Wouldn't it be nice if you could get out of bed in the morning and see that nearly $500 hit your bank account over night? Affiliate Marketing programs can make this happen. There are many affiliate marketing programs out there, but understanding why they are important and which ones to join with be vital to your success. Affiliate Marketing is a big part of work life integration because it can be an additional revenue stream or side hustle. Let's take a closer look at why Affiliate Marketing programs are important.
What are Affiliate Marketing programs?
The concept of Affiliate Marketing programs is rather simple. You use your marketing channels to promote other company's products and services. For every sale, or sometimes lead, you get a percentage of sales or commission. As a digital entrepreneur you don't need to sell a physical product anymore! You can use Affiliate Marketing programs to "suggest" products to your audience and get a cut of the sales.
Why are Affiliate Marketing programs are important?
The quick and simple answer is that, if done right, they can be a lucrative source of revenue. Don't get it twisted. This will take time, patience, and a lot of trial and error. If you are starting a blog or newsletter, you can't just start spamming affiliate marketing links to your audience. You have to carefully pick what products and services resonate with your audience, while making sure you are still providing value. If your audience feels that you are starting to spam them with products, you will quickly lose them.
How do I choose the right Affiliate Marketing Program?
There are mainly two different types of affiliate programs: Affiliate Networks and Self-Hosted programs. Affiliate Networks are a collection of merchants offering their links all in one place. You then join specific merchant's Affiliate programs through this network. A Self-Hosted program is a company that hosts their own program on their company's website. I prefer the Affiliate Networks because you have many more options. Although choosing specific products for your target demographic could be best fitted for Self-Hosted affiliate programs, if you aren't finding what you are looking for on the affiliate networks.
What do I look for in Affiliate Marketing Programs?
I'm going to say this one more time because it is so important. Make sure that the Affiliate Marketing program is aligned with your network. You do not want to spam your audience by throwing random products at them.
Look at the commission rate. Many Affiliate Programs will be in the single digits, but there are a few that will be as high as 75% of the sale.
Cookie duration is important because it accounts for the time the cookie is stored on the end user's computer. Cookies are used to track the affiliate sales. For example, if the cookie duration is 90 days, that means if the user goes back and buys something within 90 days after their original click, you will get credit (and money) for the sale. The average cookie duration is 30 days. Sometimes you will see as low as a week or as high as 90+ days.
Check out the average order value (AOV) with the affiliates. This is the average amount a customer with spend each time they compete an order. Then you can multiply this by the commission to see what you will make on average. Higher-ticket products are an easy way to get you to your revenue goals faster.
Recurring commissions are an easy way to increase your revenue without doing a lot of work. Check to see if their are Affiliate Programs that have recurring revenue, like subscriptions. This way if you get someone in your audience to buy their product, the affiliate will continue to pay you overtime without having to do any additional work.
No matter which Affiliate Program you choose to join, there will be something to match your audience's interests. Take the time to research the right fit for you and start generating revenue.
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