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When you look for online businesses, you often hear about affiliate marketing.
But can affiliate marketing make you rich? Well, it depends.
In this post, we will be taking a complete look at whether or not it’s possible for affiliate marketing to make you “rich”. We will also be taking a look at the steps you can take if you wanted affiliate marketing to make you “rich”.
Can Affiliate Marketing Make You Rich?
Here’s the thing, it depends on the:
- Volumes of traffic you’re producing
- Product costs/Commissions
- Scalability of the business as a whole.
In order to get “rich” from affiliate marketing, all these factors must be right. What I mean by right, is your affiliate marketing business has the potential to earn enough for you to get “rich”.
But, yes, despite that you don’t need a lot of money to start affiliate marketing, affiliate marketing can make you rich.
What Do You Define As “Rich”?
Before you think about getting “rich”, you need to define it.
Is it $10,000 per month?
Is it $100,000 per month? I’m not sure.
I think it’s different for everyone. Some people might say $10,000 per month, while others might say numbers that are 10x – 20x higher. For this example, I’m going to define rich as $20,000 per month.
Some may heavily disagree with it and say that “rich” is way more, but you can’t make everyone happy. Additionally, when a lot of the work is automated and your websites, emails and other components are making over $20K per month, I would define that as “rich”.
So, we’re going to call it $20k p/m. If you have completely different numbers in mind, you will have to do the maths yourself.
The Factors Your Affiliate Income Relies On
As we mentioned earlier, there are 3 main components on which your affiliate income is tied to. In order to get “rich” from affiliate marketing, all three of these factors must be on a certain level.
First of all, we have traffic.
If you’re doing 100 unique visits per day, you are not going to be making $20,000. Unless you have some extremely good retention system to keep these visitors. Or, you have a ton of other sites.
Want to get to $20K p/m? Then you need to focus on generating volumes of traffic. Whether that be with YouTube, Blogging, Facebook ads, or YouTube ads. Or, I guess you could also have 10-100 social media accounts automated if you are a social media wizard.
How Many Unique Visitors Do You Need?
I’m going to say a MINIMUM of 1000 unique visits per day. And that’s if you are in a digital product/recurring niche where you get high commissions. If you are in some sort of physical product niche, that number would be a lot higher. Sometimes, even 10x higher.
Why 1000 Unique Visitors Per Day?
Why 1000 per day? (assuming you are in a very profitable niche)
On a 1000 unique visits per day, a 4% conversion on email opt-ins is 40 emails per day. Over 1 year, that’s around 14,600 emails. In the long term, each email is worth $1 per month.
Until you hit that value with all leads, it may take a little longer than a year. However, you will also then have the affiliate links on your blog that will also build up commissions. And, when you are doing these sorts of numbers, you will probably start investing in paid ads too which will help you grow even faster.
So, overall I would say 1000 unique visits per day IF you are in a niche that sells digital/recurring products. It may even be a little less in the recurring/digital product niches.
Product Cost (High Ticket, Mid-Ticket, Low-Ticket)
If you are selling $20 Books with 10% commissions, you will need 10,000 sales per month. That’s pretty close to impossible. I don’t know a lot of books that get sold 10,000 times per month and you would have to make all the sales.
So, you need to look for products in your niche that make it possible.
Not necessarily high-ticket, but at least recurring and high CPA.
If you earn $40 per month for a referral, then you only need 500 to be at $20,000 per month. Over 2-3 years, if you focus on promoting that product a lot, that’s totally possible.
High CPA offers that pay $100 when the customer pays less than $50 can work well too. You can sell these pretty easily (compared to other products). 200 sales per month = $20K p/m.
Do The Maths & Test
Before you start taking a look at a product, just do the maths. Don’t spend your time, trying to promote a $13 product that’s only popular in an audience of 2,000 people. Just do the maths before you start.
And, then you just have to test what works with your audience. I can’t tell you what works, nor can anyone else. It all needs testing.
Test, test, test.
Scalability Of Your Business As a Whole
The last factor is also important, the scalability of your business as a whole.
If your method to promoting is only outreach, you’re going to have a hard time scaling your business. Why?
There are only 24 hours in a day. For a business to be scalable, you need to have a way of reaching a bigger volume of your target audience without it taking more of your time.
Paid ads? Yes, you just pay more.
Blogging or YouTube? Yes, you create more content beforehand & use systems to promote.
Outreach? I don’t see it happening.
Social Media alone? I guess with multiple accounts. Although, I don’t really see it happening with one account.
“But some accounts have 1 million followers”. Correct, but they usually don’t generate anywhere near 1 million visits to anything. Usually, you can see this on their engagement.
