What Is Affiliate Marketing and Is It for You?
How can we generate money through affiliate marketing? This is at the top of everyone’s mind, isn’t it?
I’m going to give you some fast cash ways to generate money. One is looking at affiliates.
As a general definition, in affiliate marketing, you introduce other people to products or services. Affiliate marketers do not develop the product or provide the service.
Basically, he refers others to products and/or services and earns a commission when a sale is made.
Are my products or services something that your clientele would love? Are your products or services something that my client would love? Then let’s create a revenue share.
I have 10 – 25 affiliates, the people that are marketing my products and services for me to their database.
If you master this, you can make 2 million dollars annually on other people’s money.
But it’s important to understand the bigger picture involved in this process. We want to look at how we leverage, how we create relationships because that’s what’s going to bring us money.
Your goal right now is to look at where you’ll find your affiliates.
Here are the things to consider when looking for an affiliate:
You want to be in complement, not in competition
I’d like to cite a personal example. Lisa Nichols is one of my largest affiliates.
She does speaker training and personal development training while I’m in business development training.
We’re in complement not in competition.
So she will market for me and I will market for her. You’ve seen us do it for years.
You’ve seen us reinvent our relationship for years and it has benefited both of our businesses.
You want to look for someone who may have the same nature of business but is serving a different market or you could be serving the same market but providing different products or services.
The revenue share
I’m giving a revenue share to each one of those people that are bringing me business.
The average revenue share is 50%. So I can’t market through affiliates my Global Leadership Program (GLP) because that’s too big and I can’t give 50% of that income away.
So you have to consider the amount of product or service and the commission you want to share. For services, the most you can give away is 10%. On digital products, the most you can give is 50%.
Some people are crazy and would ask for more. If they’re asking for more you have to decide if that relationship is worth giving more. Note that you’re getting people into your funnel.
There are partnerships that I’ve given more to and it usually just comes back and kicks me in the face. I don’t want you to get kicked in the face.
Get your affiliate marketing materials ready
Think about your affiliates and your partners as your sales team. You’ve got to have your business ready, you got to have a copy.
If I’m doing your marketing, don’t be lazy and say, “can you do the marketing for me?”
Nope, that’s not how it works. Give me all the copy, for social media, email promotions, everything. My team doesn’t have time to write you marketing content.
Plus, you need to decide how to market your product, so you ought to have your own copy prepared. If you want me to market a program for you right now, have everything outlined.
On average there are 3-5 emails or 3-5 conversations before customers say yes. So be ready with 3-5 sets for social media and emails promoting your products or services.
In a sense, affiliate marketing is a mutually beneficial exchange that could be summarized as “you help me and I’ll help you.”
This has been going on for hundreds of years but in this digital era, it’s easier to have transparency, easier to reach new audiences, easier to look for new partnerships.
When you partner with affiliates that understand your industry and are already involved in it, you will receive targeted sales from a ready crowd.
Taking into account the factors listed above, affiliate marketing can be a great tool for your business, so take advantage of it.