It is very rare to see businesses that do not have an affiliate marketing program, this is to show you how lucrative affiliate marketing is. With little or nothing, you can start earning a good amount of money from this cool business. You basically do not need a big startup or a huge amount of money to begin this business.
However, you need to have some inherent marketing skills to help you because your profit lies in how much and how well you sale your products. Also, as a smart entrepreneur, one way to make your business grow is to find an alternate source of income. With affiliate marketing, you can increase the publicity of your products or services.
If you are not into affiliate marketing, don’t worry, this article will explain all you need to know about affiliate marketing and how you can earn big from it. Mind you, it is a legit source of income.
Affiliate marketing is simply an online sales option that involves the promotion of products or services of another business or company in exchange for a commission on the total sales. Many businesses adopt this as a means of reaching their target audience faster. Also, affiliate marketing makes it possible for you to earn money from product sales without creating your own product. Just by referring or recommending a product, you make a certain amount once that product is sold out. You can market such products on your blog, website, or social media platforms. To become an affiliate marketer, join a good brand, get products to promote, and then share them with your audience. In addition, if you are an entrepreneur, affiliate marketing can become an important part of your business with an healthy income.
How Affiliate Marketing Works
As earlier said, it is quite easy to join an affiliate marketing program if you fully understand what it is about. However, you will also need to take these few steps:
- Find and join a reputable affiliate program
- Choose which products or services to promote
- Get a unique affiliate link for each product or service
- Share those links on your blog, website, or social media platforms
- Then collect a commission anytime someone uses your links to make a purchase.
You should also know that commission rates vary, it depends largely on the company and the product or service. For starters, you can earn about 5% of the sale but, with some arrangements, time and your performance, you can earn as much as 50%, especially when promoting a class or event. There are also affiliate marketing programs that provide a flat rate per sale instead of a percentage. Source for your choice because it is easier when you are promoting something you are interested in as well.
Benefits of affiliate marketing
There are several benefits attached to affiliate marketing. First, it is easy. You necessarily do not have to engage in harder tasks like supporting, making or developing a product or service. All you have to do is handle the marketing aspect: sell products, educate customer etc.
Also, there is low risk in affiliate marketing. There is actually no cost or fee to pay before joining an affiliate program or more. Without any prior investment, you can make money by just joining an established affiliate program. Your commission is a relatively passive income. However, you will have to invest time creating traffic sources both your blog, website or social media platforms.
In addition, you do not need to hire an extra help as you can simply introduce new products to your existing audience while you build campaigns for additional products. That way, you existing work won’t stop generating revenue in the background.
Note: Just before you get overwhelmed, you must know that affiliate marketing is built on trust. That is why it is better to recommend products or services you are interest in. You must also gain the trust of your audience.
Also read: Finance-tips-on-how-to-manage-your-money
How to find affiliate marketing platforms
Finding an affiliate marketing platform is not so much of a big task, but know that some companies do not offer affiliate marketing. Some of them manage their own affiliate programs while others make use of an affiliate platform. To find affiliate marketing platforms, you can visit affiliate marketplace. Simply browse your niche to find reputable affiliate programs. Some famous marketplaces include:
- Revenue wire
Also, another option is to visit the official website of the products and services you are interest in. Check if they run affiliate programs. However, you can also take a more specific approach by directly meeting owners of reputable products and see if they offer affiliate marketing program. Be ready to follow terms and conditions that applies.
Choosing your first affiliate marketing program
As you go out looking for products, browsing through affiliate marketing programs, the most important thing to note is that these products must align with your audience, or your prospective audience. Consider if they will find it valuable or if it fits in properly with your area of expertise. For example, a food Blogger should not promote beauty products or clothes. Although, a wide range of products will make sense, such as aprons, meal kits, food recipes, etc.
Also endeavor that the product or service you are promoting is a fit for the platform you are promoting it on. For example, home decor and clothing are well suited to image-heavy platforms like Instagram. However, if you’re promoting more in-depth products, like software, your review may convert better on longer-form platforms, like a blog or YouTube.
Create a plan for promoting your affiliate program
As earlier discussed, affiliate marketing revenue can become a legit form of passive income, but you still have to be intentional in your pursuit. The success of your program depends largely on the quality of your review, sales and overall promotion of products or services.
Creating a good review requires you get on your comfortable spot. You can get personal by sharing real-time experiences in your blog, social media platforms, or via YouTube videos. If your review is on a personal basis, you must offer a sincere opinion on your experience with the said product. Your authenticity depends on your openness. You have a greater chance of gaining people’s trust when you can share lifetime experiences.
