How To Start A Lucrative Affiliate Marketing Business: Part 4 - Win The Wealth Game

How To Start A Lucrative Affiliate Marketing Business: Part 4

In Part 3, I’ve talked about frequently asked questions about Affiliate Marketing. It’s not get-rich-quick and depends on your ability to learn and take action. Affiliate marketing is a business model that can place you in the top earner category. Others have done it and there should be no reason why you can’t.

If you’ve skipped Part 3, click here to go back.

While it’s easy to get started, affiliate marketers make mistakes just like everybody else.

Because it’s so easy to start, many make the mistake to think it’s also simple to do.

It’s not.

Affiliate marketing takes a lot of skill, knowledge, and commitment to be successful. If you’re looking to get rich overnight, this is not for you.

However, if you are looking to build a solid business over time that can make you money for many years, then affiliate marketing is a great option. 

Done right, it’s one of the most rewarding and lucrative ways to make money online.

As an affiliate marketer, you will market and promote someone else's proven product for a commission. Earning on this commission-based model of making money online has made some people into online millionaires.

If you choose to follow this route, there are a few mistakes to avoid.   

One of the things I see many affiliate marketers doing, especially if they’re new, is sending traffic directly to the product owner’s sales page.

Please don’t do this because you’re not building your business doing it this way. Besides, if you’re planning to run Facebook ads, Facebook doesn’t allow driving traffic directly to a sales page.

Your most important goal is to build an email list and build a relationship with the people on the list.

  • You will be able to build long-lasting and on-going relationships with a targeted audience
  • If you send traffic directly to the sales page, you will get a one-off commission and that's all
  • If you build an email list first, you will be able to make multiple commissions by selling more products to the same people
  • When you have a list, you can market to them repeatedly for as long as they stay subscribed

My plea to you is to start building your list immediately

Successful people care about the people they serve. They also care about the products they promote. Never promote a product based solely on the amount of money you will get per sale.

Remember, your goal is to stay in business for a long time and make money. If you promote rubbish just to make a quick commission you will be out of business before you know it.

The affiliate marketing ‘graveyard’ is full of people who failed because they forgot (or never learned) they’re in business to help other people.

You want to promote legit products you know the people on your list and site visitors will appreciate.

If you promote irrelevant products, low-quality products, or products that don’t produce results you will end up with many refund requests. People will unsubscribe because they don’t find your message credible and don’t trust you any longer.

It really is not the way to do things if you want a successful business.

Don’t sign up for every program under the sun. Just because you’ll find a hundred great products to promote doesn't mean you need to sign up to promote all of them.

Building a relationship with people takes time and effort.

If you sign up for a truckload of affiliate programs, you’ll be overwhelmed and eventually do nothing. The mountain of work that you need to do will discourage you or you will do such a bad job you’ll sell nothing.

Sign up for perhaps 3 to 5 programs if you’re just starting out. Buy the products, if you don’t own them already, and get to know them.

Get only a few products set up in your funnel and only add more as you master the skills and make money. Once you make money like clockwork from that funnel, add another one.

You make money only when you sell a product. Therefore, it’s important to pick products that are converting well.

Converting simply means they’re products that are already selling well. A reasonable number of people who visited the sales page end up buying the product. 

You have no influence over the sales page of the product owner.

If a product doesn’t sell well from the sales page there is a disconnect somewhere that you can’t fix as an affiliate. It’s not your sales page.

So, if you promote low converting products you won't make money.

Just because a product has an affiliate program doesn't mean it’s selling well or you should promote it.

Make sure you get the conversion rates from the product owner before you decide to promote a product.

You want to know that if you spend $1 in advertising, you will get at least $1 back. That’s only breakeven. You need more than $1 back for profits so it’s important to understand conversion.

It is true that many people make millions of dollars per year from affiliate marketing. Remember those are people who took the time to learn and master the skills and they’ve been in business a while before they got to that level of income.

To expect overnight riches as an affiliate is not realistic.

Nobody knows or trusts you. You don’t have an email list or have mastered the required skills and expertise. These are all things that take time to build up.

However, if you’re willing to put in the effort that the Super Affiliates have, there is no reason not to expect success as you climb the affiliate ladder.  

Affiliate marketing can be a very profitable business. However, it has its challenges and pitfalls. The successful Super Affiliates took the time and made the effort to become masters at the skills required. It takes time, but it is doable if you’re prepared to make the same effort.

In Part 5, I'll ask the question if Affiliate Marketing is right for you.