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Affiliate marketing is a great way to make income, passive income more specifically. It’s lucrative, easy, and most importantly, fun. You’re promoting companies and products that you like by playing the long game, throwing lures, and waiting for people to bite. Of course, depending on your effort and the demand for your product, you can either make your money fast or slow. It also helps if you’re not falling for the common mistakes that most beginner marketers fall for. To give you a leg up in the field, here are the traps you’ll want to avoid.
Backing up the Wrong Horse
When selecting a product to market, most affiliate marketers pick a product they know or like. There’s nothing wrong with that. In fact, if you like a product, you’re guaranteed to be able to market it better. Not to mention, your content will sound a lot more authentic. What you need to remember is that, just because you like it, doesn’t mean others will. Some products simply don’t perform well in the market due to a number of factors, from problems with the product itself to the timing of its release. At this point, you can’t do much to increase sales. It’s like investing in a company that’s already on the verge of bankruptcy. It’s a losing game and a waste of time and resources. Instead, try taking a more analytical approach to the products you want to market. If you’ve done some investing, then you know how this works. Look up the product, its reviews, how it’s seen by the market, who it’s up against, and the company itself (performance, brand image, and marketing campaign). These factors will help you choose a product that is already in demand, providing you with hospitable soil for your seeds.
It’s crucial for your success as a marketer to pick a segment in the market or a field and specialize in it. The trick is to pick the right field or you’ll find yourself struggling unnecessarily. So, how do you get started step-by-step, picking out your niche? There are three factors you should consider. The first is passion. You don’t absolutely need passion to survive, but you need it to thrive. Passion breeds creativity. Second, you need online buyers and affiliate products to sell. A great way is to take a tour around the online stores you know. If there is nothing in your niche you feel you can sell, you’ll be better off picking a different niche. If there isn’t any demand for products in your niche or if the target audience is out of your reach, again, you’ll be better off picking a more hospitable niche. Last, but not least, the competition. For your place in any market sector, you will have to compete. However, in some fields, as one Darth Vader once said, “It’s useless to resist.” Think of why no one ever comes for Coca-Cola’s throne aside from Pepsi. Before you enter a competitive field, make sure you get your competitors. By taking these factors into consideration, you’ll be able to plan an effective market strategy.
Lack of Reviewing
Reviewing and revising are critical for anyone who wants to progress in life. When it comes to marketing, this goes double. In order to generate traffic to your website, build a following, and retain their interest, you need to constantly be assessing your performance and measuring your success. How else do you expect to know which strategies work and which don’t? How would you know what type of content attracts your audience and on which medium? How would you know which platform is directing the most traffic to your website? Once you start implementing a marketing strategy, you need to keep a close eye on how it’s performing and adjust accordingly. You can do that using a mixture of quantitative analysis (using page analytics and search engine marketing tools) to collect data and qualitative analysis (using your knowledge of your target audience and the market).
Now you know how to avoid three deadly mistakes, but the chances are, you’re going to mess up at some point in the future. Making mistakes isn’t inherently bad and it isn’t a reflection of your abilities as an affiliate marketer. It’s a reflection of how much you currently know about your field. The more you know and the more aware you are of your performance, the better you’ll be able to spot the chinks in your armor and fix them. This is to say, make mistakes, then learn from those mistakes, then learn how to spot potential pitfalls before you’re too close to react in time.