There are three different kinds of people in the world who view affiliate marketing from different perspectives. While the first category includes those who simply disregard the authenticity of affiliate marketing and the second category under the notion that it’s easy passive income that requires no efforts, the third kind of people are the ones who actually put in their efforts and generate revenue.
So, it’s basically not easy income as you would dream of because for starters you need to actually own the business and run it to sell the product. Simply stating a few product names and placing affiliate links is not going to do the trick. That’s the whole reason only a few (less than 10%) affiliate marketers are able to achieve 90% of the sales and conversions. In short, only a handful of the affiliate marketers actually generate most of the profits.
Here comes the need of niche-affiliated industries that you can cash on to achieve exceptional success. But, before you learn how to find the profitable niches, you must also have access to some of the best affiliate tracking tools like LeadDyno that can add to the benefits by allowing you to connect with their wide network of influences and affiliates.While you can learn from their experiences, they can also help you earn substantial commissions by promoting your product for you.
Today in this post we will discuss how to find the most profitable niches for affiliate marketing and share a few examples.
Understand What’s Affiliate Marketing
Simply put, it’s a method of earning commissions by selling other people’s products. If you remember how you earn commissions by promoting Avon products, it’s just the same thing, but you are doing it online. All you need to do is select a product you like from the list provided by the merchant, promote it, and earn a certain percentage of the revenue for every sale you close.
The primary focus of affiliate marketing is on the merchant or the creator of the products, and the affiliate marketer. In a nutshell, affiliate marketing is like a scheme of a merchant selling products and services, then finding partners who can promote their products for them, and share the profits generated.
So, you have the:
- Merchant – From a product manufacturer, seller, or a brand, they can be anyone. The merchant category is flexible and so, you can add any company under the same like, small business, etc.
- Affiliate -They are usually also referred as publisher or advertiser, and again it can be any company and not necessarily a big one. A successful affiliate marketing business can generate profits based on the traffic you achieve and thee products sold. This helps them earn huge affiliate profits under the profit-sharing process.
- Customer – They are the most important part of the entire process, because without customers affiliates won’t earn a dime. Customers create web traffic and so, they are the driving force behind affiliate marketing. So, no customers, no commissions, no business.
Now that you know what is affiliate marketing and how it works, let’s get to the point, finding a profitable niche.
- Research and Conceptualize
Finding a niche is not a piece of cake as you thought, because it’s one of the apprehended tasks for most marketers in business research.
Niche translates to a highly-specialized market for example, an organic bath soap which is not mass produced like normal soaps. Niche products are smaller markets where the company is usually small and there are limited buyers.
This makes it easier for the affiliate markets to promote a niche segment as opposed to a big brand name like Dove or Fiama that sells regularly and has high competition. If it’s challenging to find a niche for a broader category like travel or food, you can simply use this trick. It works for me, so should it for you.
Go to Quora and type “travel” or “food” in the search box, and you may come up with questions that has some adjectives attached to the broad category. For example, “travel hacks”, or “heathy food” making it easier for you to get to the meat, that is, to the “niche”!
- Check the Financial Worth of the Chosen Niche
The next thing to do would be to check how valuable is the chosen niche, that is, what is the monetization of the niche like “healthy food”. If it’s not saleable and holds no monetary value, then it makes no sense getting into affiliate marketing because that niche would not drive web traffic or sales.
There are many repute affiliate programs to choose from like Shopify, Amazon, ClickBank, etc. especially when you are starting off with affiliate marketing. They offer a wide range of niche industry that’s listed under the affiliate page. Select your preferred category or niche that’s not hard to sell. For instance, the healthy foods niche would be easier to promote on a blog that talks about health, food and recipes.
You would also need great affiliate tracking tools to keep a track on the sales and the commissions so that you know where you stand with your chosen niche. LeadDyno is one such software that is known for its super fine mobile dashboard that gives you a reality check on the clicks and earnings in real-time. This is also another valuable alternative to check if your niche is working.
- Validate your Chosen Niche on AdWords
Once you have chosen the niche, make sure that you authenticate its value by analysing the usual cost per click of the keywords for that niche. It’s important to know about the competition because you want to drive traffic and conversions.
This calls for finding out how much does each click cost, who is the bidder, and what’s the procedure to compete. Look for the keywords (based on phrase and category) in the Google AdWords Keyword Planner. You can then enter the keywords related to your niche and it will come up with distinct results. So, if you enter “travel hack”, the planner would come up with the results stating the average monthly searches (traffic), competition (indicates difficulty in ranking) and suggested bid for the niche (shows if it’s worth your time).
- Start Off with Selling Products and Services
Now that you know which niche is profitable for your affiliate marketing, start selling products without any delay. The entire success of an affiliate marketing business is based upon how good you are in selling.
A carefully chosen niche can be the key to your affiliate marketing success. So, make sure that you follow the 4 exclusive steps as stated above, get one of the best affiliate tracking toolsto assist you with your earnings, and there’s no stopping you from earning those big bucks.