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.
- You’re happy because you earned a commission…
- The company is happy because they have a new sale from a customer that they might not have normally been able to reach…
- And the customer is happy because they learned about a product from you that will hopefully fulfill a need or desire.
The beauty of affiliate marketing is that you don’t have to invest the time and effort to create a product to sell. You can begin selling something as an affiliate as soon as you have a platform to sell it on.
Affiliate marketing: Pros
- You don’t need to create a product: You’re getting paid for referring people to someone else’s product.
- You don’t need to create a sales page, accept credit cards, handle shipments, returns, or support – the merchant does all that for you.
- There are an unlimited number of affiliate marketing programs that you could join and promote.
Affiliate marketing: Cons
- You don’t control the commissions the merchants give you. It can change at any time.
- You can’t control Google algorithm changes, and some of your site might lose all of their traffic over night because of such changes.
- You only make a fraction of the sale (compared to owning the products!)
The Lifestyle Affiliate‘s system goes through the following 7-step process:
- Find and list possible products
- Conduct keyword research
- Get more keyword ideas
- Pick a domain
- Write content
- Get traffic
- Make money
How Can You Use Affiliate Income
If you have a blog or some sort of following of your own online, affiliate income is just one way you can help generate revenue.
Rule #1: Send People to Products You are Familiar With
- You don’t want to send you readers to a crap product that you know nothing about.
- Instead, focus on sending readers to a product or service that has helped you in the past.
Rule #2: Don’t Sell Garbage Products to Your Readers
- One of the best ways to get people to hate you and not trust you is by sending them to a garbage product.
- If you promote a crappy product, you will ruin your brand image.
- Not only that, but you will be stunting your growth in the long-term as well. So please don’t direct your loyal followers to bad products.
Rule #3: Sell Products that Will Help Solve People’s Problems
- If you have a following online, there is a good chance your tribe trusts you. They see you as an authority figure. So direct them to a product that is actually useful and will help improve their lives.
- Send readers to a product that will help solve some pain point they are experiencing.
Benefits of Affiliate Income
- With affiliate income, you don’t need a product of your own. All you have to do is piggy back off of someone’s existing product.
- It’s less time intensive than creating your own course, product, book, and so forth.
- you can also promote many different products that you may find useful to your audience.
Drawbacks of Affiliate Income
- You can’t make as much money with affiliate income as you could if you create a product of your own at the same price.
- If you were to create a product of your own, you could make fewer sales and still bring in the same income.
- One other issue with affiliate income is you might have to promote too many products. This could turn off many people in your audience.