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How much will I earn?
A major pro and con of affiliate marketing are the uncertainty that comes with the earning potential of this career move. Some people make thousands of dollars when they decide to opt for affiliate marketing, even when they only take this on as a part time career. Others, however, go months or even years without making a single sale.
The thing to keep in mind here is the fact that those who do not earn anything are usually the people who do not provide the necessary effort or follow the right guidelines.
In terms of how much you can earn, there isn’t an exact formula that will give you accurate or guaranteed figures. This is because the earning potential differ based on a lot of different elements.
We can take a look at a few examples – but, do note that these are only mere estimates and does not represent exactly what you can expect. In the end, it comes down to how much effort you put into the strategy, as well as the specific marketing techniques you use, the landing pages you set up, and the offers you are promoting.
Example 1:
You decide to promote a weight loss supplement that costs $50. You get paid a 50% once-off commission per sale. You drive 1,000 visitors to the website every month, and have a conversion rate of 5%. This means out of those 1,000 people, 5% (or 50) decide to buy the weight loss supplement.
In this particular scenario, your commission would $1,250 – not bad at all!
Example 2:
You are only getting started and find that you are able to drive 50 visitors to a web hosting affiliate program every month. Due to the close relations you try to uphold with your audience, you do get a higher conversion rate of 20%.
Among the 50 visitors, 20% convert – which means 10 decide to take the deal. You get paid $65 per sale that you refer. At the end of the month, that is $650 in your pocket.
To achieve this, you might have some expenses to take care of. This may include web hosting with a monthly fee of $5. You might also be spending $100 on Google Ads every month. Still, at the end of the day, you get $545 in profits from your affiliate marketing efforts.
Both of these scenarios are achievable through patience and dedication, as well as by ensuring you put in the effort your affiliate marketing business deserves.
What are the requirements?
The best thing about affiliate marketing is the fact that there are no specific minimum requirements as you may find with most jobs. Don’t have any qualifications to get a good job? You’re not going to run into this problem with affiliate marketing!
Anyone can start affiliate marketing. With requirements, dedication and time are the primary factors that tend to play a role in how successful you will be. Those who put in more time will often be able to get results faster. The results you get when you put enough time into affiliate marketing will also be much more rewarding.
Even though there are no fixed minimum requirements, apart from some time and effort, there are a few things that can make the entire process of getting started with affiliate marketing easier.
First of all, for affiliate marketing to actually work, you will need access to both:
- A device that you can work with. Some people have started out with a smartphone or tablet, but a laptop or computer would be more ideal.
- Internet access, which is becoming more readily available recently. You will need to access the internet to upload your website, promote your pages, etc.
If you have these two, then things are likely to go much more smoothly.
For best results, you should also consider getting yourself a diary. A dated diary would be the best – this allows you to create a consistent schedule. Set out at least an hour or two every day to work on your affiliate marketing business. This will help you get faster results – consistency is a key to success in this type of business, especially during the earlier days.