There are several ways how to make money with affiliate marketing in Nigeria and all over the world.
Affiliate Marketing is sure one of the most immense and usual methods to make easy and legitimate money online. Affiliate marketing in addition has now also become one of the significant sources of earnings for several bloggers, entrepreneurs, and webmasters who are online.
Before addressing the subject properly, we have to understand the concept of Affiliate Marketing and how it works.
What is Affiliate Marketing?
Affiliate marketing is a flawless way to make extra money and begin a headquarters business. It only calls for little money to start up, and you don’t need to produce, stock, or ship product inventory, or deliver a service. You basically get paid for referring new customers and clients to other businesses online.
Wikipedia defines Affiliate marketing as a type of performance-based marketing in which an establishment pays one or more affiliates for each visitor or customer he or she brings in through its own marketing efforts. For online businesses, affiliate marketing may be a fantastic sales channel.
The result of this is that affiliate marketing is best featured as the process of earning a commission by advertising the products of others (or a firm). In Affiliate Marketing, you find a product that you enjoy; you recommend it to others and benefit from every sale you make (Neil Patel).
6 Steps on How To Make Money With Affiliate Marketing in Nigeria
Here are 6 steps on how to make money with affiliate marketing in Nigeria:
Step 1- Find your Target
The first step as an affiliate marketer is to determine your target demographic. Affiliate marketers’ task is to introduce things to customers and pique their interest in them. You’ll need to figure out how you’ll reach your target audience.
A blog, social media, email marketing, and other methods can all be used. Then you’ll need to figure out exactly what things you want to promote that your target audience would enjoy.
This allows you to determine the profitability of the things you wish to sell. In conclusion, choose a specialty! And then there’s the audience!
Sep 2- Look for Good Products and Services to Sell
Remember the first thing you choose is the specialty and a target audience. Now you need to choose a product in this category to promote your target market.
For instance, suppose your specialty is finance. There are various financial products available, as well as many establishments that make provisions for them. You ought to look for one with a high conversion rate. The one which is more appealing to your target audience and will be most valuable to them.
What this means, in summary, is you ought to look for things that provide value, are reasonably priced, and offer sufficient commissions to make them profitable.
Step 3- Learn How to Make Your own Website
Having your own website is vital to bringing your audience and products together in one place.
What you do as a result is to create a website that focuses on your niche. It becomes much easier to get good products and to persuade consumers in order to purchase them because of this. Do well to create a website where you write about insurance if that is your niche.
You can promote your website as well as encourage individuals who are interested in insurance to visit it and trust your expertise in the field. Then you introduce the insurance-related products you sell, and you are sure of getting a lot of conversions.
There are a few great website builders available today that will automatically assist you in order to create a website even without you having an experience with computer codes. Wix, and Strikingly, among others are some of the best website builders available. You don’t have to be concerned; they can assist you and guide you through the process.
Step 4- Attract People to your Website
It is quite important that you ensure your website receives traffic; if no one visits your website, it becomes pointless. The same thing goes if you operate a store, you desire customers to flood in, and tweaking a website requires traffic. There are two fundamental strategies for obtaining traffic: free and paid.
When a really tight budget presents itself, it becomes evident that a lot of people opt for free traffic at first. However, as time passes, they will switch to sponsored traffic, which is when your website is advertised on other websites.
You have to ensure that the products or services you promote on your website are quite reliable and of high quality, as they are requirements for consumers. Your website’s traffic will increase as a result of this. You can use Google Adwords and Facebook to market your website and increase the number of visitors.
Step 5- Join Affiliate Marketing Networks
We ought to address one salient question which is, where do you locate things to promote? The first place to look for products to market online is through the numerous affiliate networks available to you.
Affiliate networks are websites that compile a number of affiliate programs for marketers to advertise. Affiliate networks also help with sales tracking, collecting payments from product owners, and paying commissions to affiliates. You have complete freedom to promote as many products as you like.
The most common affiliate networks are as follows:
- Commission Junction,
- Linkshare
- Amazon Affiliate,
- ShareASale,
- eBay Partner Network
- ClickBank and many more
Step 6- Be Open to Learning as Much as you can
You might begin by looking through the freely available material on the internet. There is information available everywhere. Keep an eye out for them. Never keep up with the trend as information changes on a daily basis.
