According to Glassdoor, the average salary of an affiliate marketer ranges from $60,000 to $102,000 per annum including additional pay options like tips, cash bonus, commission or profit sharing. Now how does that sound as an extra income for you? In today’s world, businesses are leveraging the world of Affiliate Marketing to boost the reach of their products and services. With affiliate marketing, businesses are able to increase brand awareness and business growth while marketing their product with a low budget time and effort. At the end of this article, you’d have learnt the tips and tricks of maximizing your earnings with affiliate marketing websites.
See the benefits of using affiliate marketing websites to monetize your business.
Affiliate marketing is a type of business model where affiliates promote the products and services of another business. There is a unique code through which the affiliate earns from every sale. This can also be called the unique sales tracking code or the referral code. Therefore, the more the sales generated through this code, the more the amount of money the affiliate earns.
According to statistics, 80% of brands and 84% of publishers make use of affiliate marketing websites. With all its huge benefits, it is no surprise that affiliate marketing has grown in popularity over the years and shows no sign of slowing down.
How do affiliate marketers get paid?
There are a few different ways through which affiliate marketers get paid. Although the standard practice is Pay per sale, let’s take a look at all three.
Pay per sale:
This is used by 80% of affiliate marketing programs hence is the most common way through which affiliate marketers earn. When a consumer proceeds to buy a product after clicking the affiliate link then the affiliate receives a percentage of the sales made.
Pay per lead:
This is a situation where the company pays the affiliate marketer to generate leads to their page rather than make sales. Though it is less common, it is still being used. The marketer must persuade the audience to complete actions like clicking on the follow button, opening an account, filling out a contract form or signing up with the company.
Pay per click:
This is another less common way affiliate marketers are paid. In this way, customers are asked to click on a link, regardless of whether they convert or make a purchase.
Tips and tricks to Maximize Your Earnings With Affiliate Marketing
Affiliate marketing is one of the best ways to increase your passive income. However it has its own challenges so you need to know the right tips and tricks to maximize your earnings and increase your affiliate sales.
Know your product
A good knowledge of your product can distinguish you from your competitors. As an affiliate marketer, your audience needs to see you as an expert for you to successfully recommend a product to them. In order to truly be what your audience wants to perceive you to be, you should have a vast knowledge of the product. Know how the products work and the benefits they can provide your audience with.
Start a mailing list
As an affiliate marketer, you must ensure your audience are engaged in your content. This is the tip to make them interested in what you have to say. Encourage their loyalty and have a direct line of communication with your audience by having them sign up to a mailing list. This way you are not only in total control of your audience, but are mitigating the risk of losing them on social media due to hacked, reported or deleted accounts.
Focus on providing information and help rather than sell
If you blatantly promote yourself and just put out content to make sales, you may never gain traction. You need to provide your viewers with quality information that is useful for them. This will make them keep coming back. Hence do you research, provide more useful details/information and see how your business will win.
Keep testing and improving
One thing you must never lose out on is how to constantly improve your website. Affiliate marketing is a progressive effort. You want to keep learning as you go so you do not fade out all of a sudden.
Share Discount codes
Ask your affiliate partner if they are running any discount or promotions that are redeemable on the product you are promoting. This will not only excite your potential customers, it will also concert people who are not even yet customers. You can add this discount to the meta description of your post or you can simply share on your social media pages.
Write a product review
Research shows that 9 out of 10 consumers search for product reviews before buying that product.
Disclose affiliate links
You just disclose any relationship you have with a company, this includes the product you are incentivized to sell. Your audience trust might fail in you if you do not let them know that you are earning commission for mentioning that product. Their trust in you fails if they discover this elsewhere and you stand the risk of losing them. You can add a disclaimer on your page to inform them before they take the action of making a purchase.
Set the right expectations
As an affiliate marketer, you need to set smart and realistic goals. You are not going to make a million bucks a month. It is better to keep building your site and commit to a smaller amount. No matter how big or small your site is, set smart goals and work towards achieving them.
Add CTAs to your articles
Engage them, if you have a website, allow comments, questions and reviews on your page. Ask them questions like, “how can this be improved?”, “what more information would you like to know about this topic?” These CTAs will help you foster a community interaction