding work you do!
7. Do Not Underestimate the Power of SEO.
There’s a ton of organic traffic you can get from search engines if you do SEO properly. The days when Search Engine Optimization was about cheating Google are gone. Today, it is about making your website better for visitors. People naturally look for information online. That’s why you should learn the basics of on-page SEO, keyword research and link building to be the information source they find first. Who wouldn’t want to rank #1 for terms such as “best product” or “product review” in Google?
Common Types of Affiliate Marketing Channels
Most affiliates share common practices to ensure that their audience is engaged and receptive to purchasing promoted products. But not all affiliates advertise the products in the same way. In fact, there are several different marketing channels they may leverage.
An influencer is an individual who holds the power to impact the purchasing decisions of a large segment of the population. This person is in a great position to benefit from affiliate marketing. They already boast an impressive following, so it’s easy for them to direct consumers to the seller’s products through social media, WhatsApp, blogs, and other interactions with their followers. The influencers then receive a share of the profits they helped to create.
With the ability to rank organically in search engine queries, bloggers excel at increasing a seller’s conversions. The blogger samples the product or service and then writes a comprehensive review that promotes the brand in a compelling way, driving traffic back to the seller’s site.
The blogger is awarded for his or her influence spreading the word about the value of the product, helping to improve the seller’s sales. For example, my article on the best email marketing services includes product reviews and affiliate links throughout.
3. Paid search focused microsites.
Developing and monetizing microsites can also garner a serious amount of sales. These sites are advertised within a partner site or on the sponsored listings of a search engine. They are distinct and separate from the organization’s main site. By offering more focused, relevant content to a specific audience, microsites lead to increased conversions due to their simple and straightforward call to action.
4. WhatsApp Broadcast.
Despite its older origins, WhatsApp marketing is a viable source of affiliate marketing income. Some affiliates have WhatsApp groups they can use to promote the seller’s products. Others may have friend with groups they can leverage with links to products, earning a commission after the consumer purchases the product. Another method is for the affiliate to build a broadcast list over time.
5. Classifieds or Free Listing websites.
Designed to create a huge amount of traffic at all times, these sites focus on building an audience of millions. These websites promote products to their massive audience through the use of ad post that you can create for free. This method offers superior exposure and improves conversion rates, resulting in a top-notch revenue for both the seller and the affiliate. A few are Jamaica Observer, Jamaica Gleaner, Fiwi Classifieds, Jamaica free ads, and much more.
Tips to Help You Become A Successful Affiliate Marketer
1. Develop a rapport.
When beginning your affiliate marketing career, you’ll want to cultivate an audience that has very specific interests. This allows you to tailor your affiliate campaigns to that niche, increasing the likelihood that you’ll convert. By establishing yourself as an expert in one area instead of promoting a large array of products, you’ll be able to market to the people most likely to buy the product. For example, focusing on groceries that someone will always need.
2. Make it personal.
There is no shortage of products you’ll be able to promote. You’ll have the ability to pick and choose products that you personally believe in, so make sure that your campaigns center around truly valuable products that consumers will enjoy. You’ll achieve an impressive conversion rate while simultaneously establishing the reliability of your personal brand.
You’ll also want to get really good at WhatsApp outreach to work with others and influencers.
3. Start reviewing products and services.
Focus on reviewing products and services that fall within your niche. Then, leveraging the rapport you have created with your audience and your stance as an expert, tell your readers why they would benefit from purchasing the product or service you are promoting. Almost anything sold online can be reviewed if there is an affiliate program – you can review physical products, digital software, or even services booked online, like ride-sharing or travel resort booking. It is especially effective to compare this product to others in the same category. Most importantly, make sure you are generating detailed, articulate content to improve conversions.
4. Use several sources.
Instead of focusing on just WhatsApp, also spend time making money with a blog, reaching out to your audience on social media, and even looking into cross-channel promotions. Don’t just post links all over.
Test a variety of marketing strategies to see which one your audience responds to the most. Make frequent use of this technique.
For more information, you can check out this article on how to start a successful blog this year.
5. Choose campaigns with care.
No matter how good your marketing skills are, you’ll make less money on a bad product than you will on a valuable one. Take the time to study the demand for a product before promoting it. Make sure to research the seller with care before teaming up. Your time is worth a lot, and you want to be sure you’re spending it on a product that is profitable and a seller you can believe in.
6. Stay current with trends.
There is serious competition in the affiliate marketing sphere. You’ll want to make sure you stay on top of any new trends to ensure you remain competitive. Additionally, you’ll likely be able to benefit from at least a few of the new marketing techniques that are constantly being created. Be sure you’re keeping up to date on all these new strategies to guarantee that your conversion rates, and therefore revenue, will be as high as possible.
What Affiliate Marketing Strategies Should You Employ in 2020?
1. Only recommend products you are extremely familiar with.
Building trust with your audience is paramount in affiliate marketing, and the quickest way to lose trust is to recommend products either you haven’t used before or that aren’t a good fit for your audience. Also make sure you never tell anyone to directly buy a product, you are simply recommending the product. The more helpful you are and the more you make quality recommendations, the more likely your web visitors will come back for your expertise.
2. Promote products from many different categories.
Don’t put all your eggs in one basket. If you only promote one category of products, you are stuck with their commissions, their landing pages, and ultimately, their conversion rates.
3. Focus on your affiliate traffic sources.
It’s important to know where your traffic is coming from and the demographics of your audience. This will allow you to customize your messaging so that you can provide the best affiliate product recommendations. You shouldn’t just focus on the vertical you’re in, but on the traffic sources and audience that’s visiting your link. Traffic sources may include organic, paid, social media, referral, display, email, or direct traffic. It’s always good to capture your audience, for example instead of driving people directly to your link get them to send you a message in Whatsapp then you send them a link there to your offer this way you can followup and send them different offers in the future.
Benefits To Joining the eShopoly Affiliate Program
1. Industry-leading commissions.
In the eShopoly affiliate program, you receive a 10% bounty per referral and $1,500 per reseller referral, with no cap on commissions. Plus, the more referrals you drive through the program, the higher your commission tier will go.
2. Strategic growth.
eShopoly provides unique strategies to help you grow, and drive more sales. You’ll be able to save time and money.
3. Powerful tracking.
Our affiliate dashboard offers a comprehensive look at your clicks, sales, and commissions. You can view your earnings, track performance, and get paid at the same time every month.
4. A dedicated account manager.
You will have direct access to an affiliate expert who understands your business and your goals.eShopoly will work with your team and our conversion rate experts to maximize your commissions and earnings per click. We provide 1-on-1 support through phone and email, quarterly affiliate contests, and our latest product updates.
5. Promotion made easy.
In your dashboard, you will have easy access to our pre-made text links.
Affiliate marketing is an ideal solution for those looking to gain control of their own income by focusing on performance-based revenue options. Working in tandem with a seller, a motivated affiliate marketer will be able to achieve a passive income from the comfort of their home without worrying about producing their own product or service. Although the success of the job does depend on the affiliate’s marketing skills, it can prove to be an effective way to meet your income goals as either a primary career or a profitable second job.
An elegantly straightforward process, affiliate marketing via reviews, blogs, social media, and other platforms is a new frontier in marketing that’s just waiting to be utilized. Follow the tips included in this article, and you’ll be able to engage your audience, convert passive readers into active consumers, and enhance your paycheck one click at a time.