Let’s face it, making money while you sleep would indeed be a dream come true. Albeit, it’s probably one of those dreams that can never really come to pass. Scratch that thought. Yes, you CAN definitely get hold of one such lucrative revenue stream.But how? Enter: Affiliate marketing. Think of it as a way to direct your existing audience to recommendations that could help actualize sales.
Understanding Affiliate Marketing
Here’s how affiliate marketing works: You promote a company’s product(s) via an affiliate link that works as a referral across your channels (RE: blogs, website, and social media feed). If this referral gets converted to a sale, you as the affiliate, earn a commission. Of course, there’s no limit to how much you can earn – the more products/services you promote across more channels, the higher the odds of generating more paychecks. Sold, aren’t you?
How To Decide On The Right Affiliate Program
Arbitrarily picking affiliate programs won’t give you any results. Instead, zeroing in on the right affiliate program can be a game-changer. Here’s a lowdown on the questions you must ask yourself, to help you find your ideal pick.
Does the program have an outstanding market reputation?
You don’t want to end up committing to a company with a dodgy market reputation. The key to avoiding such a scenario would be conducting thorough background research. Browse through the website and check for its credibility. If possible, find existing reviews of its previous and current affiliates for further clarity.
Does the product fit your niche?
Sure, you can promote anything but that doesn’t mean you should. Relevance is key. For example, if you have a blog that revolves around Cloud Hosting, then it makes more sense to promote cloud-based tools. After all, there’s more room for profit if your target audience realizes its new-found needs are available alongside. That said, be open to learning about and exploring unfamiliar products that seem to fit your profile too.
Does the program have a decent conversion rate?
Truth be told, revenue is usually the sole reason for taking up affiliate marketing. Well, for better revenue, along with the rate of commission, you must also consider the rate of conversion. Why, you ask? Since affiliate marketing works on a cost-per-sale (CPS) compensation model, you need to ensure that the program you are choosing has a high conversion rate in the first place to be able to draw sales and thereby, profits.
Does it have a highly saturated niche?
If there’s already too much competition for the product you plan to recommend, the returns could be meager. Use competition metrics tools to check before you throw yourself into a saturated niche and end up becoming another minuscule part of the crowd. A wiser move would be to opt for less crowded niches with more scope for opportunities a.k.a. conversions.
Does the program offer valuable tools and resources?
The best affiliate programs understand the need to make the promotional campaign a smooth ride for their affiliates. They go out of their way to set up dedicated blogs while providing banner ads, creatives, email templates, client testimonials, demographic data, etc. to the affiliates. Quick access to such tools and learning resources can help the affiliates refine their marketing campaigns for better results.
Does the program offer a system to track sales?
You know you have interacted with a reputable affiliate program when you notice efficient tracking systems built for affiliates. Good tracking structures can help you realize the in-depth performance of your traffic channels, the rise and dip in sales, and the need to rejig elements in your campaign. Being aware of the core performance of your campaign can help you redirect your efforts in the right direction for favorable outcomes.
Does it offer a favorable cookie life?
First things first, what’s a cookie life? It is the time period during which the affiliate is eligible to receive incentives for a referred customer. If the cookie life is set to 24 hours and the referred customer makes the purchase in the 25th hour, you won’t earn any commission on that sale. So, even if you have referred the customer, you could lose out on the potential revenue in this case. Clearly, the longer the cookie life, the better your profit margin.
Are the terms and conditions agreeable to you?
All programs come with a set of policies, practices, and conditions that the affiliate must adhere to, once associated with the program. Missing out on any key conditions could prove costly. For example, certain programs restrict driving sales through specific traffic channels. Being solely dependent on that prohibited channel while being incognizant of the restriction could only impede your income.
By this point, you’ve probably realized that choosing a good affiliate program calls for a calculated move. This is why it’s important to tap into the best affiliate programs that can offer you great earning potential.
As we close
We hope that this guide comes in handy and that you as an affiliate can make an informed decision. With this writeup we also believe that you would be feeling much at peace and that most of your questions and apprehensions are cleared.
If you have any doubts for us with affiliate marketing per se, please write the same in the comments section. We will answer them for you and resolve your queries if any. Check out more articles that can help you up your Marketing game!
Eastlink Cloud Pvt. Ltd.
Tripureshwor, Kathmandu, Nepal