After the success of creating my first digital product, I wanted to start thinking about diversifying my income streams so that I wasn’t relying heavily on one source.As all Mothers across the globe would say, “Don’t go putting all your eggs in one basket.” And so over a two month period I decided to execute this by introducing affiliate marketing to my monetization plan.
The first month was about setting up the systems, implementing my affiliate strategy and then testing them throughout the month. I finished the month at earning just over $500 in affiliate income.
On the second month, I deliberately let my systems run on their own without changing or adding anything to see if the earnings would continue, and I went and doubled my income.
While it’s not hundreds of thousands, that is a NICE amount of money to make completely passively in a short amount of time!
And with that I thought it’d be a great idea to share how you can get started with affiliate marketing too!
THE BEGINNER’S GUIDE TO AFFILIATE MARKETING
HOW DO AFFILIATE COMMISSIONS WORK?
There are three types of ways you can earn your commissions:
- Percentage of the Sale: This is when you receive a set percentage of the sale of the product. Before you join the affiliate program, it will tell you the percentage amount. You’ll find that percentages will be higher for digital products (around 30% – 50%) as opposed to physical products (around 4% – 8%). i.e Abby from Just A Girl & Her Blog offers 40% on her Ultimate Blogging Handbook which has a $27 or $97 price point.
- Commission Per Lead: This is where you get paid a fixed amount when the company or product you’re promoting acquires your customer as a new lead i.e signing up for an account. get paid a fixed amount, usually low (think one cent to a few dollars) when someone uses your affiliate link to sign up for an account, but didn’t necessarily purchase. i.e Shareasale pays you $1 for every lead you refer that signs up to the company.
- A Fixed Amount: This is where you will receive a set commission regardless of how much the product cost. This agreement is made in the beginning when you join the program, and is usually quite a good amount. i.e Bluehost offers $65 commission on any hosting plan that’s purchased through your link whether it’s 12 months or 3 years.
WRITE A REVIEW ON THE PRODUCT
Writing a review about the product, service or software you’re using is an awesome way for your audience to learn about the things that are helping you in your business or projects.
The key to writing a good review is full blown honesty. That means not holding back on the things that annoy you about the product and really expressing the things you loved about it. A review is your opinion, and people want to hear non-biased opinions about products or services they could be interested in purchasing.
Three ways to find out what people want to know about the product:
- Check the comments section on other blogs and websites who sell or use the product to find out what questions their audience is asking about the product.
- Use Google Trends to find out the popularity of the product.
- Check the reviews section on Amazon of the product to learn what people think about the product to help you round out your review – they might pick up things you haven’t noticed yet.