What Is Affiliate Marketing?How to Start Affiliate Marketing for Beginners (A Step by Step Guide on affiliate marketing).
Many people love to wake up one day and receive alert like this
(Image source: Top 5 SEO)
HOW GOOD WOULD LIFE BE?
Passive income. That’s the dream, right?
If you’re like me, when you join affiliate programs, your primary goal is to make commissions by recommending products so that you wake up in the morning and you see an alert.
The idea behind it is that you promote other people’s products, often through an affiliate network, earning a commission if people actually end up buying, then thanks to your marketing.
Before we dive deep lets see some of the questions people likely asked when it comes to affiliate marketing and am sure that must have been one of the questions you asked in google to get to this website.
- Pay Porte affiliate program
- Konga Affiliate marketing
- Audible Affiliate Program
- Amazon Affiliate program
- Meaning of Affiliate program
- Jumia Affiliate program
- Affiliate marketing in Nigeria
What Are Affiliate Programs?
Affiliate marketing according to Wikipedia is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts.
An affiliate is quite similar to an online sales agent. The duty of an affiliate is to promote and sell products from vendors. Affiliates get paid in commissions from each of the sale made. It’s a low-cost business that could bring big profit when done the right way.
One of the many wonders of the Internet business is that it allows everyone to have the same opportunity to succeed. Affiliate marketing is one of those businesses. What sets a successful online entrepreneur apart from the rest is creativity and skills. For a better understanding of this business read this article, This article will teach you how to achieve success.
The best definition of what affiliate marketing is can be found on Pat Flynn’s Smart Passive Income:
Affiliate marketing is the process of earning a commission by promoting other people’s (or company’s) products. You find a product you like, promote it to others and earn a piece of the profit for each sale that you make.
A shopper/reader clicks on a product link on your website.
2. They land on the merchant’s website.
3. He/she purchases the product.
4. You earn a portion of that sale.
You must be thinking: “How do companies know if the sale is coming from my link or from someone else’s link?
From A tracking link (a.k.a affiliate link)
Don’t get confused with the jargon just yet. ” Tracking Link” is pretty simple.
What is a Tracking Link?
A tracking link is a unique link given to only you by the affiliate company or the product company. This unique tracking link is used to keep track of all the traffic you are sending (and sales you are making) via your website or other promotion channel.
A tracking link is like any other URL, but contains a unique string/parameter for your profile. When you join an affiliate program, you will get your tracking link from the affiliate dashboard.
Here are some examples of such tracking links:
However, Wikipedia talks about four different parties that are involved: the merchant, the network, the publisher, and the customer.
Other definitions talk about three parties instead of four.
(Image source: CJ)
I will explain all 4 parties in a second. But, when it comes down to the actual marketing, there are 2 sides of an affiliate equation: the product creator and seller and the affiliate marketer.
So, affiliate marketing can be seen as the process of spreading product creation and product marketing across different parties, where each party receives a share of the revenue according to their contribution.
It’s not just the promotion or just the product creation that defines who you are as an affiliate marketer.
You can be both the creator and the marketer and still profit from the underlying idea of sharing revenue.
Now let’s look at it very closely.
The Merchant: Sometimes also known as the creator, the seller, the brand, the retailer, or the vendor. This is the party that creates the product. It can be a big company, like Dyson, who produces vacuum cleaners.
The Affiliate: This party is sometimes also known as the publisher. Affiliates can also range from single individuals to entire companies. An affiliate marketing business can produce a few hundred dollars in commissions each month or tens of millions of dollars.
An affiliate promotes one or multiple affiliate products and tries to attract and convince potential customers of the value of the merchant’s product so that they actually end up buying it.
The Consumer: The customer or consumer makes the affiliate system go ’round. Without sales, there aren’t any commissions to hand out and no revenue to be shared.
The Network: Only some consider the network part of the affiliate marketing equation. But, I believe that an affiliate marketing guide needs to include networks, because, in many cases, a network works as an intermediary between the affiliate and the merchant.
HOW DO I JOIN AFFILIATE PROGRAMS?
There are primarily two types of affiliate programs:
First, self-hosted programs run on the company’s website with affiliate software tools. You join these by searching for “Brand + Affiliate Program,” finding their program page, and filling out a form to apply.
WHAT ARE THE REQUIREMENTS TO JOIN AFFILIATE PROGRAMS?
Many times when people ask this question What Is Affiliate Marketing? I do surprise since we have this answer everywhere in our day-to-day businesses. To join affiliate programs, you need a website and a way to receive money – either a PayPal or a bank account. Though many of the affiliate’s programs do not require a website. Although you can participate without a website by adding links on social media, this works best for high-end social media influencers, and I always recommend having a website.
