6 min read
These days, the internet looks a lot like the 21st century version of the California gold rush.
There is so much money up for grabs, but you need to do the work and dig first. One area that’s always growing and developing is the affiliate marketing space.
The allure of affiliate marketing is that it’s mostly passive income on the basis of taking the time to set everything up correctly first.
You can only make high volume passive income if you’re willing to put in the work in the beginning to set yourself up for success.
There’s a misconception with affiliate marketing that it’s a hands-off marketing tactic. As if all you need to do is post one link in a blog post or on your resource page and you can set it and forget.
This ONLY works if you are driving high volume traffic. If you are a beginner and looking for affiliate marketing tips, I hate to be the bearer of bad news, but this simply won’t work.
Don’t fret though! There are so many ways you can boost your affiliate product income as you’re starting out.
But first… you must set goals.
Goal setting can make or break your intentions.
Good intentions and solid ideas are a great place to start, but you need action and goals surrounding them in order to make impact.
Before setting your goals, here are some clarifying tips and questions to help you identify the core ins and outs of your affiliate strategy. Once you’ve nailed these down, you will have realistic goals with a time frame and clear expectations.
Affiliate marketing is not for the faint of heart. It takes time, effort, and money to put a solid strategy in place.
If you have a monetary goal it’s easier to decide how much time and money you want to invest. And the size of the goal will depict how much energy you want to invest. So what is your yearly, monthly, and weekly revenue goal?
It could be $100/month or $1000/month. It’s up to you! But I highly recommend not investing any time in affiliate marketing without setting a monetary goal first.
Much related to the question above, it’s important to be realistic with how much time you want to spend on this portion of your business.
If you have higher revenue goals, are you willing to put in three to four hours a week creating content, funnels, videos, etc?
This also touches on how much time you want to be spending maintaining your affiliate content? Once you narrow down what metrics you want to track (traffic, conversion, etc), how often do you want to check in on them? One a week? One a month? Every day?
This one can be tricky because you may not have a clear yes or no answer now. But could you see affiliate income becoming a large portion of your monthly revenue?
If so, perhaps you set smaller goals at first when you’re in the building stage and then increase them every quarter or every six month.
If you want affiliate income to be a large revenue stream, set realistic goals that will scale up to the ideal dollar amount of you.
Life isn’t just about money.
Money helps. It makes things easier and with money comes opportunity – no doubt. BUT you have to know your “why”. What is the driving force behind why you want to have a business?
It could be your family, it could be to get out of debt so you can finally take that much needed vacation…it could be a number of things.
But if money is your only motivator in life, you will always want more and come up feeling empty. A “why” with true meaning is what will keep you from quitting and keep you committed to your goals.
I highly suggest diversifying where you put your affiliate links. You can’t just put your affiliate link in one place and expect it to drive massive impact.
By placing it in different places, it increases the traffic to your link and gives you a chance to test different content strategy.
For more info on the different affiliate strategies, click here!
Affiliate marketing comes down to trust and how much your community really believes in you and what you recommend.
Do you use the product personally, and if not, have you at least tested it out? The best testimonials and advertisements are genuine.
Give yourself enough time to test and try out all the products and services you are promoting so if someone asks for more details you can give them your full, well-rounded opinion.
Depending on the affiliate marketing program, sometimes there are special deals and promotions that are time sensitive.
If you plan on running special promotions or deals for affiliate products, make sure to add these into your promotional calendar for the year!
Conversion rates for online products vary from 1%-4%. What is your conversation rate goal?
Tracking conversion rates allows you to measure the performance of your web pages and apps. Understanding what percentage of your users are completing the goals that drive your business allows you to gauge the success of your site or app and identify areas for improvement.
Setting clear goals for conversion gives you a metric to consistently track and make changes accordingly.
Goals should be pointed, actionable, and have a time limit. After reading through all these affiliate marketing tips, a good example would be…
I want to make $2,000 of passive income from affiliate marketing in the next 3 months with a 2.5% average conversion rate.
Once you have your deadline to reach the goal, work backwards and map out how you will get to that dollar amount- I suggest breaking it down per month, week, and day.
Like all goals, you need to identify how attached and committed you are to them. Once you’ve established that you’re all in, it’s time to get to work!
Download this issue of Tradecraft as a PDF to read and reference at your own pace.