During moment like these (Lockdown due to pandemic), it is difficult to see your business surviving and feeding you, your family and your employees. There is too much uncertainty and this has probably led you to send your well-trained staff home without salaries and any security that their jobs will be there at the end of it all. The good news is that there are ways for your business to continue to make money and we are going to list the top 3 all weather business models that you can implement for your business starting today.
In this article we will discuss:
- Affiliate marketing
- Digital Education
- Network Marketing
Please comment about your experiences with these types of revenue streams below and keep the conversation going.
Who will benefit from this article?
Are you a business owner? If you are, this article is for you. The revenue streams we will discuss can be done by any individual or group willing to take a few extra moments and invest their time into growing these streams. Disclaimer, for you to step up the returns on these, you will need to invest in advertising the program digitally.
Affiliate Marketing: Three Revenue Streams
What is affiliate marketing?
Affiliate marketing is a performance-based marketing strategy that your business can use in one of the following ways.
- Become an affiliate: this is the simplest method and the one we will discuss in detail in the sections below. In this case, you and your business are marketing products for other companies. These products may be ones that clients can use alongside the products you are offering.
- Start an affiliate program: this model means that you will allow other people to market your products using their own networks and groups. You will then pay them a commission once they bring you potential or paying clients.
How to become an affiliate?
Becoming an affiliate is very simple and you can find a lot more information here.
All you need to do is find affiliate programs and apply. In most cases, finding such programs can be as easy as ABC. Most websites highlight their affiliate programs in the footer of their websites. All you need to do is click on the link, head to their program and fill in the form. They will then opt to approve your application or decline. The toughest part of becoming an affiliate is probably find the right deals to market.
Many businesses have affiliate programs. They range from high ticket affiliate programs that can pay out up to USD20,000 to low ticket programs such as Amazon, where you earn a small amount depending on the product your leads purchase.
Not all affiliate programs are designed equal. Some programs only provide you with one commission level while others will provide you with commissions from any purchases your leads make now and in the future. Would you rather purchase products based on the initial sales, which is usually a low entry point to get the lead to trust the brand or a would you rather get paid for the lifetime duration of the lead?
These are just some of the criteria to look at when selecting the affiliate program to advertise. Make sure you pick wisely. The more payments the program will offer you, the more sustainable to business is.
How to make money with Affiliate Marketing for Your Business:
Does your business have a blog? Do you have a YouTube Channel? Do you provide you clients with any recommendations for products to use? These are methods commonly used by affiliates. If your business has or does any of the above, you already have the platform to start generating additional income through affiliate marketing.
Consider our website, snctmarketing.com, we are a digital marketing agency based in Kampala, however, our website is hosted by Namecheap. As a result, we recommend our clients to use Namecheap for their websites and provide a link to the platform. Once the client clicks the link and purchases the hosting package, Namecheap credits the transaction to us. The money is later sent to our PayPal account after the cooling off period which ranges from 1 month to 3 months.
Please note: where have applied for Namecheap’s affiliate program and they have provided us with a special link that contains code at the end which links the clicker/lead to our affiliate account.
Use Your Website:
The most effective way to earn long-term with digital marketing is by creating content such as blog posts that people can read over a long period of time. This is why your simple website needs a blog. Not only does writing good blog posts help you stand out as the go to person in your niche, it also helps you to monetize your website.
When you write your blog posts, all you need to do is include links to the services and products you are talking about. It is as simple as that. If your article is compelling enough, people will be driven to click the link and if the page, they are directed to is good enough, your leads will purchase the product. It is as simple as that.
Are you already making videos on YouTube for your business? If not, you are missing out on an amazing method of showcasing your product and services. I would suggest you get in on it.
YouTube is a trusted search engine, where people go and search for practical video that will help them solve an urgent need. Does your product or service solve any needs? Well, YouTube may just be the right platform for you.
While you are showing videos regarding how your product works, why not include recommendations of products that they can use alongside yours? Take your affiliate links and include them in the description section that appears under your video. If your video is good enough and includes a clear call to action, watchers will click the links and head over to purchase the product you suggested.
When Should I Start?
Affiliate marketing is something you can start at any time. In fact, we strongly suggest you start blogging and YouTubing now. You have no time to waste. It will take some time for your channel to become a go-to platform for people looking for your services. As such, the more the content they find on the platform, the better. Start now, regardless of how bad the content may seem and continue to improve it.