IS AFFILIATE MARKETING CONSIDERED PASSIVE INCOME
A lot of people want to know if Affiliate Marketing is considered a form of passive income, myself included! When I was first introduced to affiliate marketing, I was under the impression that it was in fact, a way to make easy passive income.
According to the “Guru’s” of the business, all you have to do is go on MaxBounty and ClickBank and find an offer to promote. Take that link and place it in a FaceBook ad, YouTube videos, or your social media accounts and like clockwork, the money would begin to roll in and you can essentially put your business on auto-pilot. Sounds easy peasy right?!
WRONG!! There is a lot more that goes into affiliate marketing especially in the beginning stages of your business.
“When I was first introduced to affiliate marketing, I was under the impression that it was in fact, a way to make easy passive income.“
Above all, you first need to decide how you would like to present yourself and your business to the world. Do you want to use affiliate marketing as a tool to compliment your business or do you want to have this as a stand alone business? Do you want to have an affiliate marketing career that’s based on longevity or do you want to continue having to rinse and repeat also known as short-term? All of this plays a major role in creating a business that can potentially become a passive income source for you and a very profitable one as well.
I chose to set The 80/20 Affiliate Pro brand up in a way that I could leverage my time and in the long-run create passive income. I took the time to put together a set of guidelines.
This business is not something that should be created in haste with no planning and false expectations.
Guidelines to creating a passive Affiliate Marketing Business are:
- Deciding on a niche
- Planning Your Affiliate Marketing for Optimal Passive Income
- Building a website for your Affiliate Marketing Business
- Building a blog for your website
- Driving traffic to your website
- Email list building
- Tracking and testing
1. DECIDING ON A NICHE
The best thing you can do for yourself and your audience is to ensure that the niche you choose is one that you can live with. Although it is perfect if you actually have a passion for the niche you choose, that’s not always feasible. The next best thing is to have a ton of knowledge in the niche. You don’t have to be an actual expert but if you could hold a conversation about the subject without getting lost…you may survive! Your audience will pick up on it and this will result in low traffic. I could pull a ton of examples out of my hat to explain this but let’s go with customer service at a fast food restaurant.
Have you ever been waited on and the cashier made you feel like you were in there way, personally? How did that make you feel? You probably almost lost your appetite and proclaimed that you would never return to that particular location ever again. Well this is also true in the online world and it’s why choosing your niche is very important
2. PLANNING YOUR AFFILIATE MARKETING FOR OPTIMAL PASSIVE INCOME
You have to approach affiliate marketing as you would any business. You need to do your research and plan your strategy. What keywords will you use? What are your competitors up to? Do you have a following for your niche? What type of products and services can you offer your audience that will help them and not just make you a sale. Can you create any products or services to further expand your business? These are just some of the things that you need to be looking into before you decide if the niche you have chosen is sustainable for long-term passive income as an affiliate marketer. Don’t lock yourself in a box is all I’m saying! Don’t just go after one offer and bank your entire career off of this to get to passive income.
3. BUILDING A WEBSITE FOR YOUR AFFILIATE MARKETING BUSINESS
Yes, a website! Remember, we are working towards long-term passive income. What better tool to set you up for passive income then a website. You can set this website to be anything you want in your business. From an Amazon storefront to Job Board site, there is no limit to the possibilities.
There are also some companies and affiliate networks that will not approve you to promote their offers without one. Having a website helps to build credibility. You do not have to create a brand that encompasses you personally but understand this, studies show that people buy into you not your brand. When people begin to know, like, and trust YOU, they began to make purchases with you. This is why you see people who are the face of their business seem to create passive income effortlessly.
Also, having a website affords you the opportunity to make money while you are sleeping. You have created a digital storefront that is always open and ready to help your audience. The cheapest route for me was to build a WordPress website using SiteGround as my hosting provider. I paid an annual fee and I can build as many websites as I want and this keeps my overhead very low.
There are other alternatives such as LeadPages but there is a limitation to how many domains you may have.
4. BUILDING A BLOG FOR YOUR WEBSITE
Having a blog on your website is a great way to help market or promote your offers product or service. This means you can sell something online through your blog or you can use it merely for informative purposes. It’s the gift that keeps on giving! It’s like a YouTube video in the sense that you create it once and leave it alone, with the exception of updating the content with the times and checking your offers links to ensure they are not broken. This is a great tool to have and a great way to leverage your time and resources. Once you begin accumulating traffic to your blogs, you can monetize them with additional ads such as Mediavine and Google Adsense.
5.DRIVING TRAFFIC TO YOUR WEBSITE
After you have had the chance to set up everything else. You’ve done your research, built your website and blogs, now you are ready to start getting your traffic so the funds can roll in. Well simmer down, there is still more work to be done.
THE best way to get traffic is to build an email list. You will need to create something of value and give it away for free. It can be anything that compliments the niche. This is your target audience and you’ve done your research so you already know what interests them. Once they opt-in to your email list, you can offer them the opportunity to make a small purchase on the thank you page or in the 1st email.
You don’t have to start trying to sell right out the gate but you are here for business. The best method is to set up a 5 day welcome series that gets them acclimated to you and or your brand. Then you can set up regular emails of your choosing and email them as often as you like. Always, always provide valuable content, never spam! A good example of this is DotCom Secrets by Russel Bronson and Jab, Jab, Jab, Right Punch by Gary Vaynerchuk.
Always email with a plan in mind. Have a purpose for sending emails to your audience and lead them somewhere that is both beneficial to you as it is to them. Remember, first and foremost, build trust. I have chosen to use Convertkit because they offer visual automation email services.
Convertkit is great for service providers and content creators so you have to be careful how you use them as an affiliate marketer. I also use Aweber because they are the number one affiliate friendly email provider. They are both cost effective to my budget.
6.TRACKING AND TESTING
In order to know what is going on with your traffic, you need to have tracking in place. The best tool is Google analytics and it’s free. There are a host of other options out there. Choose one that works best for you. I like HotJar because it provides very in depth insight and let me know what I need to change or add more of.
Hotjar offers a free account but to get the most from its service, I recommend the paid version when your business can afford it. You can’t improve unless you know what needs improving or even how to monitor your stats for that matter. Everything you do in Affiliate marketing will consist of tracking and testing. Once you get the hang of this and get an understanding the better off you’ll be.
Last but not least, once everything is said and done, you may never be able to consider Affiliate Marketing a true passive income source. If you take the time to put in the ground work in the beginning however, you will be able to see profits with consistency. Once this is achieved on a regular basis and you start to hit your financial goals, I recommend outsourcing your work.
Hire content creators that understand SEO and have them create your blog posts. Hire a virtual assistant and have them check your links and update your email list sequencing. Once you get your systems in place you can hire someone to work for you virtually with the upkeep of your website and then my friend, I have to say, you have finally struck passive income gold as an Affiliate marketer.
Understand, there is no right or wrong way to create your business. As long as what you have created works for you and makes you happy, go for it!
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