Debunking 5 Common Myths About Affiliate Marketing
Affiliate marketing is one of the budding business techniques which is rapidly gaining popularity. It is turning out to be one of the most profitable modes of marketing that can generate revenue in a much easier way avoiding all the complexities that are present while launching other forms of marketing campaigns.
While its hype exists all over the world, affiliate marketing India is also not lagging behind. There is a tremendous opportunity for affiliate marketing in the Indian market. There are a number of e-commerce websites such as Flipkart, Amazon, TATA CLiQ, Shopclues, and Jabong, that offer affiliate marketing programs.
Busting Common Affiliate Marketing Myths
To start with, there are numerous myths surrounding affiliate marketing that may discourage you from going for it. There is plenty of false information going around on the web, some of which is planted there intentionally to kill off competitions.
So, here we are to bust some of those myths about affiliate marketing for you. Read on to find out.
Myth #1. Affiliate marketing is easy
Most of the entrepreneurs are of the idea that setting up a website, selecting affiliates and adding affiliate links are all that has to be done to start earning money. But, it is not that simple. A survey by Three Ladders Marketing revealed that only 0.6% of affiliate marketers have successfully managed to exist in the competition.
There are no shortcuts to success in affiliate marketing and you need to work hard to achieve your goal. It is essential to research and plan well before stepping in. Your marketing site should be updated with fresh content to keep the customers hooked and you have to select right affiliates for more effective partnerships.
So, affiliate marketing does not mean easy money, but once you have honed the skills, you can be quite successful.
Myth #2. Only advertising in top-notch niches can make it work
Many marketers think that to make affiliate marketing work, they have to work in a popular and lucrative niche only, else it will not be as much success. This is not true.
A lot of marketers prefer popular niches to be on a safer side. While it is true that popular niches attract a large range of customers, customer choices may not be always be restricted to a particular niche only. In fact, a popular niche will have more competition where you have to struggle hard to exist.
A good marketer should understand the playing field and be able to generate interest for some less popular products too. To make it work, you have to select affiliates who understand the market that you are comfortable in and set your own goals.
Myth #3. Affiliate marketing is successful only if you can advertise on as many sites as possible
To make affiliate marketing work, you have to keep in mind that quality comes over quantity. Only posting links on different websites cannot earn money unless you select partners who are able to deliver conversions to your business.
The real key to success is in finding the right affiliates, no matter big or small, but they should yield results. For example, a real estate company may have numerous affiliates but only very few may generate above 75% of revenue.
The research by Three Ladders Marketing also revealed that 79% of the traffic for affiliates is driven by SEO and 60% by social media. So, you have to focus on your niche, choose key affiliates, and develop a system that is profitable for both affiliates and your business.
Myth #4. Affiliate marketing needs no investment of money
It will be incorrect to think that no money is needed to start an affiliate marketing program. It is indubitably a cost-efficient marketing technique and is quite inexpensive when compared to other marketing ideas.
But, nowadays many marketers are spending a considerable sum for affiliate marketing of their brands. For example, ShareASale’s top merchant in 2014 paid $25 million and became quite a buzz in the market.
So, one needs to invest some money to begin your affiliate program.
Myth #5. Affiliate marketing works only in western countries
Many newbie business owners or entrepreneurs refrain from going for the affiliate marketing program thinking that it works in western countries only. But many marketers from India, Indonesia, and Africa have ventured into this field already.
In fact, Affiliate Marketing India is evolving along with the booming of e-commerce, thanks to its low risk and high reward strategy. Indian marketers have started to follow the modus operandi of their foreign counterparts and many of them have successfully earned through this method.
The industry is expected to grow almost 8 times in the coming years. Here’s a graph for your reference.
However, the trick is to identify your strength. If you try to run an affiliate marketing program from India in U.K or U.S that will not be very cost effective. You have to identify your target audience and find a suitable product for the purpose.
So these were some of the myths pertaining to affiliate marketing. If you are planning to develop an affiliate marketing program for your company or website, you must research well to find your niche and get the hang of suitable affiliates before diving in. It is important that you understand the facts correctly and make a well-informed decision, for the growth of your business.