Sellers are often tempted to to sell a wide variety of products, but first you need to ask yourself: is it a wise thing to do. A wiser choice may be as simple as niching down and finding specific market gaps in the industry. This will ensure that you have low competition.
Choosing certain products will also allow you to become a subject matter expert. You’ll be able to establish yourself as a go-to source of information, thus earning the trust and loyalty of potential customers. Also, time and energy are both limited. It is best to focus your energies somewhere you’ll definitely gain a profit.
In case you’ve chosen a niche that is profitable, has a market gap, plus you’re personally interested in, expect that you’ll bring more effort and creativity into your marketing efforts. But again, it all boils down to preference. So, if you choose to sell many different products, then eventually you’ll develop your own strategies in selling.
With that being said, you can actually niche down and have still sold multiple varied goods. One situation where both fit the criteria is promoting low-priced or budget products. You can still sell anything you’d like but you’re only going for a specific price range.
Consumer habit trends caused by the pandemic
According to a research, the COVID-19 pandemic has impacted the way shoppers behaved in America. About 14% of them revealed that they’ve bought a virtual version of something that originally should have taken place in person.
Examples include the following:
- Cooking classes
- Art studios
- Gym sessions
Also, 52% of the participants shared that they’ve shifted to online shopping. 83% of them have bought at least one product during the first trimester during the virus outbreak.
The New York Times supports this having reported that Amazon’s profit has increased more than 220% during the pandemic.
- Personal care
- Cleaning supplies
- Hair color
On the other hand, there was a 25% decline in the purchase of sun care supplies and cosmetics.
What do these data mean for you as an affiliate marketer? One thing is for sure, affiliate marketing is here to stay. But, you have to keep an eye out for new and less competitive opportunities that are starting to arise. It is best to invest in industries that you know are going to stay in the long run.
3 Tips to become a successful affiliate marketer
In this section of the article, we’ll talk about many deciding factors to help you succeed in affiliate marketing.
Although rates are extremely important to ensure that you’re getting enough returns on your time and effort, there are still other things to keep in mind.
1. Play the long game
Creating a thriving business requires a lot of patience and strategy. If you’re into affiliate marketing because you originally assumed that it’s quick money, then you won’t last very long.
You need to commit to it and be persistent.
There are many things that will require your attention such as making top-notch content, establishing trust with leads, seo for the affiliate program and many more. You have to set your goals, keep on learning, and stay on top of upcoming trends.
2. Focus on conversion
Since this post is all about commission rates, we know that this is an important factor for you. But, you also need to pay close attention to something else – conversion rates.
What does this mean?
It is easy to be tempted by affiliate programs that boast high commission rates, however, if the products they offer seem controversial, low-quality, or there aren’t many consumers interested in it, then think again. You are better off picking one that already has a high conversion rate.
This way, you know that there are many people already interested in the item and that despite the lower fee you’ll receive, it’ll only increase over time.
3. Put yourself in the shoes of your audience
People don’t just throw away their money for things that they don’t want or need. When they make a purchase, they want to know that it’s worth it.
They’re going to have questions like:
- Will this product solve my problem?
- Is this really what I need?
- Are there others that fit my budget?
In order for you to understand what buyers go through, you can visit forums such as Quora and Reddit. Also, Twitter, Facebook, YouTube, etc. all have comment sections and posts that you can look over.
You should also know where the virtual hangout of your potential customers is. Join in groups that have discussions about certain products you are looking to promote. Take notes of their dilemmas and aim to provide a solution.