You probably use your website to make extra money if you have one. But can you get rich with affiliate marketing? Yes, let’s break that down.
Affiliate marketing can be just what you need if you’re a blogger who wants to make money from your site, someone who wants to make a source of passive income or someone who wants to start an online business. Many people know that affiliate commissions are a way to make money. But can you get rich with affiliate marketing?
Affiliate marketing is a fairly new idea, but it might have been around longer than you thought.
Amazon wasn’t the first company to use affiliate marketing. That honor goes to CDNow, but it was one of the first to do so. The program started in 1996 and is a big reason why affiliate marketing has grown into what it is today. In October 2000, Google AdWords came out.
There are now government rules, conferences, and conventions for the industry, which is expected to be worth $6.8 billion in 2020.
Affiliate marketing is utilized by more than 80% of brands as part of their online marketing plans. There are a lot of affiliate programs, and more than 80% of brands use affiliate marketing. They are a great way to get in touch with customers.
Can you get rich off of affiliate marketing?
It sounds pretty simple. There has to be further to it than if you want to be a successful affiliate marketer.
Affiliate marketing is simple, but it’s not always easy to do well, and it’s not a way to get rich quickly.
But you can make money without spending a lot of time, and many people do. Some people call themselves “super affiliates” who make six figures or more. There are many ways for an affiliate marketing business to make money:
Affiliates in the middle level can make between $300 and $3,000 per day. Affiliates with a high skill level can make $3,000 a day, and super affiliates can make $10,000 or more a day.
Pros of Affiliate Marketing
Here are some great reasons to start an affiliate business if you’re thinking about it:
WordPress is free to use to make a website, Bluehost is a cheap hosting service, and most affiliate programs are free to join.
You don’t have to make a product, offer a service, keep anything in stock, ship anything, or help customers.
You can operate from any place and anytime if you have an internet connection.
Affiliate marketing is a big way to make money without doing anything. Your work is done once you make the blog post, social media post, or podcast episode to promote something. As long as people keep clicking on your links and buying things, the content you make will keep making you money.
Affiliate Marketing’s Downsides
There are various drawbacks, like with any business:
Success can take time.
Even though you don’t need a certain amount of traffic to join most affiliate marketing programs, traffic is what you need to make money. And getting it to your site takes time and skill.
There are thousands, or even millions, of sites that do it. And a lot of affiliates sell the same products, so it’s a competitive field. Depending on what you write about (which will determine what you promote), the market may be very crowded and hard for you to get into.
Companies with bad morals
Some businesses are dishonest and won’t give you credit for a referral that should be yours or won’t pay your affiliate commissions. So, before you join an affiliate program, it’s important to do your homework.
Not in charge
If a company whose product or service you promote upsets a customer who came from your site, for example, if the company doesn’t send the product, sends a broken product, or has bad customer service, that customer may blame you for recommending a “bad” product or company.
You can see how many sales your links led to with your unique affiliate ID. But you won’t have any customer information, which is a missed chance to sell more to those customers.
You can get rich with affiliate marketing.
Affiliate marketing can make you rich, and it’s a much easier way to get rich than, say, becoming a doctor or lawyer, which can take years of schooling, long hours, and up to $60,000 in student loan debt.
You don’t have to proceed to college to make money as an affiliate blogger, and all it costs to start is a few hundred dollars a year to set up a blog and host it.
Even full-time bloggers don’t work that much: 35% spend more than 20 hours a week on their blogs, and only 3% said they worked more than 60 hours a week.
And don’t forget that you can work during those hours at any time and from anywhere. If you like to sleep in, you can work until the early morning. While sitting by your pool or sipping coconut water on the beach, you can do it. Not even doctors or lawyers can do that.