In this post I am going to introduce you to the basics of Affiliate Marketing; what it is, why you should consider it as part of your lifestyle business and how it works to provide you with a source of income. In addition I thought I would share a few tips that I have picked up for choosing which affiliate programs to join and how to maximise your income without doing any additional work.
Now before I start, a quick warning, this post is not going to get into the real nitty gritty of affiliate marketing and cover any advanced techniques or tips, the idea for today is to give you a feel for how things work and let you decide whether or not it's something that you'd like to pursue for yourself.
Don't worry though, I have plenty of plans to dig deeper in future articles so check out the rest of the site to see what I've added since the writing of this article, or check back in the future as I have plans for plenty more where this came from.
Now, on to the show…
Let's start with the basics shall we and look at how we define affiliate marketing:
Affiliate marketing 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.Wikipedia
Let's break that down a bit shall we:
To put it even more simply, you refer people to products and services that you recommend and if they buy you receive a commission.
One of the difficulties people are faced with when thinking about starting their own lifestyle or online business is the idea that they have to come up with a product or service to sell to others and this can be very off-putting, especially if you don't think you have any particular skills that are marketable to the masses.
A big benefit of affiliate marketing is that you can research and find hundreds of companies/suppliers who have ready to go products that they are willing to pay you to promote for them. Find the right products and it's possible to make a considerably good living without having to create a single product of your own which can be great when you're just getting started.
Furthermore, once you have made a recommendation for a product and received your commission there is no ongoing support or engagement with customers required (although there are benefits of doing so in the long run) meaning that you don't have to be an expert in any of the products you promote.
Beyond that you don't have to worry about storing products to sell, you have the ability to promote to anyone, anywhere around the world and if you choose the right type of products there's the ability to generate an ongoing income from a single sale through recurring payment products (where the customer pays a monthly or ongoing fee to access their product).
All in all, affiliate marketing can be a great way to get started with your online or lifestyle business from home with little or no outlay. Of course there are some downsides to many affiliate programs in that none of the people you refer are your customers so future (new) sales may not provide you with income, you're relying on others to provide a great product and service and if the product/service owner discontinues their affiliate program or products you'll have to find other options.
Overall however, affiliate marketing, when done right can be great for a wide range of people provided it's done right… so let's talk about the How shall we?
While it may sound easy to jump into the world of affiliate marketing it's important that you take the time to approach it in the right manner if you're going to be successful and generate a significant income this way. You can increase your chances by following a few basic rules and dramatically increase your income if you find the right program, here are a few things to consider:
These are a just a few things you should keep in mind when working as an affiliate marketer and there are others which I will cover in more depth in future articles such as the product funnel, the tools or platform that is provided and the investment being made by the product or services developer, but for now these are a good place to start.
Affiliate marketing is a great way to get started down the path of having your own online or lifestyle business, however it's important to come at it from the correct perspective. Focus on providing value and support to your audience and the income will follow, concentrate only on the financial aspects, promote the wrong products and burn your bridges and you will find it difficult to build a sustainable, successful business that you can be proud of.
Ultimately the choice is up to you. My intention is to provide you with the information and tools that allows you to make an educated decision and in future posts we will get into more detailed and analytical discussions that can impact how successful you can truly be, but for now I hope you have enjoyed this post and if you have any comments feel free to chime in below.
Oh and of course, if you found this post to be really useful then please share using the links below so that others you know can also find out more about affiliate marketing and decide if it'd be a good fit for them.
Until next time…