How To Earn Money With Affiliate Marketing?
What Is Affiliate Marketing?
Affiliate marketing is exciting as it's similar to the last business model we looked at but with one key difference: you don't need a product. So if you thought that creating a digital product was low risk, this is even
lower risk.
How is this possible? Simple: you are selling someone else's product. Your profits will come instead from the commission made on that much higher product on the web than for door-to-door salesmen. You can sometimes make as much as 100% commission on a digital product to put things in perspective. That means you earn more than the product creator!
So how does this work? Why would they be interested in offering you more money than themselves? A digital product has no COGS, which offers 100% profit. A product creator can sell as many copies of their development as possible and then get affiliates to sell more of their product. They might not get 100% of your sales, but those are still additional sales-generating additional profits on top of what they already earned.
And the more commission they offer to you, the more people will take on their product and start promoting it. This means they can end up with a legion of people selling their products while they reap the benefits! From your perspective, though, it makes perfect sense too. You are getting to sell a product without investing any time or money in creation — but you're also able to choose a tried and tested seller.
In other words, you can pick something that you can already see is selling well! And there's no limit to your earnings here either: you find a more expensive product if you want more money. Or maybe you end up taking on 2 or 10 affiliate products and earning from them!
How to Get Started In Affiliate Marketing?
So how does this work? To begin with, you need to find the product you want to sell. The easiest way to do this is through an affiliate network such as JVZoo (www.jvzoo.com), Commission Junction (www.cj.com), ClickBank (www.clickbank.com), WSOPro (www.warriorforum.com/warrior-special offers) or others. Here, you'll then be able to find a massive list of affiliate products along with the amount they've sold, the commission they're offering, and their price.
You then find something that appeals to you and fits your niche, and you apply for an 'affiliate link.' That link is a unique URL that directs people to the page where they can buy the product while also storing a cookie on their computer to show that you sent them. If they click your link and then buy the product within a specific time frame, it is logged as your sale, and you get the money. Very straightforward!
Your job then is to promote that affiliate link, which you can do in some ways. You might, for instance, decide to set up an advertising campaign using Facebook Ads or AdWords. This will be an effective method if you're paying less for the advertising than you're earning from the sales.
Another option is to use your channels. For example, if you create an extensive email list, you can send your affiliate link to those subscribers after building their trust. Or, if you have a blog, you can promote the link that way. You can even upgrade the links via social media or using 'real world' posters and flyers. Or how about a YouTube channel? This straightforward business model lets you earn big cash without investing anything or taking any risks yourself.
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Some very well-known figures in the affiliate marketing industry, including John Chow (www.johnchow.com), who is now somewhat famous online and regularly attend talks and interviews. Other big names include Mark Link and Rae Hoffman. All these people now live incredible lifestyles enjoying passive income while traveling the world or spending more time with their families.
Affiliate Marketing Best Practices And Tips!
Now you know what affiliate marketing is and how to get started with an affiliate marketing network, the next thing to consider is how best to succeed in this space and to start generating the kind of income you're looking for.
One of the most important points here is to pick the right product. First, of course, you should choose a product that is selling well and offers a hefty commission at an attractive price.
But on top of that, you also need to think about how you're going to sell that product and succeed in that niche. This is an essential part, and it's something that will help you in a ton of different online business models
. When selling anything, you need to look for what is known as the 'route to market.' This essentially means the route you're going to take to present your product to the most significant number of people who may be interested in it.
If you have an eBook on flow arranging, then a route to market might be something like a blog on flowers or maybe a magazine for brides-to-be. Most of us have a few contacts and resources we can already use. Perhaps you happen to be in touch with a prominent blogger in the fitness niche? Maybe you happen to know the editor of a magazine? Instead of choosing a random product and building that audience from scratch, select the subject you already have a headstart in and then exploit those contacts and opportunities.
When you choose your product, remember that you aren't just choosing your product — you're choosing your market, marketing strategy, and audience! Oh, and often this means going for slightly smaller niches. For example, it's sometimes
easier to find and connect with a group of truckers than to get noticed among the different marketers going after the dating crowd. So, once again, starting small and building up is often the best strategy.
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Physical Products?
One last point to consider is that many affiliate programs aim at people who want to sell physical products. The best known of these is Amazon's Associate Program (https://affiliateprogram.amazon.com).
This lets you promote any product on Amazon for commission, potentially opening you to a much wider audience. Bear in mind, though, that these sales offer much smaller commissions — typically about 3–10% of the retail price.
COPYRIGHT ISSUE:
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LEGAL:
Any earnings or income representations are aspirational statements only of your earning potential. There is no guarantee that you'll receive the same results or any results at all. Your results will depend entirely on your work ethic, experience, etc. As always, there is a risk with any business. I am not a financial advisor, and nothing in this video should be considered legal advice.
