Affiliate marketing is one out of so many ways you can make money online from the comfort of you home. In our last post, we highlighted possible ways you can make money online. In this post, we explain to you what affiliate marketing means, how affiliate marketing works, how to start yours and tips to make it worthwhile.
Though, the sound of making money while you sleep is interesting but there are works that are need to be done. Therefore, there are so many factors that will determine your success rate in affiliate marketing. I will give you those factors in the post and also the secret of making money easily from affiliate marketing.
Notwithstanding, let us try to understand what an affiliate marketing is!
What Is Affiliate Marketing?
Due to the increase of internet users all over the world, attention has been given to eCommerce and digital marketing lately. That means that many businesses tend to do their advertisement, customer building, buying and selling and other numerous activities online.
Affiliate marketing simply means getting paid while promoting people’s business online. So, in affiliate marketing, you do not need to have a product, you do not need an online store like in Dropshipping.
However, what you actually need is platform(s) where you can actually promote these products through advertisements. This platform is where you can advertise the product using banners, write ups, images e.t.c., to attract customers who will click the link and take the required action.
How Does Affiliate Marketing Work?
The scope of affiliate marketing covers three different parties. Every party has a way to make the other get what he/she wants.
Below is the interaction between the 3 parties that shows how affiliate marketing works;
- The Advertiser makes products and services available for consumption.
- Advertiser has interest of making the products reach potential consumers.
- The publisher opts in to help the Advertiser achieve this aim.
- A unique link is created for each Publisher by the Advertiser to track sales that comes from the different links.
- Publisher places the link on any of his platform for consumers to see.
- Consumers follows the link to make a purchase of the product he is looking for.
- Advertiser pays the Publisher a commission or percentage from what the consumer buys.
Ways To Earn As An Affiliate Marketer
Affiliate marketing is one of the most flexible ways of making money online while you sleep. Its not always compulsory that a consumer purchases a product from the seller before you make money as an affiliate marketer. Therefore, there are other ways of making money from affiliate marketing depending on the affiliate program. Hence, we will discuss three ways to make money online from advertising products.
1. Pay per click.
In the pay per click type of affiliate marketing program, the job of the marketer is to make sure he redirects customers from his marketing channel to the product they are looking for. It simply means that the customer must not necessarily buy before the Publisher gets paid.
So, the payment of the Publisher is through each click from a customer. To do well in this type of program, you will need an advertising medium that is able to give you plenty of traffic such as blogs, vlogs, social media e.t.c.
2. Pay per sale.
This type of program maps out some percentages in the form of commission to be paid to the Publisher from which the customer purchases a product. Meaning, if the customer clicks a link and ends up not buying from the seller, the affiliate marketer will not get paid. Most affiliate marketing programs works this way.
3. Pay per lead.
A lead is a person who shows interest in a product or services. It is not just enough to click a link, leads are generated when a customers takes an action such as providing email address, filling a form or any other form of commitment that qualifies them to be a potential customer.
In that case, Pay per lead affiliate program pays an advertiser when his link is generating leads for a business or a product.
How To Start Affiliate Marketing
So far, you have known what an affiliate marketing is and how it works. If you will you want to earn passive income or active income through this medium, here is a hint on how to start your own affiliate marketing channel.
1. Choose a niche or product
A business niche is trying to specialize in a segment of a business. So many businesses online are already saturated with so many competitors, still, there are areas of business that are either under served or with an unmet needs.
When choosing a niche of business, consider the areas that you can easily earn authority. The more specific you get the better the niche. For Example, you may choose to be affiliate to Sporting equipment but when you check online you will discover there are so many other people who are already in the business. Therefore, to specialize and have authority, you may choose to be more specific like “male golf outfits”.
Also, it is not everything you will want to be affiliate to; choose items that people can actually buy online. This means that there are some items people can get in a close-by grocery store or market and will be a bad idea for eCommerce marketing.
2. Find the best platform to promote the products
From the introduction of what affiliate marketing is and how it works, you will understand that traffic or the number of people that you refer through your links increase the chances of earning. Therefore, your medium of reaching out to potential consumers is very important in determining your income.
There are so many ways you can generate traffic for your affiliate marketing. Such ways includes; building of websites, building of vlogs, social media influencing, email marketing e.t.c.
To read more about Online business promotion and traffic generation, read our post on how to generate customers online for business promotion.
3. Register with a good affiliate program
A good company is also important when thinking of starting an affiliate program and also depends on the country of residence. Every affiliate program has its advantages and disadvantages, it is important that you research well to know the programs that can give you better opportunities.
Best Affiliate Marketing Programs In Nigeria
In Nigeria, there are some affiliate marketing programs you may want to consider. Also, you are free to join more than one affiliate program at a time. Some of the best affiliate marketing programs in Nigeria includes;
The Jumia affiliate marketing is a pay per sale program that pays you when customers follows your link to purchase an item from Jumia. Pay per sale as we explained earlier means that you can only get a commission if a customer buys. Consequently, even if you refer up to a million people who did not buy from Jumia, you will not get a dime for the referrals.
The good news is that Jumia pays 4% to 11% and in some cases 13% commission to affiliates for goods depending on the category of item bought through their link. Imagine, getting a free 11% commission for so many products in a day.