If you want to hit $20k p/m with social media, I would say that you need at least 2 accounts both collecting emails. Also, note that I am talking about affiliate marketing here. If you have a well-branded profile with your own product, then, of course, it’s totally possible with one account.
How To Get “Rich” Through Affiliate Marketing
First of all, I would like to say that affiliate marketing is NOT a get rich quick scheme. In fact, it can take months before you see any money, even a little amount. To actually see any substantial results from affiliate marketing can take years.
Also, if you were looking for a step-by-step method in this blog post, sorry to disappoint you. You probably already know the processes such as starting a blog or starting an email list. They just always take time.
Focus On Volume
The first thing you need to do is focus on a scalable method that brings volume. You’re never going to get anywhere near your goal, focusing on small amounts of traffic. It just doesn’t make any sense.
There are many different methods out there but focus on something that can bring you many visitors. If you are promoting a product that only appeals to a very small audience, it’s going to be harder to reach those larger volumes.
I’m talking communities of like 1,000 – 2,000 people. If you’re in a niche where there are keywords that have 1,000 – 2,000 searches per month, you should be fine. This usually means there are a lot more people who have an interest.
Don’t Fight Over Peanuts
You can’t get to substantial amounts fighting over $13-$20 sales. It just won’t happen, even if you’re making 50% commissions. This is one of the reasons I stopped launch jacking on another site of mine.
I just noticed the work was not really worth it anymore. Even when ranking in the top 3 for new launches. The sales were always so small and putting in all the work to get there just took way to much of my time. For others, it may not be too time-consuming. But I just have started focusing on the more long-term strategies.
Focus on sales that can actually have an impact on your finances. It doesn’t have to be $997 products, I barely promote those too. But try to have some recurring ones in your strategy, or at least high CPA payouts (60-$100).
Patient, Consistent, Persistent & Frequent
Without these four traits, you will go nowhere. Not just in affiliate marketing, but also in business in general.
In affiliate marketing, in the beginning, you will earn $0. If you want to earn straight away, go get a job, or start freelancing.
If you don’t have these, you will fail. Or, at least not get to any life-changing result with affiliate marketing.
Advice That Will Stop You From Succeeding
Before you listen to what people say, just think about it for a second.
Here’s an example of terrible advice. I don’t have anything against this guy, but this is some of the worst advice on YouTube. Everyone who knows about affiliate marketing knows there is no “fast” without paid ads. You might get lucky and get 1 or 2 sales, but it won’t be anything substantial.
Also, note that social media does not generate a lot of organic clicks anyway.
First of all, promoting to your friends and family is a big red flag in my opinion. You will come across as one of those annoying MLM recruiters. Secondly, his advice is to promote a $20 book from amazon for 5% commission.
If you spend 8 hours doing this via your personal social media, I guarantee you will get a maximum of 8 sales. If you promote for 8 hours. That’s $8. $1 per hour. I mean what the hell? And, that’s if you get any sales.
Then he also talks about YouTube which I like. However, he tells people to go for the most competitive keywords with no experience. “Yeah, all these videos are getting millions of views”. This makes it sound like, yeah if you upload a video too, that will be you too.
The Comments Are Just Even More Confusing…
Somehow all of his viewers lack common sense. I mean, why don’t people just do some simple maths?
I don’t know. What I am saying is, just think about advice before you act on it. Do some simple maths to see whether or not it makes sense. You don’t need 5 years experience to do some maths like that. Even, if you’re completely new 20-30 minutes of good research can save you a lot of time.
Why Affiliate Marketing Can Make You Rich
Even, if you don’t get “rich” from affiliate marketing, it can still make you rich.
Because of the skills that you learn. They are enough to run most online businesses. That’s why affiliate marketing is a great place to start.
- Email marketing
It takes a couple of years to get good at all that stuff. However, once you are good, you can easily go into other online businesses. This is also something I mentioned in the best way to get into affiliate marketing with examples of successful entrepreneurs who did the same.
|Related: How to get approved for affiliate programs|
Can Affiliate Marketing Make You Rich? Conclusion
Yes, affiliate marketing can make you rich in many ways.
Even if your definition of “rich” would be $1 million per month, affiliate marketing could be helpful. Why?
Because of the skills. All the skills you learn will be extremely useful when running a bigger business. So, yes affiliate marketing can make you rich. Although, you do have to make sure that you are focusing on the right things.
If you enjoyed this post, make sure to share it and/or leave a comment!
- Can Affiliate Marketing Make You Rich?
- What Do You Define As “Rich”?
- The Factors Your Affiliate Income Relies On
- How To Get “Rich” Through Affiliate Marketing
- Advice That Will Stop You From Succeeding
- Why Affiliate Marketing Can Make You Rich
- Can Affiliate Marketing Make You Rich? Conclusion