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People do fail at affiliate marketing, and I would be lying to you if I said that everyone who has ever dabbled in affiliate marketing, ended up reaping success. The newest episode of “The Affiliate Marketing Experience” dives into three reasons why (and 3 contexts when) affiliate marketing does not work. You may either view it below, or follow the textual format under the below-shown video.
Analyzing the latter, I’ve come to a conclusion that when it comes to failing at affiliate marketing, it most often happens on one of 3 reasons. In what follows, I would like to describe each of them for you.
1. Unrealistic Expectations
The Internet (and YouTube specifically) is flooded with content about “easy” ways to set up “passive income” from affiliate marketing. If it were so simple, why isn’t the whole world doing it already? And why are these “gurus” teaching you to do it instead of benefiting from it themselves?
“Get rich fast” has been synonymous with shady stuff forever.
If you want lasting results you don’t do anything fast. You don’t lose weight fast or build muscle mass fast, and you don’t get rich fast from affiliate marketing.
I remember a seasoned affiliate sharing with me that it took him nearly 3 years of work to get his first substantial check. But then it took off, and years of self-education, analysis, and labor started paying off. My own success story is exemplary of this too.
It also applies to brands running affiliate programs. When starting an affiliate program, do not expect it to turn your business around in a matter of a few weeks! In the most successful affiliate program that we’ve built to date, it took us around 13 months to reach substantial and steady success, but that “success” was becoming the #1 program in the world in their niche, and the #1 program on a major affiliate network (beating numerous top brands and ~ 5,000 other affiliate programs).
2. “Set It and Forget It” Approach
I’m sorry if this will disappoint you, but no, you cannot just set everything up, and let it run for you, creating a steady “income stream” while you chill at the beach.
In such a dynamic environment as the Internet, and such a fast-evolving industry as Affiliate Marketing, you want to constantly keep your finger on the pulse of things.
Numerous things will affect you! They will range from search engine algorithm updates to industry-specific challenges… To stay a step ahead of your competition, you must constantly evolve, responding to challenges, and taking advantage of new opportunities.
3. Failure to Diversify
“Putting all your eggs in one basket” has never been a good strategy anywhere, and affiliate marketing is no exception.
If you’re an affiliate, do not rely on any one promotional tactic or on any one marketing channel. If you’re a brand, do not let your affiliate-referred revenue come primarily from a couple affiliate types (the classic example would be that of relying largely on deals-oriented and incentive affiliates). Branch out to all the other types of affiliates that may fit your business model.
To be (and stay) successful, you want to diversify at all times, and by all means!
So there you have them… The 3 common reasons why people fail at affiliate marketing. Steer clear of these mistakes and you’ll be much better off than others.