What is a great illustration of Affiliate Marketing?
Business owners can connect merchants to Shopify through an affiliate programme. Signing up is cost-free. A referral link is sent to a partner after they have applied and been accepted.
The partner then informs their audiences about that link. The affiliate partner is paid when a user signs up for a paid Shopify plan through the link.
With tips and tactics for internet marketing that will help you make more money, the comprehensive guide discussed in this article will show you how to get started making money through affiliate marketing.
Read- What entrepreneurs and startups struggle with most and solutions
How Does Affiliate Marketing Work?
We have several sellers supply you with a unique affiliate code you may use to refer visitors to the target site when you join an Affiliate program and choose the products you wish to sell.
Most affiliate networks make provisions for you with pre-made text links, banners, and other creative pieces which you simply copy and paste onto your website or share with others to refer traffic.
The affiliate will try to sell to the customer through whatever channel they see fit, whether it’s a social media platform, digital billboards, or content marketing on a blog through a search engine.
When interested visitors click on these links, they are taken to the product site, and if they buy something or sign up for a service, you get a commission as the referrer.
5 Top Affiliate Marketing Programs For Nigerians
Finding rewarding affiliate programs to enroll in is the first step to starting a successful affiliate marketing business.
Every affiliate program has its own set of benefits and drawbacks; it’s up to you to decide which one to join, and the good news is that you can join multiple affiliate marketing programs at once.
1. Jumia Affiliate Program
You may earn up to 11% commission on each sale through the Jumia Affiliate Program. The Jumia Affiliate Network is Nigeria’s most respected affiliate program (someone even made millions).
You may convert your website or blog into a money-making machine by joining the Jumia affiliate program. Simply direct traffic to Jumia’s online store by selecting from their thousands of products to promote to buyers, and profit when they make a purchase.
2. Konga Affiliate Program
Konga Affiliate program is a great place to begin if you own a blog, website, social media page, or an audience that you think you can monetize and are searching for a means to do so.
The Program is one of Nigeria’s most well-known affiliate programs, allowing you to earn money online by selling things to customers and earning high commissions. The method allows you to make quick money by simply selling things on the internet.
3. Amazon Affiliate Program
Amazon Affiliate Program remains the most popular affiliate program. If you’re just getting started as an affiliate marketer, this is the greatest place to start.
The best part about Amazon’s Affiliate Program is that you get to promote whatever you choose. It offers a user-friendly layout with millions of vendors, allowing you to choose the goods of your choice with ease.
4. AliExpress Affiliate Program
AliExpress is a fantastic affiliate marketing network. You can get banners and links to advertise AliExpress products and merchants through this program.
Begin earning immediately after placing a link or banner on your platform (website, blog, social media page, etc.). You will receive a commission if visitors click through your link to AliExpress and make a purchase.
5. Shopify Affiliate Program
Apply to become a Shopify Affiliate and earn rewards by referring new Shopify merchants, whether you’re an established affiliate marketer, a social influencer, a Youtuber, a company leader, or a blogger with a rising following.
5 Benefits of Affiliate Marketing
Here are some of the benefits you can derive from starting your own affiliate marketing business right in Nigeria or anywhere else…
1. Passive Income
This actually is one of the best parts of affiliate marketing. The fact that you don’t have to work always in order to make your income.
2. Highly Scalable
This is yet another interesting benefit you can derive from affiliate marketing. You can easily scale up your income when you are consistent.
3. Multiple Income Source
It serves as an additional stream of income. As an affiliate marketer, you are able to work with as various affiliate programs as you desire because you become the boss of your own self.
4. No Limit to Your Income
There are no limitations to how much you can make as an affiliate marketer. The sky is always a huge limit. There are several affiliate marketers who are doing very well already.
5. Low Start-Up Cost
Asides from other businesses which usually require huge startup costs, affiliate marketing isn’t a part of it. The only cost would come from creating your blog website.
