Affiliate marketing can be a great way to make money, both as a hobby and as a full-time business, but most affiliate marketers give up before they make a substantial amount of money, and the vast majority of people who try to start full-time affiliate marketing businesses end up going back to normal jobs.
Why is it that most affiliate marketing companies fail? There are several reasons for this phenomenon, and most of them are things that can be easily rectified. Here is a quick overview of why affiliate marketing companies rarely succeed.
Working For The Sake of Working
The first, and most common, mistake is to confuse the idea of spending a lot of time on something with “working hard.”
Putting a lot of time and effort into something may make you feel like you are working hard, but how effectively are you spending that time?
If you are making a lot of mistakes, or are going around in circles with your efforts, then all you're doing is burning yourself out. The secret to success is to spend your time wisely, not just to spend more time.
So, the next time you're tempted to stay up until 3AM, think about what you're doing and whether or not it really matters. Could you find a more efficient way to do the job you're working on?
Will staring at the screen and hammering at the keyboard tonight actually help you, or would you be better off getting some sleep and coming back to the computer tomorrow? You are the most important asset your business has, so take some time off occasionally to look after yourself.
Searching For That One True Solution
Another common mistake that affiliate marketers make is to assume that the reason their current affiliate business isn't working is because the business itself is fundamentally flawed. They believe that there is a better product out there – one with a huge conversion rate and massive commissions, and that they just haven't found it yet.
Instead of trying to slowly build up a business with a product that they know and believe in, they hop from product to product and merchant to merchant, leaving a trail of abandoned blogs and poorly developed social media profiles in their wake.
There is no magic product; if there was one, everyone would be promoting it and the end result would be the same – you would be competing with hundreds, if not thousands, of other affiliates for a finite amount of commission. The only way to make money is to become the expert in your niche, and that takes time.
Affiliate Marketing Companies – Giving Up Too Soon
This leads us on to the other fundamental mistake that many affiliates make – giving up too quickly. Building a reputation takes time, and nurturing a relationship of trust and respect with your website visitors is an ongoing process. All too often, affiliates simply give up just as they are on the verge of success.
Sometimes, this cannot be helped – the entrepreneur has finite financial resources and a family to support, and when their money runs out they have to find an alternative source of income.
However, in many cases, the affiliate already has other sources of income and is growing their business in their spare time. The decision to give up is one made through choice, not necessity.
The creators of Angry Birds made more than 20 other games that were complete failures before they created the game that made them rich. Most actors starred in a slew of low quality movies or TV shows before they got the part that made them famous. Overnight success stories are rarely as fast or as effortless as the media would lead you to believe. So, if you don't see big commission checks in your first 6-9 months, don't give up!
Once you understand why most affiliate marketing companies fail, you can avoid those common pitfalls and increase the chances of succeeding with your own business. Affiliate marketing is not as easy as the testimonials on those marketing e-courses would have you believe, but success is not impossible either. As with any other business venture, the two most important factors are planning and persistence!