What is affiliate marketing?
If you have a product to sell on the internet, you may hire someone to become promote and sell your products. This sales person or promoter will promote your product and in return, you have to give him some commission. Such a person is known as an affiliate and to promote your product through this method is called affiliate marketing.
Affiliate marketing process
The affiliate marketing process is simple. If you want to become an affiliate, you simply need to join an affiliate program and start promoting their products either through your blog, YouTube channel, social media profiles, etc.
Given below is a simple image that highlights this process.
If the customer clicks through your link and purchases from the business, you get a commission.
The best part about affiliate marketing is that each time you make a sale you get a commission, and if you could automate this process then there is no limit to the amount of money that you can earn. Just imagine lakh and lakhs of purchases happening through your site and your account getting credited even when you are fast asleep on your bed during the night.
So, that’s simple right? You just need to join an affiliate program and start promoting products. Sorry! But that’s just the tip of the iceberg.
First of all, you need to have a ton of relevant traffic on your respective channel through which you are promoting products.
So, first, we need to work on traffic. Not just any traffic, we need to have a relevant targeted audience to your channel that may want to buy your vendor’s products.
Then there is also a little complication about the content that you put on those channels. Remember, another most important thing is that the content has to be terrific and it needs to add some value to your customer’s life!
A word about affiliate networks
An affiliate network is where a lot of businesses come to roost to promote their products and services! It’s basically a marketplace where vendors meet their affiliates.
In rather simple terms, it is a place where you get to promote a lot of products present in one single website.
All you have to do is join any affiliate network and start promoting multiple products from multiple businesses all present at one place.
So instead of joining a single affiliate program, you join a single affiliate network that houses multiple affiliate programs at one place. So a single login ID in an affiliate network gives you the ability to choose any product or service that you would like to promote from any number of businesses.
How you benefit from affiliate marketing?
Duh! It’s quite straight forward.
Each time you convince a customer to buy the products you are promoting and make a sale, you earn a commission. The commission can be one time or recurring, it depends on the product and the affiliate program that you have chosen.
I found this great website that provides a list of 9 affiliate program that give recurring commission so go ahead and go through it.
Enough of the bullshit Siddharth! Tell me how its done!
To do affiliate marketing you have to do the following things:
- Choose your niche.
- Develop an audience for the niche
- Choose the most rewarding or popular affiliate program
- Promote that program
- Earn commission
Now let’s go into the details:
Choose your affiliate marketing niche
Ask yourself! What am I good at? What are my interests? What are the products that meet my interests?
For example, if you are a movie buff that spends too much time on streaming platforms then choose to promote movies and series at Amazon Prime Video and get paid every time a user clicks on your affiliate link and downloads the app.
But don’t choose Amazon prime video just yet? Ask yourself these two questions:
Is your niche popular?
If your niche is popular then you won’t have a hard time converting your prospect to a customer. There are many ways through which you can find out whether your niche is popular. One of the ways is through the Google Adwords Keyword Planner Tool.
Go to my video about using Google Adwords Keyword Planner Tool for more details.
Does your niche pay you well?
If there is another program that pays well and is equivalently popular then choose that program.
So if both the answers are “Yes” for Amazon Prime Video, then go for it otherwise choose another affiliate program.
Some other points to keep in mind about choosing an affiliate program?
Go to the checklist below and make sure that each point is checked:
- The affiliate program reputation should be good.
- The affiliate program should provide great support.
- The product that you are promoting should be of very good quality.
Let’s do some hands-on
Given below is a video in which I will join an Amazon Affiliate Program for you. The Amazon affiliate program is one of the most popular and rewarding programs ever to be in the affiliate marketing space.
Notice that when you join the affiliate program, Amazon will give you various ways in which you can promote its products. In any case, it will provide you with a link to the product. You have to put the exact link in your channel to promote the product.
Remember, you get a commission only when the user clicks on the link present on your channel and makes a purchase. If the user does not click on your link and purchases the product directly from the vendor site, then there is no way to trace the attribution of the sale to you and as a result, you will not get paid.
Actually every time a user clicks on an affiliate link, a cookie is placed on the user’s browser that tells the vendor that the sale came from your channel. So until and unless a click happens, you do not get the attribution of the sale and you don’t get paid.
So whats next?
I have tried to explain affiliate marketing as easy as possible through this blog.
If you are serious about doing affiliate marketing then I recommend that you join the Millionaire Course.