The Myth Of Affiliate Marketing
95% of people who ventured into affiliate marketing FAILED!
And only a small fraction has succeeded. WHY?
There must be reasons for the statistics, right? There are reasons why some people managed to succeed in the business while the rest are still struggling.
And there must be reasons why the majority who had attempted to become affiliate marketer had failed and quit.
I am not trying to discourage you. The precaution is to prepare your mindset of what to expect from this business.
We are going to share with you the most common mistakes new affiliate marketers did in affiliate marketing so that you can avoid them.
While the list is not exhaustive, these are the most common reasons why they failed based on our research and discussion with our affiliate marketer colleagues.
So here we go…
1. No Concrete Business plan
Fail to plan, plan to fail!
I believe you have heard this phrase before. And the phrase is true in any undertaking, affiliate marketing included.
Most affiliate marketers who failed in the business had started out with no concrete plan.
They jumped into the business with a huge dreams. Unfortunately, they didn’t have a master plan to execute.
You can’t be successful in the business merely on dreams.
Without a proper planning, your business simply does not have direction. You are shooting in the dark – everything will depends on luck!
In this business, you can’t depends on luck. You need to work it out according to a strategic plan.
Again, it’s very crucial to have a proper business plan so that you are guided to achieve your goals.
Write it down what you want to achieve in the business, how you are going to execute the plan.
Implement the SMART goal setting to your business plan.
S – Specific
Be specific of what you want to achieve. What niche you want to take as your direction, who are your target audience, how you want to build your website and so on.
M – Measurable
Make sure what you want to achieve is something you can measure. For example, how many reviews you need to write per week, how many times your want to share your content to social media account and so on.
A – Attainable / Achievable
What you want to achieve must be something attainable.
R – Reasonable / Relevant
Nobody knows you better than yourself. Plan something reasonable to you and not to anybody else.
T – Time based
Everything you want to achieve must have time frame. You will not hit it all the time but giving a time frame to all your tasks will give you conscious mind of what is on track and what is not and make the necessary adjustment.
2. Lack of knowledge
The second common mistake of affiliate marketer is the lack of knowledge. People who failed in affiliate marketing business are mostly those without or has little knowledge about the business. Rather than equip themselves with the basic foundation about online business, they jumped into the wagon know nothing.
Knowledge is power. Whatever you want to accomplish you need to have good knowledge about it. Affiliate marketing is no exception.
Without sufficient knowledge, it’s going to be difficult. A lot of things you want to accomplish are through trial and errors. There are a lot of guessing works.
There are many platforms, free and premium, where you could start learning about affiliate marketing the proper way.
Invest your time to learn all about affiliate marketing. Learn from those who have succeeded in the business and try to emulate the good techniques in your business.
In our community, we are taught the basic to advance about the business of affiliate marketing. The training is designed in such away you can learn and build your business at the same time, even with zero experience.
3. Lack of Patience and Perseverance
New affiliate marketers are generally too eager to start make money fast.
However, they are not patient. In many cases, they are rushing into doing unnecessary things hoping to make money instantly.
It takes time, patience and perseverance to build a successful online business. Even if you have created a website and may be have a few articles written, it takes times for it to get the trust from search engines. It takes time to win the heart if your site visitors.
If you are not patient and persevere, you tend to get frustrated and demotivated easily when you don’t see the results you are expecting.
Build your credibility and trust around your site before all other things.
Be patient and you should see better results.
4. Lack of focus
Most of those who failed in affiliate marketing have no focus to their business. They were easily distracted by other things. They focus is not on building their site or they focus on things which are not top priority.
Affiliate marketing required a lot of attention and focus, at least when you just started. If you can’t focus on your business and the activities required of you, you are not going to get the result you desire. This leads to stress and frustration.
In worst scenario you will quit.
5. Lack of Good Time Management
This is related closely to the point discussed before, that is lack of focus.
Affiliate marketers, especially those who are still on a job always complain they don’t have enough time to build their online business. Lacking of good time management would lead to many tasks are not completed within the time frame.
Even you are on affiliate marketing full time, without good time management you would find it challenging to complete any task related to your business.
Again, this will lead to a lot of frustration and end up the business fails.
6. No Prioritization
Many affiliate marketers find it overwhelming when they just started up.
The learning curve is steep and there are many thing to juggle.
There are too many things to complete to make your business moving forward. If you don’t prioritize your activities, you tend to try to complete many things at one time. In most cases, that is not possible considering you only have certain amount of time, energy and other resources.
With good prioritization, you would complete things that are most important first before doing other things.
For example, you could complete writing your product reviews before checking your e-mails or respond to your chat group.
7. Shiny Objects Syndrome
If you have never heard this before, Shiny Object Syndrome simply means you always believe every new product introduced to you by the so called ‘guru’ is going to work for you.
I have been in this situation for quite long period in the past. Every time I opened my e-mail, I would click links sent by these people who seemed to be an expert. Strange enough, after the presentation, I bought the product. Most of the time!
Being someone who were eager to make money too, I have bought product after product, subscribed to courses after courses and bought all the reports they offer, just to find most of these products were not what the ‘guru’ were saying.
Flashing back to those days, I realized these people were good in one thing. They were good selling products to other people. They might not the expert you think they were, but somehow they were good at convincing people the product they were promoting are good.
Don’t get me wrong. A lot of these products are good but most of them are junkies.
Most of the products I have bought were obsolete or no longer working and I can’t contact the owner anymore. The site has been expired. At the end, these product would remain in the folder I called ‘Obsolete Items’.
8. Reluctant To Invest In Business
There is a saying that says “you need money to make money”. In most cases, it is a valid statement!
In any type of business, online or offline, a capital investment is required. The only difference with affiliate marketing, the entry level is low that almost everybody can afford it.
