In order to generate real wealth as an affiliate, you must implement an income-building affiliate marketing plan that focuses on the long-term.
There are three key areas one needs to examine in this regard:
2. Recurring income
The first step in building income is always in making proper use of the power of leverage. Investing your time and money wisely can help improve your existing business, and potentially double or triple your current income.
For example, maybe you’ve always wanted to create a high-ticket ‘follow up’ product to offer to your list of existing customers because you can’t find any comparable affiliate programs for such a product in your market?
If you’ll leverage your existing profits, you can hire someone to create such a product for you, along with all of the products images and web site graphics you’ll need to set up your very own merchant site.
What this will do is give you a new potential stream of income. You continue to make commissions on the existing affiliate product, while also generating sales where you get to keep 100% of the profit.
Likewise, if you don’t want to sell the product, you can use it as “bonus bait” for your existing affiliate promotions!
Recurring or ‘passive’ income is something you should consider adding to your long-term affiliate business strategy. Why is this a good income stream to add to your mix?
Essentially, recurring income is ‘easy money.’ You do ‘x’ amount of work just once to convert the customer, yet continue to earn a commission on that customer month after month.
Ideal sources of recurring income include subscription services and membership sites.
Duplication is really about creating multiple streams of income by recreating your affiliate business model into new markets.
Let’s say you’ve developed a marketing system that is working like gangbuster for you already in one market. Why not set up a similar system in a new market? You’ve perfect your sales process, so it is really just a matter of replicating the structure of that existing business.
For example, if your unique spin is to write affiliate reviews of “cheap, but effective weight loss products,” for the weight loss market, you can replicate that approach by doing affiliate reviews of “cheap, but high quality digital cameras” or something along those lines.
Each of these approaches will help you, in a sense, “diversity your portfolio” of income-generating businesses. Leverage, recurring income and duplication are key to any affiliate marketing plan, so start putting them into action today!
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