How Can Affiliate Marketing Make You Money?
By Space Coast Daily // June 19, 2019
Affiliate marketing is a form of digital marketing strategy wherein an online retailer or seller pays you a commission for every sales or traffic generated from your site visitors or referrals.
You recommend products and services through your site content, like blogs, videos, images, audio files or Podcast, or infographics. Once a follower or a visitor purchases a product or avails of a service using your affiliate link, you get a commission.
While many people are interested in affiliate marketing because it promises to bring good money or a source of passive income, only a few work hard and stay patient waiting for success. Unfortunately, many affiliate marketers easily give up.
In this post, you’ll learn how affiliate marketing can make you good money.
Step 1: Find a Profitable Niche
While many people say affiliate marketing is an easy way to make money, wherein you can sit all day in your couch with revenue pouring in, it takes a lot of patience, perseverance, and time to attain this goal. But once you’re there, you’ll enjoy the fruits of your hard work.
It’s useless promoting products and services if you don’t have a profitable niche, and this is a crucial step in affiliate management. That’s why the first step to ensure a successful affiliate marketing is choosing a profitable niche so that all your efforts will pay off in time.
- Research and brainstorm using the audience-insight website called Quantcast. Just click the explore button located on the top right corner of the website and click the “Top 100” to display a list of the top 100 websites on the web at a given time. Browse the second or third page to get an idea of the most profitable niches and trends.
- Use Quora, which is a platform where online users can post questions about any topic and obtain detailed community-based responses. Type your desired niche into the search bar to get a list of the most frequently asked questions about the topic. You can use the information to develop smaller niches within your preferred sector or industry.
- Double check your chosen niche on AdWords to know the typical cost per click of keywords or terms associated with your niche. Search for top keywords based on a category or phrase. Enter the keywords for your niche and focus on related keywords. Click the “Suggested bid” column to help you understand if a given keyword niche is worth spending time on.
Step 2: Choose the Right Products to Promote
Aside from creating your website and choosing reliable hosting technologies, creating quality content and choosing the right products to promote are important in affiliate marketing.
Once you know the best products to sell, you increase your chances of getting higher traffic and sales. You can’t just sell any product and expect to make good money. It takes research and patience by knowing what’s hot and what’s not.
One way to know the best products to sell is by using ClickBank, which is also a great way to monetize your niche. It’s important to monetize your affiliate marketing to drive traffic and sales.
- Start your search for the category of your niche on the search bar to help narrow down your niche.
- Check the left-hand side menu for curated topic lists.
- Choose the category and check the results. You can filter search results on the left-hand side, and all the product results are found on the right-hand side.
- Choose the suggested products that you can confidently sell on your website.
Step 3: Track Your Results
Affiliate marketing also includes tracking your results or metrics. This step is crucial to find out if your marketing efforts are effective or not, so you can change or improve your tactics as needed. You can use MonsterInsights to track your affiliate products’ performance on a WordPress site.
- Get started by installing and activating the MonsterInsights plugin.
- Connect your Google Analytics account to your WordPress site.
- Go to “Insights” and choose “Settings” in your WordPress admin dashboard.
- Select the “Tracking” tab and check the results.
One of the best ways to measure the performance of your affiliate marketing is to apply quantitative metrics, which cover all aspects of digital marketing represented numerically. It includes the following:
- Cost Per Lead or CPL
- Click-through Rate or CTR
- Incremental Revenue
- Conversion rate
- Return on Investment or ROI
- Percentage of Fraudulent Orders
Affiliate marketing can bring you a good source of passive income if you apply the right strategies. From finding a profitable niche to choosing the best products that sell, and tracking your results, doing each step right will help you drive traffic, generate more leads, and boost your sales.
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