If you're thinking of tapping into the potential passive earning power of affiliate marketing programs, there are several things you need to know. There are some great benefits to affiliate marketing, but it's important to understand that there can be a few potential pitfalls to be aware of too.
So let's take a closer look at 10 top things you should bear in mind.
The Good Things About Affiliate Marketing
Well, for the right kind of person, there are lots of benefits to working as an affiliate marketer.
No Barriers To Entry
One top benefit to affiliate marketing is that there are no barriers to entry. Even if you have no experience in marketing, you can still be a success in this field. As an added advantage, you'll gain experience as you go, working out which campaigns and strategies are most effective in enabling you to achieve positive results.
Minimal Setup Costs
While most business startups have significant setup costs that need to be paid upfront, affiliate marketing has virtually no expenses. You'll be working online from a location of your choice, and if you already have a blog, or currently produce social media or video content, there'll be no additional outlay.
Continue Your Day Job
Until you get established in affiliate marketing, you can do it alongside your existing day job. Start off as a side hustle then, once the commission starts coming in, you can start thinking about turning it into your full-time role.
Multiple Marketing Channels
Some people think that the only way to do affiliate marketing is through a blog, but while this an effective way to get into the sector, in fact there are many other channels you can tap into. Social media platforms, sites like Quora, and video platforms like TikTok and YouTube allow you to branch out into numerous media streams. Remember, the more channels you use, the more successful you're likely to be, so be creative.
No Customer Service Worries
Running other types of business mean dealing with customers directly, and handling queries, issues and complaints can be stressful and time-consuming. As an affiliate marketer, customer retention and support isn't really a problem. If a customer sends you a query after a buying through your link, you can just pass them on to the customer support team of the merchant and your job is done.
Complete Flexibility
Because you're working for yourself as an affiliate marketer, you can enjoy complete flexibility. Choose the niche and products you're interested in, decide on which platforms and channels you prefer, and work the hours and days that best meet your needs. Remember, though, the time and effort you put in will reflect in the income you generate.
Passive Income
One of the best things about affiliate marketing is that it enables you to generate an income passively. This means that once you've created the content and added the affiliate links, they'll be out there in the public domain, ready for customers to click on and make purchases, forever. You'll literally make money in your sleep!
A Few Things To Watch With Affiliate Marketing
But of course there can be downsides, too.
Expect Some Isolation
When you first move into the freelancing sphere as an affiliate marketer, you may find that you experience feelings of isolation. Working alone can be difficult, especially if you're a sociable person who's used to a lot of co-workers around you.
If that's an issue for you, you might want to consider using a co-working space, or working out of a local coffee shop where you can have some company.
Prepare For Competition
As a novice affiliate marketer, it's important to remember that you'll face some competition in the field. Depending on the niche you're tapping into, you could find significant numbers of rivals who could put you at a disadvantage, especially if they've been operating for some time. But as always, it's important not to be deterred by this. Patience and effort are key to long-term success.
You Aren't Guaranteed Revenue
Affiliate marketing works on a pay-per-performance basis, and while that represents an excellent opportunity, it also comes with some risks. Be prepared for it to take some time to see results. Those who expect to generate a big income immediately will be disappointed. The good news is that you can get there eventually if you put effort into maximizing your opportunity and leveraging every opening to make money.
A Balanced View On Becoming An Affiliate
Well, it’s your choice to make, of course. So if you’ve read the above points and the idea appeals to you, you should consider taking the plunge, especially if you have an audience of followers, subscribers. That’s because if you like the prospect, and yoy don’t do it, you#’ll probably always wonder whether you missed out.
And that prospect should make up your mind...