I recommend you have a well-designed website with an SSL certificate installed for HTTPS. You should own a business email address connected to your domain, and have a PayPal account set up. Click here to get started
This is what you can do on your own if you watch this video series
WHAT DO YOU LOOK FOR IN HIGH PAYING AFFILIATE PROGRAMS IN 2021?
The first two things to look for are commission rates and average order value (AOV). Remember, high rates x high average order value = more affiliate revenue. Next, look at the cookie duration and potential earnings per click (EPC).
Here are four things to look for in the best high paying programs:
1. COMMISSION RATE.
The percentage of a sale that’s funded by an advertiser to an affiliate for referring a new customer. This percentage can range from the low single digits up to 50% or higher.
2. AVERAGE ORDER VALUE (AOV).
The average dollar amount spent every time a customer completes an order. To calculate AOV, divide your total revenue by the number of orders.
3. EARNINGS PER CLICK (EPC).
The income an affiliate earns for each click to an advertiser’s website from an affiliate link. This definition is a little misleading as the true definition of EPC calculates the amount per 100 clicks.
4. COOKIE DURATION.
A cookie is a value stored on an end user’s computer and is used to track affiliate sales. The duration is the length of time the cookie stays on the computer after clicking an affiliate link. For example, with a 30-day cookie duration, this means that if a user clicks an affiliate link and makes a purchase within 30 days, the affiliate receives credit for the sale.
There’s no point in making a 5% commission on a $10 pair of socks. That’s only $0.50.
Alternatively, it would be much better to earn an 8% commission on a $1,200 treadmill and make $96. Since your affiliate website can only generate so much traffic every month, you should promote affiliate products that provide an EPC.
Finally, the last metric to look for is a lengthy cookie duration. Standard cookie durations are typically 30 days. You can find programs as low as seven days and as high as 90+ days. Longer cookie durations are a standard feature of programs I recommend.
Steps to becoming an online affiliate marketer
Similarly to becoming a merchant, there are also 4 steps that you can take to start your journey as an affiliate marketer.
First, you need to start reviewing products in your niche. That can be done on a YouTube channel, on a blog or even just using live streams on social media.
Second, you have to collect emails, so that you can connect with your audience at any time you want and don’t have to hope for them to see your content.
Third, you can use joint venture webinars to make a lot of sales in a short period of time, while simultaneously growing your email list and creating new content.
Finally, once your affiliate marketing business starts making money, you can scale your growth with pay-per-click advertising.
Step 1: Review products in your niche
It’s easier to get started as an affiliate because you’re skipping the ‘have an idea’ and ‘creating an idea’ parts of becoming a merchant.
You already use and like plenty of products, so all that you have to do get started is to publicly talk about them.
Start by looking at the partners in step 4 for becoming a merchant, because that’s what you’re trying to start in this step.
Any product works.
Step 2: Build an email list with your prospects on it
Email is still one of the best marketing channels today, so don’t miss out on it.
I’ll show you 3 super easy ways to collect email addresses from your website visitors.
Step 3: Educate your audience with live webinars
Webinars are awesome.
Imagine that you want to buy a brand new laptop.
What makes you want to buy Laptop:
- Reading a review on a blog
- Seeing a live presentation of the function of the laptop in action
Pro Tip: Most companies require you to have a blog or a website for becoming their affiliate partner. This helps them to get serious people and helps you because having your own blog/website is one of the best ways to make an affiliate sale. Click here to Start yours…
Step 4: Grow your business with PPC advertising
Once your affiliate marketing business starts to picks up steam, you can start thinking about paid advertising.
No matter which one of the best affiliate program you want to join, there are a ton of different high ticket categories to match your unique interests.
Do you understand the answer given to you best on the question you ask for What Is Affiliate Marketing? If not please drop your feedback
First, when choosing a program, remember to check the commission rates, average order values (AOV), average earnings per click (EPC), and cookie durations.
Second, look into if the program is recurring, or provides one-time payments.
Finally, choose a niche that matches your interests, and you can passionately promote.
The affiliate market is growing as fast as ever, and the opportunities are wide open.
First, to create your affiliate site, I recommend you get started with Bluehost for 63% off, or just $2.95/month.
What affiliate programs would you like to see added to this list?
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ABOUT THE AUTHOR
Jerome Udoh is an award-winning information entrepreneur with strong 7-figure online businesses. He has a passion for helping people who are searching for relevant information from the web to solve their day-to-day problems. Remember; knowledge is power. He also likes to write about things in general in his country and all over the world. From money-making ideas to the Latest news and technology. His passion for blogging is strictly inspired by things that he loves to talk about.
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