In today’s world, the ability to generate passive income is becoming more important, and something that people are looking towards. The demand for flexible working options and the feeling of needing to improve one’s income has led to a rise in the number of online entrepreneurs who are trying to find ways to make money online with ease.
However, with the growth in the number of online entrepreneurs has come a wave of skepticism from the general public, regarding the authenticity of online businesses and their products. While there is certainly some truth to this skepticism, the fact remains that making money online is now easier than ever before, due in large part to the expansion of affiliate marketing. In this article, we will discuss how to make money online with ease, outlining some of the most lucrative opportunities that one can pursue.
The Growth of Online Businesses
Since the beginning of this year, there has been a noticeable shift in the way people are thinking about online businesses. The combination of the world’s second-largest economy slowing down and the fear of missing out has led to a mass exodus of people dipping their toes into the world of online entrepreneurship. For instance, Amazon’s share price has dropped by 20% since the beginning of the year, while their quarterly revenue has declined by 12%. Since the majority of Amazon’s business comes from online marketing and sales, this is clearly having a negative effect on their bottom line.
Although it is still relatively early days, we can already see some clear indications of success. Take HubSpot for example. The business tool designed for inbound marketing and sales generated over $16 million in revenue in 2014 and is expected to grow to over $25 million by this year’s end. Likewise, Bluehost, a web host that focuses on providing premium services to businesses across the globe, saw their revenue increase by 41% in the first quarter of this year.
Why Affiliate Marketing?
If you’re looking for a way to make money online, without having to run your own online business, affiliate marketing is a great option. Put simply, affiliate marketing is when a business pays commissions on purchases made by consumers who have been directed to the merchant’s site by a product or service affiliate.
The affiliate marketing model was created to enable companies to sell their products and services to consumers without the need for store fronts or direct sales representatives. Essentially, the affiliate marketer acts as a middleman, enabling them to earn commission on the sales of products or services they promote through their website. In return, they gain credibility with consumers who are more inclined to make purchases due to their association with a trusted brand.
The Rise Of Online Entrepreneurs
While the ability to generate passive income is certainly appealing, not all successful online entrepreneurs are making money solely from digital activities. Indeed, some are even making money by “scaling back” their conventional businesses in favor of online activities, such as drop shipping and affiliate marketing.
Online entrepreneurs are succeeding because they are focusing on providing a quality product or service that people are willing to pay for. Thus, the success of companies like Uber, Airbnb, and TaskRabbit, to name a few, lies in the fact that they are providing convenience for people who are looking to make some extra cash. In other words, they are providing a valuable service that people are willing to pay for.
Top-Notch Products To Market
Quality products and services are the key to success for any business. Whether you’re selling physical products or offering online courses and tutorials, people want to work with a company that they know will provide them with high-quality. In this way, you can be sure that you will enjoy a good reputation amongst your customers.
This quality assurance is exactly why affiliate marketers earn large commissions from sales. Even relatively unknown brands can generate millions in revenue through affiliate marketing, due to the fact that people are more inclined to trust a known brand when buying online. This is particularly the case when it comes to E-commerce websites, where the purchaser usually knows what they are buying and can find similar products on a store’s online catalogue if they want to compare prices or choose a different option.
The Great Affiliate Bonanza
What is driving the growth of online businesses is the presence of an ever-increasing number of consumers who want to earn extra cash by taking part in online marketplaces. These marketplaces let people promote and connect with brands, businesses, and various other types of companies in order to perform specific tasks, for example, promoting a product or service, taking part in a webinar, or connecting with other consumers who are in the same position as yourself.
These marketplaces, such as ClickBank, Amazon Affiliate Program, and ShareASale, etc., provide both individuals and businesses with a common ground, where they can come together to promote products and services, while also generating revenue through affiliate marketing. What is great about these platforms is that they operate on a pay-per-sale basis, which means you only need to generate sales to be able to earn money. The greater your traffic, the greater your potential to earn.
Top Moneymaker Niche Markets
With so much opportunity in the affiliate marketing world, it is imperative to know what specific markets to choose in order to become financially independent. Choosing a lucrative niche market is the key to successfully pursuing an affiliate marketing strategy. When choosing affiliate marketing to make money online, you must always ask yourself:
- What is the audience size for this product or service?
- How much money can I make per sale?
- How can I get started?
The first and most crucial step in choosing an affiliate marketing niche market is to find out the approximate size of the audience. You can use free tools like Google Trends to easily find the popularity of ANY niche or trending topics. Once you know the general public’s interest in your chosen topic, you can narrow your focus to more specific niche markets, like Facebook marketing for real estate or insurance, or e-commerce for luxury goods, etc.
Monetization Options
Another important consideration when choosing an affiliate marketing niche market is to fully understand the different types of monetization that are available. The first and the most popular type of monetization is CPA, or Cost-per-action. This is when a business pays you when a user takes a specific action, such as making a purchase, signing up for a list, or filling out a form. For example, let’s say you’re an affiliate marketer for a fitness products company. You can partner with a running shoes store and earn commissions on sales that result from a user coming from your website to buy a pair of running shoes. When the user takes this action, you’ll be presented with a payment window, where you can accept the payment or decline the sale. If you accept the sale, you’ll earn a commission.
Another popular type of monetization is Affiliate Marketing, which was previously discussed.
Final Takeaway
Creating a quality product or service and then marketing it to the world is the way to succeed as an affiliate marketer. People are constantly looking for ways to make money online, and with the many lucrative opportunities that exist, it is certainly possible to succeed.