3 Disadvantages of Affiliate Marketing
Comparing affiliate marketing to other forms of marketing initiatives, there are a few drawbacks as well. Let’s take a closer look at a few obstacles you will encounter on the road to success in affiliate marketing before we move forward.
1. It takes endurance
Affiliate marketing is not a quick-money scheme. It takes time and patience to increase your influence and audience.
Consider a range of possibilities to discover which media will best engage your audience. Find the most relevant and reliable products to market by doing research.
Spend time on your marketing channels blogging, sharing free material on social media, conducting virtual events, and engaging in other lead-generating activities.
2. Commission-based
As an affiliate marketer, you have no employer who hands you a paycheck each week. Affiliate networks work on a commission basis, whether you are paid for leads, clicks, or sales.
To monitor how users interact with your content, businesses utilize a temporary browser cookie. You get paid when someone performs the requested activity.
3. Unable to control the programme
Affiliates must adhere to the guidelines established by a business for their programme. You must abide by their instructions regarding what you say and how you present their goods or services.
Since rivals must follow the same rules, you must be distinctive to stand out from the crowd.
Types of Affiliate Marketing
Affiliates are always a little mysterious because you can never be sure if they have ever used the product themselves or are simply endorsing it for the money. These two cases are still active.
The distinction between the three kinds of affiliate marketing was made by well-known affiliate marketer Pat Flynn in 2009. Regardless of your moral compass, understanding these forms of affiliate marketing can teach you the various methods people earn money online in this industry.
- Unattached Affiliate Marketing
- Related Affiliate Marketing
- Involved Affiliate Marketing
1. Unattached affiliate marketing
When you don’t have any authority in the market for the product you’re promoting, you engage in the first sort of affiliate marketing, which is known as “unattached.”
You have no relationship with the customer. In pay-per-click advertising campaigns, you frequently use your affiliate link in the hopes that buyers will click it, buy the product, and you will be compensated with a commission.
Because you don’t have to do any legwork, unattached affiliate marketing is appealing. Large and small scale businesses that use affiliate marketing rely on the reputation and trust of their internet target market or audience. Some affiliate marketers don’t have the time or desire to create such relationships, so this form of marketing is their best alternative.
Elise Dopson, the creator of Sprocker Lovers, says that unattached affiliate marketing isn’t a real business strategy; rather, it’s for those who simply want to make money. “Our top priorities at Sprocker Lovers are to foster a feeling of community and provide free information about a certain niche, in this case, the sprocker spaniel dog breed and then come the sales.”
2. Related affiliate marketing
Promoting goods and services that aren’t used by you but are relevant to your niche is known as related affiliate marketing. An audience exists for an affiliate marketer in this situation, whether it comes through blogging, YouTube, TikTok, or another channel. Even if they have never utilised the products, a related affiliate marketer has influence, which makes them a reliable source for recommendations.
While related affiliate marketing might increase affiliate earnings, there is a risk involved in recommending products you have never used. You wouldn’t even be aware that it’s the worst good or service ever.
All it takes is one bad endorsement for your audience to lose faith in you. Without openness and trust, building a long-lasting affiliate marketing business will be difficult.
Read- How can building Marketplaces help Startups and Services Industries Thrive.
3. Involved affiliate marketing
When recommending goods and services, an affiliate marketer is said to be involved if they have utilised them and genuinely believe in them. “Involved affiliate marketing is the way to go,” claims Elise. The best thing for your audience and business is that it is based on trust and
sincerity.
Instead of spending money to encourage people to click on banner ads, an affiliate marketer leverages their influence to promote goods and services that potential customers may genuinely need. This kind of audience trust requires more effort to develop, but it’s essential for creating a long-lasting business.
Elise argues that the involved strategy makes advertising for affiliate marketing partners considerably simpler. “You don’t need to wait for clicks and sales while hiding behind pricey PPC ads.
A genuine blog article or Instagram Story about your use of a product would help a lot. Because it is sincere and the “sole authentic way to become a trustworthy source on any topic,” Elise favours this approach.
How does an affiliate marketer get paid?
However, how are affiliates truly compensated? You will see there are various payment structures when you select an affiliate programme to promote. Businesses also employ phrases like “conversion type,” “payout model,” and other variations.
