Is affiliate marketing worth it in 2023? I think if you have the right expectations about affiliate marketing, It’s worth it. You can make passive income through affiliate marketing in 2023.
You’ve heard it, anyone can do affiliate marketing. And that is the biggest lie ever. All you do is put out a few links and spam them everywhere and you’re going to be rich. And that’s the problem with affiliate marketing. today I’m going to go through who it’s for, who it’s not for, who can be successful with it and who can’t.
Table of Contents
- Is Affiliate Marketing Worth It In 2023?
- Affiliate Marketing: Have the right expectations
- Affiliate Marketing: Build The Trust
- Affiliate Marketing: Traffic Source
- Affiliate Marketing: Provide Value
- So, Is Affiliate Marketing Worth It In 2023?
Is Affiliate Marketing Worth It In 2023?
In the business world, there’s something called a barrier to entry. Affiliate marketing has a low barrier to entry. For instance, McDonald‘s has a high barrier to entry, meaning you have to have a lot of money. You have to have the right credentials and the right experience. It’s a lot harder to get a McDonald’s and you don’t see many of them fail.
When you have a business model with a low barrier to entry, like affiliate marketing, that means anybody can do it. Anybody can do it. But the problem is, most people aren’t going to do it successfully. And here’s why.
We’re in a culture where we all want success and we want it now. We want it fast. And if we don’t see success quickly, then we give up. And that’s the problem with a business model like affiliate marketing, which is if you have that mindset that you need to make money in the next week, you’re not going to be successful.
I need money. And unfortunately, it’s the stories where you hear people have put out some links, got lucky, and made $3,000. Most of those are not true. Right away. People do get a little bit lucky, but that’s not what you want to base your business on. Instead, you want to take the long-term approach.
On average, it takes 28 months for somebody to go full-time on YouTube. That’s over two years of producing videos every week. That’s dedication. That’s what it takes to be successful. But that’s producing videos day in and day out. It’s a ton of work, but it’s worth it if you’re willing to stick with it.
OK, so now let’s talk about What can you do to be successful in Affiliate Marketing in 2023?
Affiliate Marketing: Have the right expectations
Most businesses don’t show a profit in the first three years. So if you have the right expectations and know that this is a real business, you’re going to have to work day after day, week after week, whether it’s a side hustle or your full-time gig. You’re going to have to work at this for the next couple of years to see a profit. With that mindset, you’re already going to be ahead of 95% of the people who jump in and try affiliate marketing.
Okay, now that you have the right mindset, what do you do? Let’s jump into that.
Affiliate Marketing: Build The Trust
We all buy from people that we know like and trust. So you have to build that trust. And the best way to do that is through what’s called content marketing, and that is to answer questions, provide solutions, and be helpful. By doing this, your audience will see you as an expert and believe in you. And as you build that trust, you recommend products that you use on a daily, weekly basis, products that you believe in.
Affiliate Marketing: Traffic Source
You need a traffic source, which we’ve talked about, whether it’s TikTok or YouTube, or even a blog. But I would say the short play is TikTok, the middle play to the long play is YouTube and the much longer is a blog, which I’m doing all three, but it is an absolute ton of work, even outsourcing some of the pieces.
But that’s kind of your traffic source initially to get started. Once you have that traffic source, and I know you’ve heard this before, you want to collect email addresses. And the reason for that is most of us don’t make purchase decisions right away, but to build a relationship, I want to be able to reach out through email and provide value. And that is the key.
Affiliate Marketing: Provide Value
Every time I send an email, I ask myself, is this going to help the people who have? Give me their email address and if the answer is no, I look at what can I add, what do I need to do to make sure that this content is helpful? Once you have that email and you’re building those relationships, then what you can start to do is recommend products that you use regularly.
When it comes to recommending products, just make sure that you’re not recommending every single product that somebody sends you because I’ll tell you, it takes a long time to build trust. But you send somebody a terrible product and they buy it because you said it was good. You lose that trust forever and you lose that person. So make sure integrity is so important in this business if you want to be successful in the long term.
So, Is Affiliate Marketing Worth It In 2023?
I think if you have the right expectations. It’s worth it. You know, affiliate marketing boils down to this. You create content that helps people solve a problem called education-based marketing. And once you do that, it builds trust with your audience. And you grow an audience over time. You collect enough emails and you build relationships that you start to recommend products that you believe in. And people buy from people they know, like, and trust.
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And then once again, over that period, you start to collect more and more commission to where it can become a full-time business. And you can collect through recommending products like affiliate marketing, through product sales. You can create courses, and get paid for advertising. There are a lot of different ways to do it.