The digital space has become quite attractive over the past few years, mainly during the period of COVID-19 lockdowns. As a result, there are now plenty of business opportunities online for those who know how to seize them.
In 2021, the share of online retail sales jumped to 19% of total sales, as over $26 trillion was spent via the internet alone around the world. However, it does not end there. There are plenty of industries emerging, with a goal of taking advantage of this move towards the World Wide Web. Affiliate marketing is just one example of how people can find a source of income online, creating a link between sellers and potential customers.
As an affiliate marketer, you are in charge of promoting products or services online on behalf of a partner seller, and you receive a commission for each sale you produce. The big upside is that you personally do not have to deal with issues such as inventories or business management. However, this can come with a few risks. If you’ve been contemplating becoming an affiliate marketer, here are a few aspects to consider.
There’s no one right affiliate marketing program for all, because each requires a different set of skills and knowledge level. For example, if you are an affiliate marketer for a company selling women’s clothes, you must be aware of the latest fashion trends, color combinations, size nuances, and so forth.
A degree in marketing, or some form of experience in the field, can be of aid, naturally. However, it is more important that you understand what you are selling, and even that you are passionate about it. It would be very hard to be an affiliate marketer of a product or service that doesn’t interest you, or that you feel no connection to.
#2 Spotting trending niches
The next phase is to spot trending niches, or in other words, to see where demand is going nowadays (or has potential to go). For example, the financial services sector offers some interesting affiliate marketing programs such as this one from easyMarkets, which are gaining extra attention lately due to increased interest in trading the markets. On the other hand, some programs seem to be timeless and unaffected by trends, such as the one available with Amazon.
Because an affiliate marketer generates income via commissions, you need to look for a niche with a growing number of customers, or alternatively, customers who are willing to spend a growing amount of money. By choosing a trending niche, you are putting yourself in a favorable position.
#3 Reaching potential customers
A third and final aspect to consider is how you can reach your clientele. For example, if you have a successful online blog, you can use it to promote your affiliate marketing content. You can also target special forums online, or take advantage of advertising opportunities on social media platforms.
Keep in mind, though, that each of these requires a different approach and that some means do not come for free. These costs should be added to your calculations, because they affect your revenue at the end of the day. There are also quite a few ethical matters that need attention. For example, if you have a lot of followers on Instagram and you want to take advantage of that for affiliate marketing, you need to know that the platform has set down clear guidelines on how that is done and how you need to declare that you are an affiliate marketer within the content you produce.