One of the most important tasks in Affiliate Marketing is choosing the right product to promote. A major factor in your success will be having the correct products to offer your target market. Remember, people will be landing on your website or blog in search of a specific product or service and if you can provide them with that product or service, you will make money, if you cannot, they will simply click off your page and never return! This results in you losing a sale and also losing revenue from that person through future sales.
It is also essential to choose the right product to offer your existing customers, whether this is through your own mailing list or on your website or blog. Your existing customers are people who have already bought from you or who may have subscribed to your mailing but have not yet bought from you. You should always treat them with respect and only recommend quality products that will be beneficial to them.
Quality Is Key
It is very important to understand that you are trying to build a solid business and one that people will trust. This means that every product or service you promote and offer to your visitors or existing customers is of high quality. Offering quality products that your customers find beneficial will help build trust between you and your customer and they will be much more inclined to buy your future recommendation. However, if you promote a product or service that is poor, this will have a damaging effect on your business. As a result, people will not trust your future recommendations and will be reluctant to buy form you again.
Remember: Building trust is hard and takes time, do not let all your hard work go to waste through greed or simply because you cannot be bothered to spend a little time and money researching the products or services you wish to promote!
If you yourself cannot be bothered to spend money buying the products you wish to promote, so that you can review them before you promote them to others, how can you expect others (your customers) to buy them?
Try The Product Or Service Yourself
One of the big mistakes most new Affiliates make is they try to offer a large number of products and services without actually trying them for themselves. When you first start out in Affiliate Marketing, it is very easy to become overwhelmed with the amount of products and services that are available for you to promote. Yes, they all look very tempting but stay focussed and disciplined and only promote one or two products that will compliment your business and be exactly what your visitors and target market are searching for.
Purchasing the product prior to promoting it, will allow you to familiarise yourself with the product, see how the shipping of the product is processed, assess the after sales support and will allow you to write an honest review about the product or service first hand.
Tip: If you have limited funds in the beginning, contact the Merchant and tell them that you would like to promote their product or service and ask them if they would be kind enough to give you a free copy for you to review. Most will be happy to do so, as it means more sales for them if you are successful in Marketing their product.
An all too common mistake that new Affiliate Marketers make is they want the largest commissions possible. Yes, we all want to make as much money from our Affiliate Marketing ventures as is possible but do not let yourself be clouded by greed. It is very easy to lose sight of common sense, logic and basic maths, when you see certain offers from Merchants. One common mistake Affiliates make is they see Merchants offering 100% commission and think that these are the best returns. However, this is not always the case and this is where you should always do your maths when choosing your product.
Let me Explain: The commission rate on Affiliate Products vary and these commission rates can range from 1% all the way through to 100%. Now, if you are searching for a product to promote and you see a product for £10 and the Merchant is offering you 100% commission for each sale, that means you will receive £10 for every sales through your affiliate link. At first glance, you might think that rate is great. If you sold 1000 of those products, you would have generated £10,000 in Affiliate commission. This as you would agree, is a nice sum of money to receive but selling 1000 units is a lot to sell!
Now, let’s say that there was another product available that was being sold for £197 and the Merchant was only offer 25%, this would now mean that you would receive £49.25 per sale. This would then mean that you would only need to sell just over 200 units to make £10,000. If you did manage to sell 1000 units, your commission would now be £49,250!
It is much more realistic to be able to sell 200 units than 1000 and although you might think that more people will be inclined to buy a cheaper priced product (which is true but not always the case and depends on your product), it is all about ‘Conversion Rates’ and Earning Per Click’ (EPC).
Obviously, how many products you sell is based on the amount of traffic you receive to your website each month. This then determines how much money you will make from that one website and the product you are promoting. This is why, if you do not have a large amount of traffic to your website each month, it is sometimes better to try and promote a good quality product with a higher price tag and smaller commission percentage because it means you don’t have to sell as many but will still earn a decent amount of money if you only sell a few each month.
The biggest commissions are generally offered on Information products and digital downloads, whereas commissions on ‘Physical’ products are much less and usually range from 1%-15%.