Whatever its name, the payment model specifies the goals for which you will be paid. If you’re promoting software, the action can be signing up for a free trial. The objective for an affiliate marketer promoting tangible goods is probably going to be a purchase.
Many programmes use last-click attribution, which gives full credit to the affiliate who receives the final click prior to a sale. However, as programmes enhance attribution models and reporting, this is changing. You might be able to split the credit for a sale evenly if more than one affiliate was engaged in a customer’s conversion funnel, for example.
Here are five typical ways that affiliates are paid:
- Pay per sale: where you are paid a commission on every sale. It is a typical payout strategy for online shopping offers.
- Pay per action: enables you to be compensated for taking a specific activity. This payout model is popular among affiliate programmes since it covers a wide range of offers, including newsletter signups, clicks, contact requests, form submissions, and more.
- Pay per install: This is the method in which you are paid for each install that results from your website visitors. To persuade people to download or install mobile applications and software, your content should promote them.
- Pay per lead: is a kind of payment where you get paid each time a customer signs up for a service. Because businesses utilise it for sweepstakes, lead generation, and other offerings, it is a well-liked payout mechanism. Due to the fact that it is simpler to create leads than to sell things to an audience, cost per lead offers are popular with newcomers.
- Pay per click: is a distinctive payment method in which you are compensated for each click on your affiliate link. Pay-per-click campaigns are used by big retailers to boost brand recognition. Customers can just view the merchant’s website without having to register or make a purchase. Your earning potential is based on your affiliate specialty.
Success Tips for Affiliate Marketing
Although you will still need to put in a lot of upfront work, affiliate marketing money eventually has the potential to become a passive source of income.
The calibre of your review will determine how successful your programme is.
It’s best to go personal while writing reviews. Describe your experience in a blog article, social media post, Instagram Story, or YouTube video. If you’re posting a personal review, be truthful and base your judgement on your understanding of the product and your personal experience using it.
The more transparent you are, the more sincere you come across. Others will feel more at ease following your advice if they feel they can trust you.
Because consumers must have enough faith in you for them to follow your advice, trust is a key element of any affiliate marketing efforts since customers need to have confidence in you in order to heed your advice.
How much trust you need to earn affiliate sales depends on your industry and the products you’re supporting. For instance, promoting a $1,000 course requires more trust than promoting a $20 course.
- Consult a product specialist
- Put together a product tutorial
- Create a mail list
- Identify relevant search phrases
- Consider your angle
- Decide on your contribution plan
- Consider providing a bonus
- Keep everything ethical and legal
1. Consult a product specialist
Interviewing other users of the good or service, or even the one who creates or sells it, is an additional alternative. This can give your review more substance and give the reader a story to follow.
2. Put together a product tutorial
While the size of your overall following can influence your performance with affiliate marketing, offering a lesson for the offer is another approach to increase traffic.
Google searches for “how to” subjects are quite common, such as “how to save money for college” or “how to design a laundry room.” If you provide a tutorial that answers the searcher’s problem and unequivocally demonstrates the value of the product.
Your recommendations will make more sense in context and give the customer a stronger reason to acquire the product you’re offering.
3. Create a mailing list
A contact list that has accepted to receive emails from you is known as an email list. Building a contact list is crucial because it’s one of the finest methods to interact with people in settings other than social media.
Compared to social media and other marketing channels, email has the highest conversion rate (66%) for purchases made as a result of receiving a marketing communication.
Using the emails you gather from your content, distribute a newsletter to subscribers once a week or twice a month. Affiliate marketers have a wide range of options for what they can email list members, including:
- Free downloads
- Reports
- New blog posts
- A look inside your life or business
- Entertaining stories
- News and reminders
- Special offers
Show subscribers that you care by using your email list as a platform. If they send you an email back, reply. Keep your newsletter’s rhythm and quality consistent. Then, on occasion, encourage readers to buy one or more affiliate products.
There are no set rules on how frequently to send these promotional emails. To prevent coming across as spammy and unreliable, simply stop from sending them regularly. If you advertise quality products once a month, you are only helping people who actually need them.
