The affiliate marketing business model is attractive to many new and budding entrepreneurs. The benefits of the model include not needing your own product/service, not having to provide customer support and being able to leave all the administrative tasks to the merchant. The only thing that the affiliate marketer needs to focus on is marketing the product or service.
However, only a small percentage of affiliate marketers have been in the business for three or more years. That’s because the industry has a high turnover rate. Many affiliates give up due to the immense amount of competition, complexities of digital marketing and the ever-changing landscape of the search engines. In order to succeed with the affiliate marketing, you have to approach it a little differently than the masses.
1. Use Multiple Channels
There have been many stories over the years of affiliate marketers losing their income due to changes in the search engine algorithm or on the advertising platform they’ve been using. Simply put, they put all of their eggs in one basket. In order to succeed as an affiliate marketer today, your income must be generated through multiple channels. That doesn’t mean that one channel can’t make up the majority of your earnings but you’ll need to have other channels to back up your income if anything should ever happen.
2. Focus on Building an Audience
In the past, affiliates would simply focus on the sale and jump to another opportunity once the program they were promoting stopped making money. It is now essential for you to build an audience if you want longevity in this industry. People today make purchases off credibility and authority, so it’s important that you focus on building your blog readership, email list and social media audience. Building an audience also allows you to market to them repeatedly as well as offer various products and services.
3. Master Fundamental Skills
A common mistake made by many affiliate marketers is focusing on simply building campaigns to make a profit. When their industry or marketing channel evolves, they walk away with very few useful skills. By mastering valuable skills like conversion rate optimization, copywriting, email marketing and SEO, affiliates can easily take transfer their skills into a new business opportunities, partnerships and job positions.
4. Get Savvy with the Latest Marketing Trends
The reason certain digital marketing strategies become trendy is because they work. You have to keep your eyes peeled for what people are doing and be willing to experiment. For example, certain affiliate marketing trends like influencer marketing, mobile and offline integration are becoming more commonplace and the early adopters will benefit from these channels/strategies before it gets really competitive.
The affiliate marketing business model is incredibly challenging and competitive. But with the advice laid out in this article, you’ll be ahead of the curve, increase your chances of success and build a solid business you can rely on.