Have you ever asked yourself this question: How to start with Affiliate Marketing as a serious Business?
Well if not, considering the following questions aswell.
You want to Earn Money while sleeping?
How about earning money while you are holidaying?
Would you want to achieve financial freedom?
Why also not consider earning passive income in addition to your salary?
Alas! Why not?
Well Affiliate marketing is the best way out.
And the best part is you don’t have to invest time in creating your own product. Hence, it is the fastest way to earn money online.
All you have to do is select a product you want to promote and go with it.
And its not fake.
Millions of people are doing it and earning big bucks out of it.
On the flip side if you are a business owner owning a product and want better sales for it, you too can enrol into an affiliate program, for the affiliates to get business for you and expect huge surge in sales.
This way it’s a mutual benefit game.
As a blogger, Affiliate Marketing is the best way to earn income from your content, provided you have relevant content. I personally know people who have earned millions of dollars out of affiliate marketing, consistently, for years.
To start with affiliate marketing, you need to start correct. Take baby steps, but right steps. If you go wrong in even one step, it would become tough for you to earn from affiliate marketing.
I will talk you through each of the steps and would make you understand the affiliate marketing concept from scratch.
But, before I start, I would like to tell you, this is not a get rich overnight scheme. You can definitely be successful, provided you show patience and hard work.
What is affiliate marketing?
Affiliate marketing is the process of earning commission out of selling other people’s product. Basically you earn a share of profit generated out selling the product.
For product companies, affiliate marketing is turning out to be the best mode of marketing.
How to start with Affiliate Marketing as a business?
We have to take affiliate marketing seriously as a business. For this we need to understand the real game.
See, There are 4 stake holders involved here:
- Company:- The business which owns the product
- Affiliate Marketing platform: The middlemen or company which brings the affiliate marketer and the product owner together
- Customer:- who purchases the product
- Affiliate Marketer:- The individual or company who promotes the product
The affiliate marketer needs to understand each of the 3 stakeholders inside out, to be successful in the affiliate marketing business.
1. Company or product selection
- You need to select that company which has an outstanding product.
- A product, which serves the current need of the marketing.
- You also need to see if the product is trending and has a good future demand.
- Check if they provide a good rate of commission
- Check if the product is worth the price being offered in the market
2. Affiliate marketing platform selection: There are tens and hundreds of such networks out there. You should zero down a platform:
- Which deals with the best and the most needful products
- Has the branded companies on board
- Gives commissions for all the future sales against a particular customer. In other words, it tags or hooks the customer against the affiliate marketer who first introduced the customer into the platform
3. Customers:- One needs to understand the target market thoroughly
- It’s not just selling the product once and you are done with it
- You need to nurture or create a relationship with your customer
- This you can do by serving their after sales needs. If they are not comfortable using the product, you need to bridge in to help them do it
- This would eventually create trust and confidence in their minds for your brand
- This further would encourage them to buy any other product you launch.
- This essentially means you would generate better return on investment per customer as you would end up earning by selling by products as well.
How to earn passive income? In affiliate marketing if you want to earn passive income, you need to execute the following steps:-
1. Select a Niche
You need to select a niche, which is a combination of your interest or passion, market trending demand. You may follow the concept of Ikigai for this: Wat you love, What the world needs, What you can be paid for, what you are good at.
2. Select a company or product
Select a company which is a great brand, Has an outstanding product serving the market, Has a great after sales service, Gives great commissions
3. Select a market place
One of the best market places I would recommend based on the criteria given in the article above, is www.fourpercent.com, . Rest of the market places either do not have customer tagging concept or have junk products and brands
4. Open a legal entity
If you want to take it seriously, better open a formal company and bank accounts. This would enable you to have a good track of all the income streams and expenses
5. Set up your home website
This is the platform or medium, where you would engage your customers or prospective customers, via the content you would post out there. This would also represent your own identity or brand
6. Build a tracking mechanism
Whatever marketing campaigns you would run, you should track performance of each, using tracking mechanism
7. Create an auto-responder account
All the emails of your customers or future customers are to be organized properly. You can communicate automatically with them using an auto-responder.
Once you are done with all the steps, its time for you to execute and do stuff.
Amidst covid-19, a lot of businesses are going to come online. Hence it’s a great opportunity for affiliate marketers to earn big bucks out of this opportunity.
You need to step in right now to make the maximum leverage out of it.
But before that you need to take a great course for implementing affiliate marketing
One such course is fourpercent.com, where in they give you a 30 day challenge to set up your affiliate marketing business from scratch.