Do you wish to make money while you sleep? It may sound too good to be true. But you can now make your financial dreams come true with the help of affiliate marketing commissions.
It’s time to stop living paycheck to paycheck and create an additional stable source of income!
Now, it’s time to find out how affiliate marketing works.
As an affiliate marketer, you partner with a company. Then you promote their products or services through digital platforms using the unique referral links provided by the company. When a user makes a purchase using your affiliate link, the company gives you a referral commission.
Making sense?
The affiliate network is composed of three key players. The Merchant is the original manufacturer and seller. Then there is Affiliate, which is you. Lastly, there is Customer who buys the product/service via your affiliate link.
Commission Models of Affiliate Marketing
When beginning your affiliate marketing journey, you should know how you will get paid.
Did you decide which affiliate programs you want to sign up for? Amazon Associates, eBay Partner Network, Shopify, and Semrush are among the highest-paying affiliate networks. But make sure you go through their terms before signing up.
These companies offer commission/compensation models that best fit their needs. Here are some popular models through which affiliate marketers can make money:
- Pay Per Sale – PPS is the most common compensation model for earning affiliate commissions. The more users purchase a product or service through your affiliate link, the more you will get paid.
- Pay Per Install – Merchants who want to increase the number of app installs usually prefer this model. With this model, you can introduce the apps to your target audience and earn a commission when they install them on their devices.
- Pay Per Click – You will earn money when a user clicks your affiliate links. Though this model isn’t too common, merchants such as Google AdSense still use PPC.
- Pay Per Lead – Businesses focused on building brand awareness often prefer PPL. Everytime your affiliate link generates a lead for the advertiser, you get paid.
How Much Money Do Affiliate Marketers Make?
Do you know how much your friends earn? If you ask them, you will notice their income varies. Some of them might be earning $40,000/yr with their job. Some might be making over $100,000. Their income varies due to their experience, industry, and income sources.
The same goes for affiliate marketing!
On average, successful affiliate marketers make $39k-$77k per year. But here is a rough idea of how much money you can make with affiliate marketing:
- Beginners (0-6 months): $0-$1,000 per month
- Intermediate (6-18 months): $1,000-$5,000 per month
- Experienced (1-2 years): $5,000-$20,000 per month
- Experts (2+years): $20,000-$100,000+ per month
You can learn from the journey of well-known affiliate marketers. It’s a good idea to learn how they got started and apply their suggested tips to increase your income.
Now, do you want to know how much money do affiliate marketers make?
Pat Flynn is a marketing guru. So far, he has earned over $3 million in affiliate marketing commissions. His average monthly income from affiliate content is estimated at $100k+/month.
Michelle Schroeder-Gardner is the founder of Making Sense of Cents blog. Her affiliate income is $50,000+ per month. You can get insights into her strategies to increase the conversion rates of your affiliate website.
Ryan Levesque is an entrepreneur and the creator of the ASK Method Company. His digital platforms bring him over $200k per month in affiliate marketing commissions.
How to Maximize Your Affiliate Marketing Income
Are you a beginner affiliate marketer? How much money do you make with affiliate marketing?
When getting started, you may not earn much. But don’t lose hope. Keep learning and developing better strategies to create a stable source of income. Here are a few useful tips that will help you increase your income:
Choosing a Suitable Industry/Niche
There are several channels through which you can launch your affiliate marketing journey. You can set up a blog, create a YouTube channel, set up a landing page, or conduct webinars where you can promote products.
But one of the most crucial decisions you have to make is to choose a niche.
For this purpose, explore dedicated forums and communities. There, you can learn about profitable niches from experienced marketers. You can also use Google Trends and other similar tools to find out which niches are in demand.
It’s better if the niche aligns with your interests. This way, you can stay motivated in the long run despite setbacks.
Choosing Products or Services
Now you have shortlisted the industry. So, it’s time to choose products or services you want to promote.
Check different affiliate marketing programs to find out which types of products they are offering. The products should address customers’ needs and be in demand. Check out online reviews, ratings, and testimonials to determine whether the products are reliable. Choosing high-quality products/services with positive reviews will make it easier for you to increase sales.
Also, consider the profit margin of products. You can sell high-margin products that bring more revenue per sale. Or you can go with low-margin products that sell in higher volumes. Make this decision based on your target market.
Assess Competition
The affiliate marketing industry is fierce. So, learn from successful marketers and create strategies that can work for your business.
Find out which products your competitors sell and how they promote them. Identify the gaps in product categories and audience segments. Then you can cash in on those opportunities.
Further, it’s a good idea to use Semrush or Ahrefs tool to analyze your top competitors’ website traffic and keyword targeting.
Attract Your Ideal Audience
You may be promoting awesome products through your website. But sales will be generated only if your message reaches your target customers.
So, you need to put in some good marketing efforts.
Start exploring digital marketing. Learn how to create content that will get attention. Of course, you can hire people to produce content that will rank on search engines. But knowing the basics proves helpful.
Further, don’t ignore social media channels. You can connect with your audience and build a community that trusts you. You can also connect with other content creators and form mutually beneficial partnerships.
Conclusion
Whether you want to earn extra income or build a full-time business, affiliate marketing can be a good option.
You can start this side hustle with minimal investment. Getting your first sale may take time, but if you leverage digital channels, you can set up a reliable income source. Then you can gradually increase your income by promoting more products and services.
So, choose and industry and products with good demand and low competition. And start working as an affiliate marketer.