So a friend of mine has a pretty good and high-paying job but she wants to earn more because she is planning to retire early. Since I have a lot of ventures when it comes to passive income, I told her that she can try affiliate marketing. She has heard of it but she doesn’t really know the specifics of this endeavor.
Actually, a lot of people ask me that too. A little bit of background of myself before I continue: I am an affiliate marketer for more than 10 years now and affiliate marketing is essentially a form of digital marketing, whereby, you create content to help entice people to buy the products from your partner merchant.
Depending on the payment model agreed upon by both parties, the affiliate (you) can either gain a commission based on the sale of a product, or lead conversion, or just by clicking on a special affiliate link.
In today’s article, I will delve deeper into this topic so that you will understand it fully.
And perhaps, this article will enlighten you and become an affiliate marketer yourself.
In a Nutshell
Affiliate marketing has actually been around for so many years now and as I’ve said in the beginning, it is a form of digital marketing wherein you will refer someone to a product that your partner merchant sells by enticing them with high-quality content.
This is actually one of the best ways for you to generate a passive income stream and all you really need to do is to set things up and earn money!
Of course, the brunt of the work often happens at the beginning of your affiliate marketing career and believe me, it is not as easy as one might think.
However, I can confidently say that if you just devise your own strategy and stick to it no matter what, you are going to succeed in this industry.
How is It Done?
Affiliate marketing can be summed up this way: have your own platform> find an affiliate program> agree upon the terms> create content and add affiliate links> watch the commissions.
Let’s tackle the first part. In affiliate marketing, you are required to choose your own platform. Back then, you are only limited to having your own website, but now, you can choose either a blog, social media, or your own email list.
Once you have chosen your platform, you have to think about a niche that you want to focus your attention on. Ideally, you want it to be as specific as possible so that it will be so much easier for you.
For instance, focusing on ‘shoes’ will not bode well for beginners because that is too broad. One way you can narrow it down is by focusing on a specific type of shoe or on a particular brand. So instead of focusing on shoes, you might want to set your eyes on running shoes, for example.
Then, find an affiliate program. It is essentially like college where you find the merchant you want to partner with so that you can promote their products on your platform. By ‘promote’, I mean you do so without doing the traditional form of advertisement.
Promoting products in affiliate marketing essentially means that you are creating your own form of content; may it be video, blog post, articles, ebooks, or what have you- and then adding affiliate links as naturally as possible.
Those links have special tracking codes that will notify the merchant of how many times a person has clicked on the link, as well as how many people have actually bought the products from the page it leads to.
Most companies follow a pay-per-sale model wherein you get paid a commission based on a certain percentage of the sale. So if you are promised 10% of the sale as your
commission, a $50 item would give you $5.
Despite a small commission, the beauty of affiliate marketing is that as long as a lot of people use the affiliate link you’ve posted and so long as they buy from those links, you are always guaranteed some money. The more people who buy from your links, the better your income will be.