Guide to Invest for A Profit
“Go online and make a profit” How many times have you been given this advice? I can bet many times. It is very easy to say that but knowing HOW to invest is the key. Many people are already running a website/blog or small business online. To be honest, that is not enough. Smart entrepreneurs know that business growth is essential to keep making and increasing profits.
For doing so, you need to find an alternative source of income. One of the best ways to do so is to consider affiliate marketing. Not everyone has the funds to go and start another business, right? With affiliate marketing, you can grow and increase the business you already have.
What Is Affiliate Marketing and How Does It Work?
Before you jump on the bandwagon of affiliate marketing, it is important to understand the underlying principle. Basically, it is a sale tactic that is done online that allows the owner of the product to reach a greater audience by letting people RECOMMNED their product. These people are known as “affiliates”. In turn, these people get a commission for recommending the particular product.
Mostly, these affiliates are people who have a following of their own. They can be blog writers, product reviewers, social media influencers etc. (as you can see these people NEED to have a following or otherwise recommending your product will not do you much good if people don’t know and trust them enough to listen to them). If a person buys from the link provided by the affiliate, they get a commission.
Today, we will see how businesses can use affiliate marketing to increase their sales. Along with this, we will also talk about how a person can become an “affiliate” and gain profits from recommending different products.
How To Use Affiliate Marketing If You Are a Business?
According to BI Intelligence, affiliate marketing heads display advertising and social commerce when it comes to e-commerce orders. This shows how quickly it is gaining popularity and is a source of increased income for businesses and affiliates alike. Most of the online businesses already have affiliate programs. Keep in mind the following points to ensure your affiliate program is better than the rest.
1. Pick A Niche
The biggest mistake businesses make in affiliate programs is the target audience. Most of the businesses I ask proudly answer that their target market is “everyone”. Even though it seems it is the wisest thing to do (a greater target market means more customers, right?), it is not always the best strategy. Niching down is imperative. When you target a specific group of people who are genuinely interested in your product or service, there is higher chance of conversion.
Undoubtedly, gardening tools can be for men, women, young, old and even kids. But young professionals who are working 9-5 would hardly have time to pursue gardening on a regular basis. So, if you want to design an affiliate program for your product/service, it should target middle age group who have the time to take out for gardening.
The first phase thus involves figuring out who your target market should be based on who your product/service is best suited for. There are literally a hundred ways to do so. You can market based on age, gender, culture, locality, interest and so on. The narrower and well defined your niche is, the better it is.
2. Choose Affiliate Marketers
Once your niche and target audience are defined you can go ahead and choose which affiliate marketers you are going to go for. You have to think from the point of view of the affiliates. After all, you need them. They have the audience and you need their audience. The trick is simple: Incentivize them!
Being influencers, they could have offers to promote many other products. They might even have offers from your competitors. Why should they choose you? Of course, the commission. Usually, the offers that are the most generous commission wise and those that give bonuses to the best affiliates are the ones that are picked. So, tailor your offers keeping this in mind.
Finding influencers is not that difficult. Social media has made life much easier. Apart from that, there are a number of software’s that allow you to find who the most influential people. Once you know who to go for, all you need to do is give them the proper offer.
3. Quality Content
The best affiliate programs don’t rely on the affiliate to come up with content. What they do is make the job easier for them. For this, they provide high-quality, engaging content so that they can use it. Some examples of this include free training, access to image database, templates of emails to use which can be tweaked for customized use etc.
4. Monitor and Expand
The key is to keep an eye on the process. You might need different people for these steps. One might be associated only with creating quality content, someone else might be there to find affiliates etc. Monitor the entire process thoroughly. Once you think that you are on the right track, you can expand your niche.
How To Use Affiliate Marketing If You Are an Affiliate?
For affiliates, the process is a little simpler. The product you choose must relate to your audience and you should be honest about it. Firstly, you need to understand your audience. Who are the people who follow you? How can you convince them to use a product/service? For me, honesty goes a long way. I always advise people to use the product/service and only promote something you will personally use if needed. There are a few questions you should ask yourself before you dive in and become an affiliate for someone:
- Would I ever USE this product?
- Does it apply to me? Can I use it?
- Is it usable by the MAJORITY of my audience?
- Will they benefit from using it?
- How easy is the buying process?
- What sort of commission will I be getting?
Following are the steps you should carry out if you want to be an “affiliate” for a product/service.
So, you can see how easy it is to invest online if you do it right. The money is great, the exposure is great and the growth is great![/col_inner_3] [/row_inner_3]