What is Affiliate Marketing?
The second business model, that has been wildly profitable in recent years for me, is affiliate marketing. Affiliate marketing is when an affiliate, markets a business’ product, and then takes a commission fee for each product that is sold.
Affiliate marketers may get paid by lead, or by sale, depending on the program they use. They can use blogs, websites or even email marketing to promote products and receive their commissions. What truly made the difference for me, was the type of products I was promoting. I would focus heavily on high-ticket, high-value products, that would earn me large commissions.
This proved very effective when I was building my business, whereas other, lower value products may not have even allowed me to break even, with larger, more expensive products, I could invest heavily in ads, and still have a healthy profit margin for myself left over.
When you begin affiliate marketing, here are some things you should keep in mind.
The first thing, is to develop a rapport with your audience. You must do this in order to gain their trust. When you establish yourself within a niche, you will be able to market directly to people who are passionate about that niche. This means that they are much more likely to buy, and you can score higher conversion rates.
Also, you should try to make it personal. There is an abundance of products and services that you can promote online. In order to keep your marketing trustworthy, you should always choose products that you believe in, that allow you to demonstrate your expertise and knowledge of, whilst converting a higher rate of customers.
Conclusion These are two of the most popular online business models today. The freedom with regard to money & time that such income models give you is incredible really.
It’s these models that had taken me from the rural city I grew up in, where my family had to work late into the night and early in the morning in order to provide for us, to a lifestyle where I can hop on a plane, travel the world, and return to a bank account even bigger than it was before I left.
I hope you guys found today’s advice useful, thank you for reading, and I hope to see you all again soon.