Diversifying your income streams is one of the main keys to succeeding in online business. When money is coming from multiple sources, you can rest easy knowing you’ll have money to pay the bills when one income stream dries up.
Affiliate marketing is sharing third-party services or products with your following and making a commission on sales. Affiliate marketing is relatively passive income. However, it’s not completely passive because you need to make partnerships and promote them to make sales and earn commissions.
Here’s what you need to know to get started:
Research partnership opportunities for products you already use
Create a list of products and services that you promote related to your brand. For example, I run a personal finance brand so the products on my list would be savings tools, budgeting resources, and other money management services.
Then, do a search to see if your favorite products and services already have an affiliate program. Sign up for the program if there is one. If there is no program, reach out to the company directly to see if they offer some sort of partnership or sponsorship opportunity.
Sign up for affiliate networks
A way to find new affiliates is through networks. Affiliate networks like Commission Junction, Flex Offers, Impact Radius, and ShareASale are a few platforms where many different affiliate programs are managed under one site. Sign up for each one to see if there are any participating affiliates on there relevant to your brand.
Put the right disclaimers on your content
Legally, content creators must disclose partnership with brands. FTC regulates what is required for the disclosure. You can learn more here. Make sure you’re following the rules. Let people know that you’ll be getting a commission or benefit if they sign up for a product or service that you’re promoting.
Develop a strategy
At first, you may sprinkle some affiliate links into your blog posts where you already talk about a product or service. The next step is getting a bit more strategic with your affiliates.
You can create launch plans to launch affiliates to your audience much like any other product. Email is a great way to bring awareness to affiliates and make commissions. People on your email list already know you and you’ve built some trust. An audience you have a rapport with will be more interested in what you have to offer.
Product reviews are another way to make some commission sales. Just make sure that you’re always properly disclosing that you’re getting a commission if customers sign up.
Affiliate marketing can be a nice compliment to your business
You don’t have to go crazy adding affiliates to your site. Your business model doesn’t have to revolve around affiliate marketing. However, affiliate marketing can be a nice addition to your business especially if you’re already a raving fan of certain products. You can earn an extra income while pointing your audience in the direction of products and services that will help them.