A ‘Niche’ is a group of people with a common interest or a common problem they need help with. This is the hardest thing you’ll do in Affiliate Marketing. That’s because you need to get this right and to get it right is going to require some time and effort.
Here’s the good news and why this time and effort is worthwhile. I encourage you to take a long-term perspective. Understand the importance of seeing a bigger picture. And, most importantly, do this right and it’s pretty freakin’ sweet to do work once and get paid for it over and over and over.
The point here is this…
This is the hardest work you’re going to do (and a ditch digger would laugh in your face if you complained about how very, very hard it is). It’s probably not going to happen in 30 minutes with the push of a button.
However, get it right and you’re on your way to rapidly crushing affiliate marketing. It may take days of research to find that ONE Niche or product you want to promote.
But it’s worth it.
In fact, I’m going to short-cut your learning curve right here…
I first heard this from one of my first mentors: “Choose ‘bleeding neck’ Niche markets”.
‘Bleeding neck’ niches are those in which the average buyer has a problem they are desperate to solve (like a bleeding neck). These Markets are usually highly focussed on the ‘BIG 3’:
1. Health & Fitness
2. Wealth Creation
3. Sex & Relationships
People who fall into any of those markets will gladly spend money if you can convince them you can give them the help they need. It’s why I LOVE the Health & Fitness market, because it typically solves all 3.
Think about it..
Healthy and fit people, statistically speaking, tend to be more successful or wealthier than those who aren’t. And those who are both Healthy AND Wealthy, tend to attract partners into their life far more easily than those who are morbidly unfit and financially struggling. In these markets, you are the problem solver, whereby you promote good and solid affiliate products that helps people solve their problems.
Also, all of those ‘big 3’ markets have lot’s of products to choose from to promote as an affiliate.
Promote Low Barrier To Entry Products To Build Your List Machine
Lower priced products will have a higher conversion rate than higher priced products. Supposing you’re promoting a product that’s only $10, whilst you might make less on the initial sale, if you do this right, you’ll make that up on backend. A low cost front end product might convert at around 20%. That means for every 100 visitors, 20 might buy the product.
A higher priced product, say $97 or more might convert at around 5%. That means for every 100 visitors you’ll make 5 sales = approx. $500 in your pocket.
BUT…
Your conversion rate on the higher priced product you promote later could be as high as 30%. I’ll tell you why it’s so high in just a moment…
But first…
Let’s have a look at what those numbers might look like in an affiliate sales funnel based on just 1,000 visitors and taking into account we’re assuming 50% commission:
20% buy the low cost offer at $10 = 200 sales x $10 = $2,000 Your commission 50% = $1,000
30% of those 200 sales buy a $97 product later = 60 sales X $97 = $5,820 Your commission = $2,910
So instead of going straight for a $97 sale straight off the bat, at 5% conversion rate that’s $485 dollars in sales and at 50% commission
that’ll net you about $242. However, if you’re SMART you’ll promote a lower cost offer FIRST and you’re total sales commission would be $3,910!
Here’s why this works:
When you sell the initial $10 product, the customer already trusts you and assuming the product is actually a quality product, when you come to recommend them a higher priced product, your sales on the higher priced product will be higher by default. What I’ve just told you there, is how you WIN at affiliate marketing. That’s how the big boys play. They play the numbers.
The amateurs see the instant cash and ignore what they could have made further down the line.