Also, in creating a plan for promoting your affiliate marketing program, know that trust is key. Your affiliate marketing efforts will amount to something big if people can trust you. Your recommendations are worthwhile if you are trustworthy. Beyond just sharing your experiences, you can also build trust by limiting the number of affiliates you promote, or by just becoming an affiliate for products you are personally interested in. Learn to stick to your area of expertise. For example, people can trust your recommendations for electronic devices, but that doesn’t mean you will have same luck or much more when you recommend food recipes.
Engage a product expert
In choosing your first affiliate marketing program, another option to consider is engaging a product expert or others who use the product or service, or even engaging the person who makes or sells it. This can give your review more depth, creating a narrative for the reader. With that you will gather more information about the supposed product or service.
Create a product tutorial
Google is made up of too many “how to” searches. Even though your progress in affiliate marketing depends on the size of your followership, you can also create video tutorials or tutorial based article to drive higher traffic to your site. A tutorial has the capacity of solving the searcher’s problem and displaying the value of the product or service. Your referrals will be more reasonable and your customers will have a stronger incentive to buy the product or service you are recommending.
Find relevant search terms
This is very important If you are promoting a product via a blog post, take time to research which keywords someone might use in a search engine to find answers to a related problem. You can use Google Ads Keyword Planner, it is a good tool that can help. It is free to use, but you must create an account.
Consider your effort
This depends on your product, you must figure out how much energy you should invest in instructional or tutorial content This is often a natural lead-in to someone trying a product for themselves. For example, you could record a video of yourself using and getting the most out of the product, or showing off the benefits of a digital product or service. That’s one sure way to advertise. Unboxing posts are popular, so if you receive the product in the mail, document your experience opening it up. It also builds trust.
Plan your distribution strategy
After you are done with your promotional content, share it on your website or social media platforms. If you have an email list, you can also create an email marketing campaign. And be sure to have an affiliate marketing hub on your website with a resource page where you share a quick list of all of the products you use and love.
Try offering a bonus
This is another way to launch you into affiliate marketing properly. Many affiliate marketers promote their affiliate programs by offering bonuses to anyone who purchases the product. People are naturally drawn by free things. For example, you could give a free ebook you wrote to any follower who makes a purchase. Promotions like this encourage customers to buy by sweetening the deal. They are specifically persuasive if the bonus you offer is something you sell too.
You can see several examples of active affiliate bonuses when business coach Marie Forleo opens her popular B-School for entrepreneurs each year. In order to encourage sign-ups through her affiliate link, Laura Belgray, Forleo’s own copywriter, also offers a one-on-one copywriting session as a bonus. Marketing coach Amy Porterfield also adds a bonus bundle, with an invitation to one of her live events, access to a private Facebook group, Q&A sessions, and a variety of downloads. Adding a bonus is a good way to exempt yourself from the crowd of affiliate marketers promoting the same product.
Be legal and above board
Always disclose to your followers that your post contains affiliate links. For one thing, it is important. But explaining the reason for your affiliation can also help you connect with your audience. Let them know what it entails, let them know you are engaging in affiliate marketing. Also, be plain enough by telling them that the product or service is not yours rather you are helping a business or company reach their target audience with ease.
Top Affiliate Marketing Programs in Nigeria
The good thing about affiliate marketing is that you can join more than one affiliate marketing programs. You jus have to know how to handle advertisements online. You may choose to market similar products from different brands so that people won’t be confused on what you stand for. Below are some popular affiliate marketing programs in Nigeria.
Jumia Affiliate Program
With this program, you can earn up to 11% commission on every sale. This is actually the most reputable affiliate marketing program in Nigeria. You can even monetize your blog or website by simply driving traffic to Jumia online store by advertising their products and make money when people buy them.
Konga Affiliate program
Kinga affiliate program is a good way to start earning. It is also one of the best Nigeria’s affiliate marketing program. Just by advertising and selling products online, you can earn big.
Amazon Affiliate program
This is the best place to start off with if you are new to affiliate marketing. The good thing about this platform is that it gives you an option to promote what you have interest in. It has a user-friendly interface with millions of sellers providing you a flexible choice in terms of selecting products you are interest in.
AliExpress Affiliate Program
AliExpress also offers a good platform for affiliate marketing. You can get banners and links to promote products and sellers on AliExpress through this platform. Once a banner is placed on your blog or website, you start earning immediately. When people click through your link to make purchases, you will receive a commission too.
People are seriously engaging in different legit platforms in order to diversify their income. Do not be left out. Affiliate marketing programs are very rewarding, you can earn good money with it. All it will cost you is your time. Also, you can decide to startup your own business from there as an entrepreneur. With the followership you will gain, you can also setup your own affiliate marketing program that will benefit your followers.