How Much Can You Make From Affiliate Marketing?
If you are new to affiliate marketing, there are certain techniques you should learn to help you make more sales. Here is an overview of three common techniques that helps increase conversion rates. The techniques are:
- The Product Review Strategy
- The Tutorial Strategy
- The Soft Sell Strategy
Product Review Strategy:
The product review strategy is one of the oldest and most common affiliate marketing strategies around. It is still effective but must be done in a certain way. One thing you don't want to do is review a boatload of products on the same page. This often results in information overload and confusion on too many choices for the prospect.
You want to try to make your reviews distinctive and entertaining. A lot of reviews on the internet are too cookie-cutter. You don't want to just list the features and benefits of a product and call it a review, you need to demonstrate the results that occur with use of the product
In this strategy, you will effectively educate people on how to do something that will be beneficial to them or solve their problems, and the product you are promoting will be the missing link in the tutorial. You don't necessarily have to review the product, you just refer to it in your how-to piece. The key here is that your tutorial is actually useful to those going though it.
An example could be that you provide a tutorial on how to do your taxes quickly and on your own using tax software. People who pay to have taxes done or do it by hand can find such a tutorial valuable. If they find your content useful and can see for themselves how it would work for them in detail, then chances are they will follow through with the recommended product. The tutorial strategy is an effective pre-sell technique. You give the prospect a clear vision of the expected result. It allows them to visualize the result of the product almost first hand.
The Soft Sell Strategy:
The soft sell strategy can be an effective method for getting tons of prospects to a high converting sales page. The key here is that the vendor has optimized the sales process because you will be doing minimal pre-selling with this strategy. If the sales page doesn't convert well, then a strategy that implements more pre-selling would probably be better.
Essentially, you just provide some valuable content to earn trust, either on your site or through an email message, and then just nudge the prospect to the vendor. For example, let's say you are promoting a relationship repair ebook, you can mention to the prospect something like "hey, my friend so-and-so has a guide that really helped me out in my relationship and I think this is something that could work for you. He has a couple free videos on his site you might want to check out".
Instead of trying to hard-sell the prospect on how the product is the best thing since sliced bread, you just refer them to the vendor in a non-pushy manner. People don't mind buying products but they hate being sold to, so if they feel like they are proceeding on their own terms they might feel more comfortable making the purchase.
Which Strategy is Best?
Some affiliates are better are some strategies than others. You should look to implement each strategy and determine which one is most effective for you, then look to optimize and scale that strategy as much as possible.
These days the reality of affiliate marketing is that it is very competitive, challenging and can be expensive if you are going to rely on PPC advertising to generate traffic.
So to answer the question "How Much Money Can You Make From Affiliate Marketing?" ...
... the answer would have to be anything between $0 and $1million (in excess thereof).
I know it's not a very helpful answer but the point is that as an affiliate marketer your earning potential is unlimited but to achieve success however, is not easy but once the money starts coming in it's oh so lovely.
So, in a nutshell here's how you can start or enhance your affiliate marketing campaign to maximize your earnings from affiliate sales.
- Research & discover a demand or niche market that you think may do well.
- Develop an online presence about your chosen topic above - this will be in the form of a website or a blog.
- Generate targeted traffic to your site or bold above - unqualified traffic will not help as the site visitors are unlikely to be interested in your website's topic.
- Monetize your site - sign up with an affiliate network or a company that has an affiliate program selling the type of product or service to do with your site's topic.
- Tweak & test the products you are marketing from your site to maximize your earning & profit potential - some products may not yield as much per sale as others or some products may not convert as well as others. This step would also include maximizing your profit margins from affiliate partners by negotiating more lucrative deals with them - even doing JV's (Joint Ventures) with them.
- The final step is to Wash, Rinse and Repeat - set up a new website on a new topic to give you more options and affiliate revenue.
What is not mentioned in the above steps is that you need to get outside the box a little at times to give you an extra advantage.
A healthy dose of vision, creativity & effort will also help in your affiliate marketing venture.
Just remember that whilst only a small fraction of affiliate marketers make it into the $100k/month league, it is in fact possible.
The question is however, are YOU part of the fraction that will make it into the big money earning league?
It's up to you - always has been, always will be.
No action = no money.