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Whilst many seem to miss obvious tricks and strategies, from the experience of offering assistance to create six figures, we have been able to supply some valuable tips on achieving what is often labelled as ‘the impossible’ - fear not...
Here's how to make money with affiliate marketing and make it more than just a side income.
1. Avoid the competition
There are many managing to make six figures by monetizing solely through affiliate marketing. However, very few will make their income public, due to exceedingly high competition rates within this market. Once any information involving money is shared, competition will undoubtedly rise, resulting in the downfall of profit.
This is why 99% of affiliate marketers who are making six figures choose a more modest, private approach. Of course there is the exception, such as Michelle from Making Sense of Cents and The Digital Photography school. Whilst these popular affiliate marketing blogs are not openly announcing their income, it is not uncommon to see them promote other related products in their niche. If applied sufficiently, these can act as an additional income to their own digital products and services.
2. Choose high prices to make high profits.
Although it may seem obvious, selling high priced affiliate products is an essential.
Those running paid traffic to successfully make six figures with affiliate marketing are selling ‘expensive’ products such as:
- Promoting courses starting at £500+ range.
- Marketing technical equipment renowned for their high price e.g drones, cameras.
- Reviewing publicly expensive services such as hosting and CPM software.
There is no exception here in terms of the trend in the type of products affiliate marketers choose to sell. Those selling low priced products at $5-$20 per sale in the past have proven that the volume of sales needed to make the six figures is just not sustainable. Being in need of £10,000,000 million plus readers on a blog to make a model work also shows that low priced products are not advisable in terms of time wasting. Much like oil and other valued commodities, information can have extortionate currency for those able to understand its power and worth.
This also relates to another prominent factor…
3. Select a niche that will appeal to a mass audience.
For big affiliate marketing profits, your niche is the key to the majority of success.
This means that there is little point in choosing a product that the majority of people expect to pay low prices for. For instance, Avacadu make money on a volume focused basis within the health and wellness industry. People are used to paying low prices for everyday health products, therefore, attempting to get them to pay $500 for a course may be verging on impossible.
Whilst affiliate marketing is a positive supplemental income, those successful will realise that the real money comes in creating your own product. Either choose something completely new that most would not have a perception on the price, or simply make an already existing product twice as good in terms of features.
4. Allow affiliate marketing to teach you HOW to sell
Affiliate marketing is still a great way to set you on your journey to a business that has no issues in generating six figures. Not only because it has a considerably high chance of making your first initial figures, but more importantly, it educates how to sell digital products.
By removing the worry of inventory hassles and providing almost zero back office issues to deal with, affiliate marketing allows you to focus of the sale of a product, resulting in the recognition of valuable tweaks to maximize your sales.
5. Be risk aware - you don’t own the affiliate product
Whilst it is not uncommon for affiliate marketers to put all their eggs in one basket and still be extremely successful, it is important to be aware of the risk of potentially losing your income stream completely. If a company decides to make changes to their affiliate program or lower their affiliate commissions, profit made on your behalf can simply disappear within seconds.
However, for instance, although one may be making 85% of their income from the sales of ONE affiliate product, it is still considerably rare for an affiliate to make changes if both parties are making money and customer satisfaction is high.
Confidence in taking these risks is therefore a key aspect of being able to produce six figures within affiliate marketing.
6. Think laterally - but more importantly, with an open mind
If you can sell an affiliate product, why not sell your own? The answer is, you most definitely can.
The sales process ALWAYS relates to the relationship you build with others. No matter what you decide to sell, establishing initial intrigue and allowing for a follow up are essential for increasing the strength of a relationship, whether that be with a company or customer.
The most important lesson is to learn from creations that have already flopped, and to generate inspiration from ideas that are constantly multiplying in success rates.
Getting to grips with affiliate marketing and its selling ethos can be a mind-boggling experience at the beginning, but allowing it to teach you HOW to sell is essential before investing time, energy, and money in creating your own products.