Welcome to Episode 37 of Make it Happen Monday!
Published every Monday, this is my weekly video series helping you to blast through any barriers holding up your success in life and business and giving you weekly tips and inspiration to move forward to achieve your goals and dreams.
The term “affiliate marketing” gets thrown around a lot in the online business world.
Affiliate marketing is essentially selling someone else’s products through your own marketing efforts.
It’s got a bit of bad press over the years mainly because it’s been touted as ‘easy money’ and if you’re a regular here at JBO, then you know there’s no such thing as ‘easy money’.
However, affiliate marketing done well, can certainly be very lucrative and a great way to get started with your location independent business!
If you’ve ever considered becoming an affiliate marketer, you may have a few questions.
For instance, why would someone buy from me when they can buy from the original product creator?
Or how can I gain people’s trust when I don’t have my own products?
The answers lie in the way you build and nurture your business.
Check out this weeks episode and understand the right way to get started. :)
Watch Episode 37 Here
Read Episode 37 Here
This week, we’re following on from the last two weeks where we’ve been talking about the six different categories of businesses we can run online , and last week I talked about how to start a business selling information products , which was the first category.
This week, I’m going to talk about the second category, which is affiliate marketing.
Now, there really isn’t a huge difference between an affiliate marketing business and a business selling information products.
The only difference is that, with affiliate marketing, you offer other people’s products instead of products you have created yourself.
The 7 key steps to a successful online business
I went into the details of each step last week, but let’s do a quick run down here:
1) Decide what business you are in
2) Start building a list of potential customers
3) Create an introductory product
4) Continue to build your authority through an authority platform
5) Build your asset base
6) Master getting new visitors to your authority platform
7) Add other streams of income as you grow
We already know that affiliate marketing is about selling other people’s products, but exactly what does an affiliate marketer do?
Let’s start by dispelling some myths. Affiliate marketing is 100% not putting up a Facebook page or a Twitter account, throwing out a few tweets or posts, and then sticking in some bit.ly affiliate links.
By sheer luck, you may get the odd sale if it is a particularly phenomenal product. But chances are you won’t. Why?
Because the person who comes across your affiliate link on your Twitter account or Facebook post does not KNOW you.
They have no trust with you, and there is no relationship between you.
Some people believe affiliate marketing is the quick way to riches. It is just as hard, if not harder, to be an affiliate marketer than it is to be somebody who sells their own products.
Why? Because why would somebody buy something through you when they could go directly to the trusted product owner and buy from them?
This is why the first few steps in building an affiliate business is the same as for building a business where you are selling your own products (i.e. the 7 steps above).
In other words, you need to build your community, nurture your community, and create relationships with your community.
Build your community by solving problems
For example, let’s say you choose the health niche. Maybe you’ve lost lots of weight over the last couple of years, there’s a specific program that’s really helped you, you’re in love with this program, you’re a total advocate of it, and you are a shining example of it working really, really well.
There’s no point in just going out there, on your blog, on your social media accounts etc, with a link to this program saying, ”Buy this, it’s really good.”
You need to build a community around the problem and the solution.
You might start a podcast, a blog, or a YouTube channel, talking about all the different things that you’ve done that’s helped you in your journey.
You could also focus outwards by answering questions that other people might have.
Not everybody is exactly like you, so you’ve got to start thinking about the challenges other people in your target market are having.
So you’re answering questions and you’re solving problems with your content, with your blog posts, videos, webinars, or whatever medium you choose to deliver content with.
The next step is to look at what you can give away for free that helps this community further. For example, a free downloadable e-Book called ‘The 10 Best Recipes for Losing Weight’ or ‘My Weekly Meal Plan’. All they have to do is leave their name and email address.
Now you are building an email list of people who are interested in you and know exactly what you’re doing.
As you keep building this relationship where you’re being useful and valuable, answering questions and solving problems, and getting to know these people, you can then go out and say, “Look guys, this is the program that helped me. It was phenomenal, it’s amazing. Here it is, check it out.”
How can I make sure they buy through me and not somebody else?
First of all, never underestimate the power of relationships.
If you’ve built a really great relationship with somebody, they like and trust you, and they think you’re awesome, most people will want to make sure that you get credit for recommending something to them and for helping them out.
But there are ways to add a little bit of extra spice! Ways to really make it worth someone’s while to come through you instead of someone else.
Tactic 1) Get a discount from the product owner
Ask the person who owns the product, program, whatever it is, to give you a discount that only your subscribers and your community can get.
Tactic 2) Add a bonus
This might be some videos, or it might be you doing some coaching with people, or it might be a piece of software, or anything that really compliments the program that people are taking.
In other words, only the people who buy through your link get this specific bonus. Buy elsewhere, and you don’t get the bonus!
Tactic 3) Get a bonus from the product / program owner
Rather than getting a discount for your subscribers, ask the product owner what they can add to give more value.
If you’ve built a relationship with the product owner, they might have some extra stuff that they don’t normally give out, and they agree to you giving this out just to your subscribers and your community.
The above tactics are the ‘secret sauce’ that really makes affiliate marketing work.
Firstly, build that fantastic community of people, build the likability and trust factor, then recommend really high quality and transformational products, and then add one or more of the above tactics to make buying from you irresistible.
If you’ve decided that affiliate marketing is the category of online lifestyle business you want to get involved in, I highly recommend you look at www.smartpassiveincome.com.
This is a guy called Pat Flynn who I believe is the embodiment of fantastic affiliate marketing.
He started back in 2010, and he’s literally charted his journey as he’s grown. He shows you his income reports every month and what he’s affiliating for.
And, his success is really down to building relationships, building his community, nurturing those relationships, recommending only the best quality products and services to his community, and building relationships with product owners, adding value, getting discounts etc.
So if you want to be an affiliate marketer and you want to know how to do it, go and check out www.smartpassiveincome.com because Pat is the best example of affiliate marketing online today.
Your challenge this week, should you choose to accept it, is…
Nurture those relationships:
1) Know what business you are in
I went into details about knowing your business, knowing what niche you are in and being specific last week.
If you completed last week’s challenge, then you can go directly to step 2. However, if you missed last week’s challenge, please click here to choose your business.
Make sure you know what business you’re in before you go to step 2.
2) Get out there and start building your community.
Start nurturing those relationships. Create some compelling free offers and start building that email database as soon as you possibly can.
The quicker you start building your community, nurturing those relationships, and building your email list, the faster you can get to the point where you start to see some results and make some money, which is of course what a business is all about!
Next week, we’re going to look at the third category of online lifestyle businesses, which is how to start a business as a coach.
Once you’ve watched the video, I’d love to hear from and about you.
Tell me, in the comments below:
Have you tried affiliate marketing? How did you get on? Has todays video helped?
Sharing your story could create a huge “AHA” moment for other visitors to this post, so we’d love to hear from you.
Please share below.
Thanks for watching.
Have an amazing week, live life on purpose and make it happen.
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