Affiliate marketing, on the surface, is generally easy to understand.
You find a product someone wants, you become an affiliate, and then you begin promoting said product. Easy, right?
Not always so.
Slapping together a website or an email list to begin promoting a product or service is the easy part. Anyone can do it. Chances are that if you take this willy nilly approach you may see a few dollars roll through but it’s not so likely that you’re building an actually business based on affiliate marketing.
What really needs to happen is a full understanding of your income.
Without an understanding you’re merely promoting and hoping for the best. When you have knowledge and expertise you understand what can be done to repeat success.
That is what this post is about.
It’s going to tell you some of these biggest monetization mistakes you’re likely to make in affiliate marketing in hopes that it curbs you from being a one trick pony.
Here are the items …
A. Failing to have an expectable outcome
Every business (and owner) should have a goal in mind when it comes to their operation. This is especially true for their monetization efforts.
If you were to start developing a site with the intention of monetization down the line you may find yourself hitting a brick wall because of the changes during that timeline. In point – the community and expectations change so your original ideas go out the window and if you aren’t prepared you’re now stuck with an operation with now real monetization goal set in sight.
To earn from your efforts you need to set clear goals from the beginning and stick to them. You should outline what needs to be done and work every day toward achieving those goals. You can always change things at a later point but remember that it’s easier to adjust to the community as it changes compared to trying to conform to one that’s completely different in years to come.
By the time you finally make that shift you may have lost your opportunity so act fast.
B. Failing to have a desired customer
Another major factor in whether or not your methods to monetization will work is whether you’re targeting the right kind of people.
If you have no data about your potential customers you’re essentially just burning through your budget hoping to convert. On the other hand – know that customer avatar will allow you to align your advertising and marketing initiatives to match the logic and emotion of the individuals.
To do this you need as much data as you can possibly muster. You should look at your analytical data before you invest in your marketing/advertising initiatives and you need to collect data while you’re doing it so that you may adjust your campaigns accordingly.
C. Failing to have a measurable funnel
The biggest problems marketers may face is not taking the time to test and track their progress. There are countless tools available to do this action so there really isn’t much excuse outside of laziness.
Every step of the process you should make an effort to document.
Through documentation you will have the data and knowledge of what needs to be done in order to make measurable changes to your campaigns. It could be a simple insight like changing the color of your call-to-action button or rewording a piece of ad copy. Either way you need to have data in order to make logical decisions about these elements.
In terms of monetization these small changes can lead to thousands of extra dollars.
Don’t skimp on the data. It may not be the most enjoyable part of operating your affiliate marketing business but it really does become the bread and butter. When you know how and why certain elements work you can then replicate its success time and time again to increase your profits.
We all makes mistakes because we’re all human.
Business can be very tricky and affiliate marketing doubly so. Marketing is a balance between understanding your audience and the willingness to try new strategies.
Not everything will stick but you’re better off giving something a go than riding one that’s fading into oblivion. There’s no shame in admitting defeat in certain areas of your work just as long as you keep at it with what does. Learn from the mistakes. Learn from this post. Learn from your experiences. Then put good habits into action and find yourself on the successful side of affiliate marketing.