Konga is one of the leading eCommerce websites in Nigeria that records plenty of sales daily due to their authority. That makes affiliate marketing easy with konga. It is also a Pay per sale program that offers 3% to 9% commission to its affiliates to every product that a customer buys through their link.
Also, konga has a variety of products to sell like electronics, Clothing, Drinks and groceries etc. Therefore, what to review and sell is not a problem because your niche is covered by konga numerous items for sale.
Bet9ja is one of the leading betting platform in Nigeria for sports. An affiliate to bet9ja is lucrative because Bet9ja will assist you with tools to help advertise their platform on your website.
Interestingly, Bet9ja offers commission of 20% Monthly net profit of every customer you refer to register with their website. Monthly Net Profit means the difference between
(i) the total Acquired Customers Stakes and
(ii) (a) total Acquired Customers Winnings, (b) bonuses paid to Acquired Customers, (c) Chargebacks, and (d) Fraud Traffic, accrued in any given calendar month.
If you want to start Bet9ja affiliate, Follow the link Here.
Amazon Affiliate Program is one of the popular in the world that can make you earn in hard currency from affiliate marketing. Their program pays from 4% to 10% of items sold with your affiliate link.
An advantage of partnering with the amazon affiliate marketing is that they have a user-friendly interface that has millions of sellers that you can choose from. Also, they have special tools and assistance to help you start up as a beginner.
Their program is extensive and covers so many kinds of products. The top affiliates of Aliexpress can make up to $20,000 monthly without sweat because they have a very big market potential around the world. They cover more that 200 countries around the world with 14 different languages unlike Amazon with 10.
They have the best commission which ranges from 8.5% to 10% of products sold through your link depending on the category of product. Additionally, Aliexpress offers 6% to new partners for sales.
Other affiliate marketing programs in Nigeria includes Web4Africa, payporte affiliate and expertnaire affiliate.
4. Engage your customers
It is not just enough to have traffics or customers that visits you website or follow you on social media. The most important thing is to get loyal customers who will always come back. Examples includes product reviews from customers, feedback, enlightenment on how to use a product e.t.c.
Hence, engagement is important to keep your old customers while looking for new ones. Before a customer can come back to your site, there has to be a trust, confidence, explanation or interaction that will keep them satisfied with your services.
Some tools are necessary to measure the engagement rate of your advertising platform. E.g., Google analytics that measures the bounce rate, Pages/Visit, and Average Visit Duration.
Tips To Make Money With Affiliate Marketing
Every business despite how lucrative has it secrets and what makes it work. From experience these few tips on how to make money wit affiliate can help you even as a beginner to know the strategies to apply. Therefore, go through it very well and put them to practice.
1. Build a strong traffic
Affiliate marketing or any other online business promotion is directly proportional to the amount of traffic you generate. So, do not join an affiliate marketing program today and expect to make millions overnight. First thing to do when joining a program is to build a strong traffic source through blogging, social media, email marketing etc.
But, i will advice you to have a website even if your main source of traffic is from other sources. Websites allows you to review the products, to have a landing page, to do content marketing and drive organic traffic from people who are searching what you are publishing.
2. Do the right thing the right way
Another factor that can hinder you from enjoying affiliate marketing is when you do things the wrong way. This is by promoting irrelevant products to potential buyers or promoting relevant products to irrelevant audience.
It is important to know your audience, who are the people following you on social media, what type of blog posts do you write and the rest. It is a mistake to promote baby diapers or baby food to male of 16 years – that is irrelevant to the audience.
Also, knowing the right source to promote a product is very important. E.g., Instagram encourages more banners and pictures than written descriptions, blogs do better with written descriptions e.t.c. Therefore, know the right tool to reach your audience to be able to make money from affiliate marketing.
3. Optimize your advertisement
Ok! Good! You have built a traffic and advertised to customers and still no commission is coming. What could be wrong?
To be able to get customer to actually pay for an item, there must be a level of conviction that what they are getting is solid and real. Therefore, do not wait for the merchant to do all the descriptions and demos for you. Make sure you try to convince the buyer with pictures, descriptions, how to use e.t.c., so that as they are clicking your link it is just to go purchase the item.
Use your advertisement platform to entice the customer first.
4. Work harder to expect more
You are part of an affiliate program, even when you start earning, more work is needed to keep sailing. Try to review as many products under your niche as you can. You never know what a potential customer may be looking for.
Also, try to get analytic tools that can help you build your SEO, to analyze your traffic, to check customer engagement, to help in designs and all that. This means you must be ready to try new things and see what works.
5. Spend to earn
Finally, you spend money to earn money. Do not be stingy with buying tools that can help your business grow or do not hold back about running ad campaigns.
Google Ad campaigns or even Facebook campaigns helps to project your advertisement to targeted customers that may need the goods or services you are promoting.
Affiliate marketing is a good way to make money online but you have to learn to do it the right way. Be patient, hardworking and enthusiastic if you will have to make it big.
Secondly, from personal experience, do not only depend on Affiliate marketing to make money online. Combine up to 3 ways of making money online strategies so you don’t waste your traffics. Example, you can use adsense and the affiliate marketing on same website, or even dropshipping.
See other ways you can earn money online