King Mighty’s Affiliate Marketing Extensive Guide
Chapter 1: Affiliate marketing mechanism and how it works
In this chapter
- How affiliate marketing works
- Who can do affiliate marketing?
- Steps you can take to become an affiliate entrepreneur
- How to be a unique affiliate entrepreneur
- Pros and cons of affiliate marketing
- How much can you make with affiliate marketing
How affiliate marketing works
Now that you have fully understood what affiliate marketing is, let’s now have a good look at how it works in this chapter.
Before we go into how affiliate marketing works, it is worth noting that affiliate marketing is everywhere and you have probably purchased some items through some links without noticing! If you ever did, it’s worth noting that the owner of the website could have received a commission. If 300 people did click on that link, then, the owner probably got commission worth [300xamount of commission paid on that product].
Affiliate marketing is everywhere, but very few people understand how to take full advantage of it. In fact, I think affiliate marketing is the world’s most untapped source of passive income!
Who can do affiliate marketing?
Affiliate marketing can be done by online entrepreneurs, bloggers, and really anyone who has a website and is willing to build an audience they can serve. Building an audience is the first step I would recommend for anyone looking to get into the affiliate marketing boat.
As long as you own a website, products exist right now that people in your target market are probably already buying, and if you can become the resource that recommends those products, you can generate a commission as a result. Like I mentioned in the previous chapter, you don’t have to create products to start with, because there are a huge number of products ready for you to promote.
Promoting affiliate products is easy. You can use online tools like search engine optimization (SEO), paid search engine marketing (SEM), email marketing, content marketing, and display ads.
Summary of the affiliate marketing process
Parties involved in the affiliate marketing process
1.The affiliate entrepreneur – could be you and your website
2.The affiliate company (or network); These include companies like Amazon, Rakuten, ClickBank, ShareASale, JV zoo and others (long list). These normally offer a wide range of products that you can promote.
There are so many others that offer single products like ActiveCampaign, Elementor…again, list is endless. Almost avery major company offers affiliate opportunities!
3.The customer. This is a member of your audience who uses your affiliate link to purchase a product from the Affiliate Company or network that you have chosen to partner with.
Most companies that offer affiliate programs refer to them as referral programs. They can normally be found in the footer section of their websites.
Here’s how each party benefits from affiliate marketing:
The steps you can take to become an affiliate entrepreneur
Even though I talk about the steps you can take to becoming a successful affiliate entrepreneur in detail later in this guide, I would like to give you an overview of what it can be like in this chapter. The steps summarized include;
- Find a company and product you want to promote.
- Sign up as an affiliate.
- Get your unique affiliate link and add it to your site.
- A visitor to your website clicks the link, which takes them to a third-party page (basically the company’s product page).
- If the visitor makes a purchase, you receive a commission based on the value of the item purchased.
- If the visitor doesn’t make a purchase, you can keep their email address and promote other offers to them later (this is a bit advanced but I give more light about it in the chapters ahead.
The steps above are the basic steps to becoming an affiliate entrepreneur, however, they have to be done wisely to help you achieve success or become a successful entrepreneur. Many people all over the internet have taken these steps and abused them, that’s where the real problem is. However, below are the things you must do in order to actually build a sustainable business in affiliate marketing space.
How to become a unique affiliate entrepreneur
Build a relationship with your audience.
Identify a product that might fit your audience’s needs.
Use and test the product yourself, to ensure it’s truly something worth recommending to your audience
Show your audience proof that the product does what it promises. This can be done in a blog post or case study on your website or YouTube channel. This is where content comes in!
Showing your audience the proof that this product does what it talks about is one sure way to inspire them to buy without really hard-selling them.
This approach puts your audience’s needs front and center, setting you up for success with affiliate marketing.
The Pros and Cons of Affiliate Marketing / Advantages and disadvantages
As with anything, affiliate marketing has its advantages and disadvantages which when well analyzed can help you get ahead quite easily. In this guide, you will get the guidance you need to go about affiliate marketing smartly so you can make the most of the opportunities out there and avoid the potential downsides. Let’s quickly have a look at the advantages of affiliate marketing
1.Low barrier to entry.
Affiliate marketing has the easiest barrier of entry. Most affiliate programs are free to join which means anyone with a name and internet connection can get started.
2.You don’t have to create the product
No product creation, no shipping, no customer support which all means it’s really hassle free.
You’re not the product owner, so you don’t lose anything if a customer doesn’t buy.
4.Passive income potential.
If well setup, affiliate marketing provides the potential for passive income. It can be setup to earn you in the future while you do less or even nothing at all.
5.Affiliate marketing may give you more freedom.
Even though the beginnings may be quite hard to go by, if you endure and not give up, freedom is one sure thing you will get in the near future. Passive income may mean al the freedom you will ever need. Y can work anytime and from anywhere, as long as you have internet access.
1.You have less control over the product
You don’t own or control the product/service you’re recommending, so you can’t control quality or customer experience. This means you must choose the product wisely
2.You will find competition.
An attractive affiliate program means you might be competing with others for customers, which is expected in any venture, however, this sometimes gets aggressive online.
3.So many shady companies out there
Good homework must be done when looking for a product to promote. This is because some companies may not be up to standard and may offer vague products. Some companies may not even be around too long, which means your efforts could be wasted.
4.Risk of link high jacking.
Unscrupulous individuals may hijack your affiliate links, known as “link jacking,” potentially stealing your commission in the process.
How much can you make with affiliate marketing?
The biggest problem with not just affiliate marketing but any other internet business are the so-called gurus and get-rich-quick programs that suggest it can all be done fast and with little effort. Chances are you have read or seen videos promoting affiliate marketing as a way to get rich without doing anything.
The reality in affiliate marketing is that it takes effort to make money. Most of the strategies you will employ will take time to yield results. The time it takes to make you money will make all the difference; whether you give up or remain in business. So the question ‘How much can you make money with affiliate marketing?’ Can only be answered by you rather than any random person that doesn’t know how committed you are and how seriously you are willing to make the change in your finances. The truth is, the potentials are endless.