4. Identify relevant search phrases
If you’re writing a blog article to promote an offer, find out what search terms people could enter into a search engine to discover a solution to a similar issue.
The excellent tool Google Ads Keyword Planner is quite beneficial. (Creating an account is required; however, using it is free.)
5. Consider your angle
Depending on your offer, decide how much time and effort to devote to instructional or lesson content, which freqeently acts as a natural prelude to someone using a product for themselves.
You may, for instance, film yourself using and making the most of a tangible product or demonstrating the advantages of a digital product, like software. Share your experience unboxing the product on social media if you receive it by mail.
6. Decide on your distribution plan
Share your promotional content on your website or on social media after you’ve written it. You are able to create an email marketing campaign if you have a subscriber list.
Additionally, make sure your website has an affiliate marketing centre with a resources page where you can offer a brief list of all the tools you use and adore.
7. Consider providing a bonus
Marketers will occasionally provide bonuses to anyone who makes a purchase in order to promote their affiliate programmes. For instance, you could provide a free copy of an ebook you wrote to every follower who makes a purchase.
Such promotions entice clients to purchase by offering a better value. They’re especially powerful if the bonus you provide is something you typically sell, because then customers can see its actual financial value directly on your site.
8. Keep everything ethical and legal.
Do not forget to disclose to your viewers that your article contains affiliate links. For one, the FTC mandates it. However, describing your affiliation might also help you engage your audience.
How much does an Affiliate Marketer make?
The range of affiliate marketing earnings is broad. Some affiliate marketers make a few hundred dollars a month, while others bring in six figures a year. As an affiliate marketer, you can earn more money the more people you have are following you.
Based on more than 7,000 pay profiles, compensation software provider Payscale estimates that the average yearly wage of an affiliate marketer is over $53,000, with many earning substantially more.
Can you really make money with affiliate marketing?
Yes, you can. Affiliate marketing has proved to be lucrative and profitable over the years. What you need to scale through are commitment and hard work. Do thorough research before you start and please do not depend on that alone.
Can you make money in 2022 affiliate marketing?
Yes, you can. This year 2022 effort marketing industry is headed towards more growth and there are many affiliate marketing programs you can join to make money in Nigeria.
Conclusion
Affiliate marketing isn’t as difficult as people think of it, but it causes what you know, how you prepare, and consistent effort in order to generate a considerable amount of revenue.
Having stated that, with an affiliate program, your chances of making money are likely to be identical to those of any other internet-based business. How successfully you execute your affiliate marketing strategy determines your success.
FAQ on Affiliate Marketing
What exactly does affiliate marketing entail?
Affiliate marketing is the practice of promoting a business’s goods or services in exchange for a financial commitment.
A commission is given to an affiliate partner, which is you, for delivering a particular outcome to a retailer or advertiser, such as sales, leads, downloads, etc.
How do I start affiliate marketing?
To start with affiliate marketing, follow the offer below:
- Choose a niche.
- Select a platform.
- Identify appropriate affiliate marketing programmes.
- Produce informative material.
- Build a following.
- Observe FTC regulations.
Is affiliate marketing worth it?
Affiliate marketing pays off, yes. According to Statista, the affiliate marketing business is predicted to increase from $5.4 billion in 2017 to $8.2 billion in 2022.
Compared to other online businesses that pay daily, affiliate marketing is low risk and affordable to start.
Which affiliate networks are the best?
The best affiliate networks are:
- Commission Junction,
- Linkshare
- Amazon Affiliate,
- ShareASale,
- eBay Partner Network
- ClickBank
- Affiliate Future
- AvantLink
- CJ Affiliate
- ClickBank
- FlexOffers
- LinkConnector
- ShareASale
Can Beginners Do Affiliate Marketing?
Affiliate marketing success involves perseverance, knowledge, and experience. Since you don’t have to start off by investing your money as a business startup on intangible goods or inventory, it can be a little more suited to newbies than other platforms.
Can You Start Affiliate Marketing With No Money?
Yes, there are a number of low-cost or free affiliate networks and platforms available. As an alternative, you must grow a big online following through activities like blogging, social media posting, etc.
