Participating in Online Affiliate Marketing Programs can be an extremely lucrative way to earn income as an Entrepreneur. Some online entrepreneurs earn as much as six digit incomes with little or no effort using affiliate marketing programs. Since it is an online business, it means that Nigerian Entrepreneur can actually participate.
However, like any other business idea, you need to understand the workings of the business before expecting profit. Too many online entrepreneur have spent money and time struggling to earn income from affiliate marketing programs without success.
What is affiliate marketing?
It is simply a form of marketing. A company offers a product or service for sale. The company invites you to market the sale of the product or service on their behalf. For each sales you generate, you are rewarded with a percentage of the profit. (That is putting it simply, it could be much more complicated than that. But this simple definition will suffice for now).
- Registration – You will be required to register with the company promoting the affiliate program. Affiliate Link – When you have successful registered, you will be giving a unique code, this is your affiliate link. It may look something like http://www.affiliate.naijaecash.com/?you.
- Marketing – It is now left for you to market the product or service so as to generate sales. You can do the marketing via blogs, website publications, articles, newsletter e.t.c whatever method you choose, you will need to provide your affiliate link so that buyers can click it to get to the seller.
- Caution – Do not send unsolicited emails to people asking them to buy the product or service. That is SPAMMING. If you are reported, the company you are affiliated to will simply cancel your account with them.
How do you earn money from affiliate marketing programs?
- Commission on Sales – You will earn a commission, whenever a sale is made as a result of someone getting to the seller through your “affiliate link” and the purchase is concluded (so do not ask friends to click on your affiliate links, payments are based on sales concluded). Your earnings will be paid into your affiliate account with the seller.
- Commission on Subscriptions or Continuous Services – This is slightly different from the first one and it one of the best income earners because it has a residual Residual income is my favorite concept. Basically you put in your front-end effort and once you make a sale you get to, on-going, collect a small portion of the recurring fees for the subscription or service, until it gets canceled by the subscriber. Combine this with possible referral residual income and all I can say is simply WOW, what an opportunity.
- Referrals of new subscribers to the affiliate marketing program – Another means of earning income is through referring new subscribers to the program. Whenever a new person joins the affiliate program through your recommendation by click your “affiliate link” and they become active members, you will earn either a flat rate or a portion of their earns (it all depends on the particular affiliate program). Some affiliate programs pay a one time commission, while others allow you to build teams of people you referred under you and you earn a percentage of every sales made through them.
Why I recommend this for Nigerian Online Entrepreneurs
You do not run the risk spending money to start the business. (Only few of the affiliate programs require registering with money. I do not recommend those for a starter).
- Your fund is not tied down to any product or service.
- You do not run the risk of failed sales.
- You have no business with the delivery of the product.
- You are not liable for the performance of the item purchased (Wait! A word of caution, as an online entrepreneur, your greatest asset is your REPUTATION, so be careful with what you recommend. One aggrieved customer can cause a lot of damage to your reputation via negative publicity)
- You will be assisted with many resources to make success of the marketing by the seller, often that is offered at no cost (be weary of Affiliate Programs that require you spending fortune to learn marketing strategies).
How will I get my payments to Nigeria?
This still remain a challenge somehow. Most affiliate programs pay via PayPal. Nigerians are not allowed to have accounts with PayPal because our country has been blacklisted. So the simple solution for now is to join only Affiliate Programs that issue Cheques or make payments via E-gold, AlertPay or any other payment options assessable to Nigerians.
That means, before you join an affiliate program, you need to make your research online and ask questions so as to ensure that you will not just labor in vain and get stuck when it is time to receive your earnings.
Also, for the sake of your reputation, use Google or any other search engine to find out the reputation of the seller over time. Do not destroy your online REPUTATION by joining an Affiliate Program set up by get-rich-quick-scammers. See you at the top 😉