7 steps to make money by affiliate marketing
If you’re hoping we’re about to tell you that making money by affiliate marketing is easy, you’re out of luck. There’s no shortcut here — you’ll need to know your niche inside out, carry out in-depth research, and share your knowledge effectively. That means your priority should be creating content that people want to engage with, whether through social media, blogs, or another channel.
It’s tough, but laying the foundation now can lead to passive income in the future. If that’s not worth the effort, what is?
How affiliate marketing makes money
If you made your way to this article, chances are you have some idea of what affiliate marketing is already. But maybe you aren’t sure exactly how it works or whether it’s as profitable as some people make it sound. Don’t worry — we won’t leave you in the dark.
Affiliate marketing involves a third party promoting a company’s product or service in return for money, with the affiliate earning revenue for each new customer they bring.
People trust other people, and affiliate marketing capitalizes on that. For companies hoping to grow their businesses, affiliate marketing offers a creative way to get more customers; meanwhile, affiliates get a (relatively) easy way to earn some extra income. It’s a win-win situation.
So, what does affiliate marketing look like in practice?
There’s more than one way to go about it, but these are some of the most popular methods:
- Blogs: Harness the power of Google and SEO by writing blog content that appears when users make searches relevant to the product or service being promoted.
- Videos: Sites like YouTube are becoming an increasingly popular way for people to find out information, and they may also appear in Google searches.
- Social media: By posting on platforms like Instagram and Twitter, you can reach people interested in specific topics — and then market to them.
- Advertising: As well as posting on social media, you can run advertising campaigns on them. Facebook advertising is an especially effective way to reach users as they scroll through their feeds.
- Reviews: One of the first places prospects go for research before buying is a review site, so providing reviews with affiliate marketing links can be a great strategy. However, if you’re using a third-party reviews website, tread carefully and be sure to check the site’s terms of service before adding your affiliate link.
What is the average affiliate commission?
At this point, you might still be skeptical about whether affiliate marketing really makes money. It certainly does — but how much?
For something as broad as affiliate marketing, payments vary. But we know that’s not a very satisfying answer, so let’s try to give a more detailed response.
Generally, affiliate marketers earn their revenue as a commission, often between 5% and 25%. However, some companies may offer a fixed rate per item sold, especially if they focus on one or a small selection of products. In this case, the higher the product’s value, the higher the revenue will be.
That’s the numbers covered. Wondering exactly where to start with your affiliate marketing efforts? We’ll get to that shortly.
Steps to maximize affiliate marketing opportunities
By now, you should know that affiliate marketing is a great opportunity that can bring in some serious cash. But that knowledge alone won’t help you to start doing it successfully. Without an audience that trusts you and content that delivers genuine value to them, you won’t get very far with attracting new leads.
It’s time to get specific. Below, you’ll find seven steps to kickstart your affiliate marketing efforts.
- Choose which affiliate methods to use
As outlined above, there are a few options for how you go about affiliate marketing. Will you opt for blogging? Social media posting? Or something completely different?
The right choice will mostly come down to the platform you feel most comfortable using effectively and where you expect the majority of your target audience to be lurking (depending on their demographics). It’s best to focus on one thing to begin with, though you might want to branch out to multiple methods over time.
Your decision will impact how you approach the next six steps, so no pressure.
- Identify your niche
You might be thinking that the next step to becoming a profitable affiliate marketer should be finding the right program. While this is important, it comes later — before you can even start thinking about making money, you need to focus on who you are.
The type of affiliate marketing opportunities you should target primarily depends on the kind of content you’re creating. For instance, you might want to create a website or social media account that teaches people the basics of personal finance.
But when it comes to competitive niches (like finance), the more specific, the better. The most successful affiliates tend to have their own unique angle on the topic they’re tackling (e.g., investing for under-30s).
Where can your unique skills and experiences bring the most value?
- Create epic content
Okay, you know what your niche is. Time to act on your vision by crafting some high-quality content that will get your audience to listen to what you say and trust your judgment.
To up the quality, have a deep think about who your readers are — what would they want to know? For instance, if your niche is investing for under-30s, they’d probably be interested in reading articles about accessible, low-cost investing platforms.
Of course, you should also make sure your writing is engaging and well-researched.
- Grow your audience
Once you know who you’re trying to reach and have some great content under your belt, the next step is to ensure that it reaches as many people as possible.
The most popular way to do this is through social media. But don’t just pick a channel at random — think about where your audience is most likely to frequent and target that platform.
You could also consider guest posting, especially if your affiliate marketing strategy is focused on blogging.
- Be responsive to your community
Posting on social media or your website is a great start, but don’t stop there. To make your audience stick around and feel they’re getting maximum value, you need to keep them engaged.
Respond to the comments on your blogs, social media posts, videos, or whatever else you’re uploading.
Bonus points if you’re giving them practical advice that will increase your authority. Speaking of which…
- Establish yourself as an authority
We listen to the people we trust — what are you doing to show your audience that your opinion is one they should pay attention to? When operating in a competitive niche like finance, having authority is particularly important.
If you follow all the advice outlined above devoutly, you’ve already gone a long way toward establishing yourself as an authority. But you can always do a little more.
Perhaps you could outline any relevant professional or personal experience in the introduction to demonstrate your know-how, or simply blow away the reader with how well-researched your content is.
- Identify relevant affiliate programs
Once you’ve got everything else all worked out, the only thing left to do is sign up for the right affiliate programs. Don’t forget to stick within your niche and pick products or services that will genuinely appeal to your audience.
Websites like ClickBank, Rakuten Advertising, and CJ Affiliate are good places to start your search. Alternatively, you can simply search on Google for sites offering relevant affiliate programs using the right keywords.
Or, for a headstart in the finance niche that will save you some research, just keep reading.
MyConstant Affiliates – enjoying the best rewards in the industry
See — making money by affiliate marketing isn’t as hard as you thought. Once you’ve found your niche and started creating great content, you’ll be ready to apply for your first programs.
If you’re after great options within the finance niche, look no further than MyConstant Affiliates. Our generous program is ideal for anyone looking to earn some extra income while promoting the future of decentralized finance.
When you become an affiliate with us, you’ll receive not only $20 for each referral, but also a host of other benefits, including:
- 20% of the “instant-access” investment interest of the person you refer in the first year.
- $100 bonus after referring 10 people within 30 days.
- $1000 bonus if the people you refer deposit $500,000.
It doesn’t get much more generous than that.
We don’t just let you have an unlimited number of referees — we actively encourage you to refer as many people as possible.
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