Affiliate marketing involves marketing or promoting a product, you can do it for others or may ask someone else to do it for you. It is done by posting affiliate links to promote an affiliate product. Whenever somebody buys a product, the person who did the marketing gets a pay, usually a percentage of the price of the product. This type of marketing can be very profitable if done rightfully.
If you have your own site, you may already be familiar with affiliate marketing. But knowing certain skills about this type of marketing will help you earn profits easily. There are many advertisers and publishers who offer their services out there, the question is do they have exceptional skills and knowledge?
Affiliate Marketing is really a good additional source of income, but what you must also know is it has its downside and that is what I will enumerate here.
Pitfall #1: Being an Indiscriminate Affiliate Marketer
Concentrate on what your site offers. Always consider your readers, everything that you put at your site must be of relevance. The reason why you are placing affiliate ads in your site is not just to generate income but to also gain traffic.
Fix: Look for an affiliate that is relevant to your site. You may join Google Affiliate Network, as it can link you to the proper advertisers and publishers. Remember to do your homework to able to get the right affiliation. Otherwise, your efforts might just be wasted because you did not concentrate on the right products.
Pitfall #2: Signing Up for Too Many Programs
Quality over quantity is what you should bear in mind. Sign up only for a number of affiliates that is relevant to your site. If you sign up for every available affiliate program, your site might look like a site for affiliate network, and you should not let that happen, as it may cause a Google penalty.
Fix: Collect and just pick a few, consider your readers, let them be your guide in picking as they will be the one who will help you earn profits. Make sure you understand your audience too and that you know what they need.
Pitfall #3: Placing All Affiliate Ads on Landing Page
Avoid penalty by not putting too many ads. The content of your site should not be overshadowed by ads, as it may look spammy. Readers might lose interest when they see your spammy like site.
Fix: Relevance is the solution to this type of downfall. Use only relevant affiliate ads on your landing page. If you have numerous landing pages, take time and link only relevant affiliate ads on the page.
Pitfall #4: Not Knowing When a Good Product Goes Bad
Remember to continuously update yourself with various affiliate programs. Affiliate marketing does not stop at finding the appropriate product to promote. This will be beneficial not just for you but for your readers as well. You do not want yourself affiliated with those who suddenly have bad reputation.
Fix: Read, read and read. Through reading, you will get updates about the products you endorse. An endorser also protects their reputation, so when you think an affiliate can do harm to you, you may choose to terminate the contract temporarily. If you do not stay updated with the industry of product you are promoting, you might not know that you are already promoting something that can harm your site and your viewers.
Pitfall #5: Forgetting the Rules of Advertising
As an advertiser you have a responsibility to the readers, so you better know your product. Even if readers know that you are only an affiliate, still having it in your site and promoting the product links you to it. Do not overdo write-ups as false claims about certain products or service, as your credibility will be at stake here. Remember your reader patronized the product or service because you suggested it through your site and if something goes wrong or not up to what you made them expect, it can backfire on you.
Fix: Use your uniqueness, individuality and creativity. Learn about advertising legalities, as this will help you in avoiding problems. Give honest reviews when you are asked to review and promote a certain product. You may use visual techniques that can make your readers more curious or make your posting looks interesting and useful.
Pitfall #6: Selecting Low Converting Products
Find an affiliate program that offers fair conversion rates. Too much time and effort can be wasted if an affiliate program that offers very low conversion rate. Before signing up, make you sure you know about the conversion rates that they offer. This will prevent you from having false expectations. This will also help you in managing your time and implementing your marketing strategies.
Fix: Scout and learn about different affiliate networks. Make your own research in order to find out about their requirements and conversion rates. From this, you will have an idea about their marketing opportunities and what they will expect from you. You will know which range of conversion rate you fit in, thereby guiding you in setting expectations from them.
Pitfall #7: Committing Insufficient Resources to Affiliate Campaigns
In order for affiliate campaigns to be effective, you must learn not only about strategies, you must also provide skills, effort and time. More affiliate programs means more work for you and you team, more demand for effort and time. Each program needs dedication, so make sure that you accept opportunities that you can only accommodate and hard work is always a key. In everything you do, remember you must be an active contributor to be successful. Be updated on the campaign’s standing and be flexible to make changes to further improve your marketing performance.
Fix: Time management will be of great help especially when you are managing numerous affiliates. This will ensure that you provide quality management. If you can’t manage the affiliates on your own, you can also ask somebody else or delegate work to other members of your team. You may assign a member of your team for a particular affiliate so that he or she can focus and become more effective. Affiliate marketing networks and other search engine optimization companies usually offer support that is readily available.
Pitfall #8: Failing To Set A Good Budget
As stated, sufficient resources is a key factor in providing best affiliate management. You only not need time, effort and skills, you must also determine on how much you must spend in you marketing. It is true that affiliate programs are free, but if you want to promote your ads thru other media, you must also spend money. The measure of your profit is only known if you are able to deduct all your expenses with regards to a certain program.
Fix: For you to be able to monitor the income each affiliate program brings to you, you must first make a list. You can make a form, some of the things you might want to include there is the name of the opportunity, rate of conversion, expenses, time you need to spend each day, marketing tools you will be using. By this type of monitoring form, you will immediately see if the affiliate program that you are engaged to is effective or not.
Pitfall #9: Leaving Money On The Table
Affiliate programs offer different ways on how to earn income. Some would ask you to post an ad for a certain product or service, when somebody buys or gets the service, you will have a commission from it. Some offers to pay for every click made at the badge or link you post on your site. Although pay per click is smaller, it is still an added income. Affiliate marketing is not just about closing a deal-it is also about referrals.
Fix: Each affiliate program offers different payment schemes. In addition, you must also know that each opportunity offers a different fee. Check the affiliate program’s reputation when it comes to monitoring sales or clicks and releasing of payment. This will help you in determining which opportunities to take in order to become successful.
Pitfall #10: Having Unrealistically High ROI Expectations
Success of Affiliate Marketing does not happen overnight. If you have a site and you want to earn income, you must keep in mind that it takes time and process in building affiliate programs. You will hear plenty of stories about successful advertisers and publishers, and of course you also want to experience the same. But remember, they did not accomplish it with just a snap of their fingers. They worked hard and spent time and skills. The competition is stiff even in virtual marketplace.
Fix: Be realistic. When computing the supposedly income, start with the average rate of conversion or start with the lowest conversion rate. This will allow you to push yourself harder at least for the first six months. After that time, you will have established yourself and have already reached a realistic goal and revenue.
Affiliate programs can be really successful. If you want to earn through affiliate marketing, just remember to use the right skills and resources. It is also important that you are patient. You have to spend quality time and work really hard for it. This endeavor is very rewarding and will give you the income and affiliate relationship that you need. If you do not have those qualities, affiliate marketing may not be for you.