Five Things To Know Before Choosing An Affiliate Marketing Opportunity
Hello dear friends and fellow entrepreneurs! Welcome back to this old man's blog! I've said before, I love affiliate marketing and always looking for ways to get better. As I find them, I'll pass them along. For now, I'll try and show you what I know up to this point.
There are hundreds, if not thousands of companies out there that have affiliate programs. I'm sure you know Amazon does, but did you know Walmart does, also? There are even companies that book private jet planes that have affiliate programs. Just about everyone does these days, so how on earth do you choose which one to promote. And how many?
My answer on the how many is; start with just one that you really like...work and tweak it and put all your efforts into it unto you start making consistent money, THEN, find the next one. Ultimately, you want several. It's good not to have all your eggs in one basket. As far as which one to choose? Well, here's the five things I look for before choosing one.
1) Product Value
Does the product have value whereas people will be wanting to buy it? Is it something they can use? If it's a crappy product, and people buy it, they may not be happy with it, or be overwhelmed with it if it's a bad software and will be asking for refunds. You don't want that, so make sure there is value there.
Is there high enough margins on each product where you can make a good income from each sale without having to sell hundreds or thousands of them each month? It takes the same amount of effort to promote low ticket items as it does high ticket. So why go low?
Does the company have good solid tracking links and how long are they good for? Some of the larger companies like Amazon are only good for 15 or 30 days. This means, once someone clicks on your link, if they don't buy within 30 days, you don't get the commission. There are other companies that pay anytime they go through your link and buy, but only on the frontend, or the first sale. A lot of affiliate companies make sales over and over with repeat customers, and if that customer went through your link for the first time they bought, then everytime they buy after that, you'll get the commission for that buy, too. (These are what you want)
4) Marketing Material
Does the company have awesome marketing material, sales funnels, banners, email swipes, etc to help you do a better job promoting the product? Do they have high converting sales videos, or a sales team that follows up customers for you? Do they use webinars and events to help you convert more? The marketing material can be just as important as the product. You need to have good promotional material to convert the sale.
Does the company that has the affiiate program have a good reputation? Do they pay people on time? Do they treat people right? In this day and age, integrity means everything online just as it does out in the real world.
So, these are the five elements I look for when I'm looking for an affiliate offer to promote. Once you find a company that fits these, you can solely concentrate on your affiliate business and getting traffic through your links.
Actually, there's a sixth element I look for, too. Recurring commissions. This kind of ties in with #3. Does the company have a program where the customer pays monthly for their service or software or membership? Because, if they do, then most of the time that means that you'll get paid monthly, also. Everytime the customer makes a payment, you'll get your commission. This is the way to truly build up your monthly income. For example: Someone goes through your link and joins Wealthy Affiliate and then goes Premium. They'll pay $49 every month and this means you'll get $23.50 commission every month. Now, say you refer just one new customer each month. Well, at the end of the second month, you'll get $47, third month $70.50 and by the end of the year, you'll be getting $282 a month in commissions. (This is, of course, if everyone stays in and doesn't drop out, but you get the picture) And that's just referring one per month. So, think how it could be if you had a company that was paying $50 per month per referral, or $120 a month. See how it can add up? This is why I look basically for recurring commissions and then sprinkle in some one time sales each month.
There you have it. You've managed to get through another blog! It's always good to learn, BUT, now you need to implement what you learn. I'll catch you on the next blog!
Until next time...Take Action!