I have a very active marketing training business, with coaching programs, virtual workshops, digital products, and home study courses. Yet affiliate marketing remains a large source of income for me.
If you’re in the position where you’re not quite sure what to make of affiliate marketing, let me give you the run down, so you can see how you might incorporate this lucrative strategy into your business.
The basic definition of affiliate marketing: you get paid a commission on the sale of products you recommend online.
Here are the 4 primary types of affiliate marketing.
Anonymous Affiliate Marketing
A lot of the affiliate marketing courses out there (especially for beginners) usually put this type of affiliate marketing first. This is where you as the affiliate marketer discover hot products and programs, regardless of your connection to them, and you connect those products to eager buyers around the world. People will likely never know who you are.
You use various types of internet strategies to get people to buy: Pay-per-click ads, forum postings, blog reviews, etc.
Niche Affiliate Marketing
In this case, you choose a particular topic (preferably one you know well), and you focus your attention on this particular niche. You may find multiple products that help people solve a particular set of problems, but do not stray from the niche.
Like anonymous affiliate marketing, you likely aren’t front-and-center in your promotions. But over time, you’ll have better results if there is a face behind the promotions.
Expert Affiliate Marketing
There’s a major difference between this type and the first two: you are an expert in what you do, and you leverage that expert status into focused recommendations that help out your existing and potential customers.
The types of products and services you recommend as an affiliate are closely linked to those you personally create. These promotions are seen as supplemental add-ons, and allow you to help your customers in more ways than just what you currently offer.
Entrepreneur Affiliate Marketing
The final type of affiliate marketing is to have affiliates promote YOUR products and services. Once you offer your services on the web through an online payment system, you can connect your order process to an affiliate tracking software.
This allows you to have other people around the world serve as your 100% commissioned salespeople – meaning they don’t get paid a cent unless a sale is made (thus making it a marketing strategy with no upfront cost – other than the software).
Regardless of what stage you’re at in your business, I encourage you to incorporate affiliate marketing.
With the type best suited for what you’re currently doing, you’ll see significant revenue added to your bottom line. And you’ll be able to help more people (and the same people more) than you can do with just the things you create.
In early December, I’ll be hosting the Discover Affiliate Strategies Virtual Workshop, and we’ll be diving deeper into these 4 types. We’ll focus primarily on methods 2 and 3. It’s going to be a blast – and have a big impact on the revenue your business produces in the next year.
p.s. Got a question about affiliate marketing? Or a story to share? Post a comment below!