A lot of people are attracted to the affiliate business model, because you can get started selling high-quality products fast. You don’t need to create these products yourself, and you don’t need to deal with the hassles of customer service, order fulfillment and more.
However, while a lot of people eagerly set out to be affiliates, very few actually make a lot of money doing it. And if you’re not making as much money as you’d like, then you’ll want to see if you’re making any of the common mistakes listed below…
Mistake 1: You’re not reaching your prospects through multiple channels.
Affiliate marketing isn’t just about putting ads in front of prospects. It’s also about developing some authority in the niche, and building relationships with your network.
Because think about…
People do business with those they know, like and trust. And an in order to develop these sorts of relationships, you need to get in front of your prospects on a regular basis. This includes:
- Setting up a mailing list. This is one of your most important tools a an affiliate marketer, as it lets you follow up with prospects and close the sale.
- Establishing a presence on social media. Go where your target market already congregates, which may include the big platforms such Facebook, YouTube and Twitter.
- Publishing your own blog. This helps establish you as an authority in the niche, and also gives you a place to communicate and interact directly with your prospects.
Mistake 2: You’re not giving prospects a reason to buy from you.
Take a look around – there are probably hundreds of other people who are selling the exact same product as you. So the question is, why should your prospect buy from YOU and not a competitor?
For starters, it helps if you’ve built a trusting relationship with your prospects using a mailing list, social media, a blog and similar communication channels. But developing a good relationship is just part of it.
Because you know what?
Your prospects have developed relationships with your competitors too. So in order to stand out, you need to offer your prospects something they can’t get anywhere else. This may be one or more of the following:
- An exclusive discount. If you’ve worked with a vendor for some time and proven your ability to generate sales, they may be willing to extend special deals exclusively for your customers.
- An honest review. Most affiliate marketers just copy and paste the vendor-provided ads. You can stand out from the competition by actually using the product and offering thoughtful, honest reviews.
- A bonus product. This isn’t the time to offer up some outdated, tired resell rights product. Instead, you want to create unique bonus products that fit with the main offer really well.
For example, if you’re selling software, then you might offer to install and customize the software on your customers’ websites.
Another example: if you’re selling a dieting guide, then you might offer a low-calorie cookbook as a bonus.
Mistake 3: You don’t have your own product.
That doesn’t sound quite right, does it? Because we’re talking about affiliate marketing, so why on earth do you need your own product?
Here’s why: because while affiliate marketing creates a nice side income, having your own product will always be more profitable.
What’s more, a buyer’s list is also more profitable than a prospect list. So as you develop your own list of buyers, you’re going to have a business asset (that list) that gets increasingly more profitable. You can be more choosy about what types of affiliate products you sell, because you’re only going to want to put the best offers in front of these proven and valuable buyers.
So what happens?
Suddenly you’re the super affiliate in your niche. That’s right, the vendors are going to start approaching you with some really nice offers. They’ll give you higher commission rates, and perks such as letting you promote a new product before everyone else starts promoting it.
So the point is, selling your own products actually turns you into a more successful affiliate.