All you need when you first started is your domain and a hosting. For a domain, you need around $15 and for hosting around $9.90 per month.
There are many people trying to start making money online through affiliate marketing by creating their website on free platforms. While it is still possible to make money, but there are many reasons why building your business on free platform is not going to make the cut in long run.
9. Monetization too Early
This mistake is noticeable in many new affiliate marketers. I noticed it’s happened in our community as well.
Site monetization should come after your site started to get decent traffic, get trust from your readers as well as the search engines, not before.
There is a process you need to follow to really be successful in your online business. There is sequences to follow, from choosing your niche, creating your website, write good content, get traffic to your site before monetization.
However, most people that failed to follow these steps did not see the result they want which led to frustration and the business failed.
10. Lack of Analysis of Market Competition
Let’s face it. Affiliate marketing is a very competitive market.
Analysis of your market competition is crucial to your business.
Using simple and free web analytic tools available on the internet, one should know what your competitors are good at and what they are lacking of.
If you can pick one or two areas where your competitors are lacking and try to make it present on your site, you are taking advantage of the gap.
Big boys in affiliate marketing do their analytic very diligently. In some cases, they have a special team who’s job is to focus on seeing who’s do what and who’s don’t. They leverage other competitors’s weaknesses to out rank them in search engines.
11. No Monetization Plan
Monetization of your website got to have a plan. Many of those who failed in this business lack the monetization plan on their site. They didn’t engaged the right affiliate program they need to promote on their site.
Another part of site monetization they failed to observe was the strategy they want to deploy in their promotion.
It is hard to get a good conversion if your promotion comes from one source only. You need to have multi channels to get your traffic and conversion.
12. Reluctant To RE-Invest In Your Business
Many affiliate marketers failed due to the failure to reinvest into their business.
We have witnessed a lot of top brand businesses collapsed because they were refused to reinvest in new technology, new marketing approach, new talents and so on.
While their competitors start to invest and reinvest in new technology and expertise, these business are stagnant at the old level.
At the end, their market share was taken over by their competitors and finally they were no longer relevant in the market place.
13. Writing For Search Engines
It is important to write for search engines as you want your site to get ranked high and thus be visible on the internet.
However, it is equally or more important to write for your audience.
If you write for both, the search engines without ignoring your audience, chances for you to succeed are much better.
Can you imagine writing a piece of content that get ranked on search engine, people click the link, go to your site and what they read is not something they expect?
What happen next?
People will leave your site immediately, your bounce rate increases and over time your rank will be dropped in no time.
14. Focus on the End Result and Not the Process
It’s true you are in the business to make money.
Affiliate marketers that are too obsessed with the end results i.e. make money tend to forget the foundation of the process of attracting money to their business.
They are lacking the understanding of what is the process of making money online.
Instead of offering information that solve people’s problem, they hard-sell their visitors with all kinds of promotions.
At the end, people lost trust and move away from your business (site).
15. Not Dare to Fail
Another attribute to the failure of affiliate marketers are too scared to learn and implement new things and strategies in their marketing approach.
Affiliate marketing evolves over time.
You cannot stick to what you know now and hope things will always go your way. What is working today might not be still working tomorrow.
Everyday new competitors in your niche emerge. If you are scared of trying new approach, new tactics in your business, you run the risk to be overtaken by your rivals.
16. Not Collecting Email
Have you heard that money is in the list?
If you have never heard of the phrase, it simply means there are a lot of potential of making bigger money than the first sale made from a customer.
Email address of your customers are a great assets an affiliate marketer should treasure.
Through affiliate marketing, you can explore a lot of things.
17. Too Much Too Soon
Affiliate marketers sometimes make the mistake of placing too many promotion on their website too soon. This is not only bad in the eyes of your visitors, it can be harmful to your site ranking as well.
Let’s face it that nobody like to be sold.
If you over do your promotion, your potential buyers will leave your site the moment they land on your site.
The best way of selling in affiliate marketing is by giving people good information that help them see how to solve the problem they may have.
Your selling efforts should come softly and subtly.
18. Promote a Single Line Product
Promoting single line product can be challenging. There are a lot of affiliate marketers who are trying to get too ‘niche down’ ended up they are offering nothing else but a single product.
While this is great for a product you created on you own, it can be risky for affiliate marketer especially if the product has low volume of searches.
Site visitors are limited in their choice.
Offering alternative products to your visitors give people option to choose.
If your readers are not interested in your main product, at least they have other products to make comparison and evaluate.
19. Promote Too Many Products
On contrary to the above, some affiliates make the mistake of advertising too many products on their site.
This approach may get your visitors confused and leave the site without any action.
A better option is to offer alternative to your main products but at the same time applying the idea of scarcity to let them make an informed buying decision while still on your site.
So try to strike the balance between too many and too few products to your potential buyers would give you better opportunity to increase conversion.
20. Pessimistic Attitude
As stated earlier, building a business in affiliate marketing demands a lot of sacrifices. A lot of new affiliate marketer quit easily because they are not willing to make sacrifices.
Blended together with being impatient, they try one thing halfheartedly. When they don’t see result they desire, they move to another business. And the attempt goes round and round until at the stage where they give up and quit.
They stop believing in their dreams as they see different pictures from what they used to imagine.
Success in affiliate marketing cannot be achieved overnight. But if you can be discipline and follow all the steps required from you, be patient and persevere, you should see positive results.
There is definitely no shortcuts in making money online.
You have to work hard, work smart before you can be successful.
Be the small fraction who have succeeded in this business.
If you can avoid the common mistakes explained in this post, you have a greater chance to be successful in affiliate marketing.
There is no shortcut in this business. Learn from authenticated source. Implement what has been proven working and avoid those already identified as futile to your online business.
All the best you all.