A Quick Overview.
Marketers spent a lot of effort convincing both large and small businesses that they required an online presence in 1995 when the first e-commerce stores began to appear online. Many firms, however, believed that the rush to the internet would not persist or have the same impact as it does now. By the end of 1996, there were fewer than 50,000 websites online and 2.6 million transactions on e-commerce websites.
If we fast forward to 2022, worldwide e-commerce sales are estimated to hit about $5 billion this year. Every day, new online stores open, and while an exact amount is difficult to calculate, there are between 12 and 24 million online stores worldwide.
E-Commerce sales now make up about 10-11% of all US retail sales and the average shopper makes about 19 completed sales per year. and the largest age group of those making the sales is between 20 – 24. Probably as expected by a lot of people. But, what I found of interest was the older demographics as shown in the graph below.
Source; Digital in the Round.
One prediction is that over 70% of all online transactions will take place on the mobile. This could lead to the rise of mobile shopping apps that will make online purchases even easier for the customer.
We All Want a Slice of the Pie.
We all want our share of the money and become a Super Affiliate in our chosen niche. So, first off, what defines being a Super affiliate, and what things hold us back from attaining that goal?
For those who are unsure about what Affiliate marketing is, read “Wealthy Affiliate, Can you Make Money On-Line?”
What is a Super Affiliate Marketer?
A Super Affiliate is an affiliate marketer who may bring in a significant amount of money for the merchant he represents.
Although there is no commonly acknowledged definition of an affiliate marketer, they are typically found in the top 1% to 5% of revenue.
These are people who earn a five-figure salary or higher. Only a small percentage of affiliate marketers are able to transform their passion into a full-time business and earn a decent living.
That looks like an awfully low success rate for affiliate marketers, so let’s look at the average failure rates of businesses across the board and see if it is just ” Affiliate marketing” related.
Ratios of Business Failures.
Normal retail walk-in store. Small firms fail in 22 percent of cases within the first year, 32 percent within the first two years, and 40 percent within the first three years. Half of small enterprises fail in the first five years (50%) and two-thirds (66%) fail in the first ten years.
E-commerce store. According to a new survey by MarketingSignals, the failure rate after 120 days, or approximately four months, is 90%. That is much higher than a brick and mortar establishment, so..why?
The following are the top ten reasons why e-commerce businesses fail:
- Poor online marketing – 37%
- Lack of online visibility – 35%
- Little to no market for their products or services – 35%
- Ran out of cash – 32%
- Price and costing disparity issues – 29%
- Better Competition – 23%
- Retail giants dominate your niche – 19%
- Lack of customer service – 16%
- Poor product release date – 11%
Your Customers are King.
So often I hear “Content is King”, which is true, but “Customers are King” came first. If we don’t have “killer content” we don’t have our amazing customers. And if we don’t have customers all the content in the world is meaningless. We must balance it out.
What are your customers doing?
70% of your potential customers are reading between 1 and 6 product reviews before making a purchasing decision. Are you providing all those reviews or are they going somewhere else for their review? Are you providing all 6 reviews?
80% are doing extra research online apart from product reviews, are you providing links to other sites for more information?
52% of potential buyers look at Amazon for information and prices. Do your customers have the option to check out Amazon, even though your commission may not be as great?
60% of your customers are abandoning their virtual trolley before getting to check out. Have you given enough reasons for your customers to buy from you?
Look at my post “Converting web traffic to sales” for more value ads for your reader. This will help you become a “Super Affiliate”
What are you doing?
Be a Super Affiliate.
Affiliate marketing can be a wonderful method to generate income, however, it’s not for the fainthearted or lazy. However, there are some things that will and do help.
1. Discover a good and credible affiliate program and sign up as their affiliate.
2. Advertise the products on your website, social media sites, and email lists.
3. Be patient as well as keep trying. It takes some time to build up a successful affiliate marketing company.
4. Stay motivated and join a group of like-minded people. Success rubs off.
5. Keep learning, rinse and repeat what you have learned. Update your knowledge and have a customer-focused mindset.
How to Succeed at Affiliate Marketing?
Affiliate Marketing is not rocket science, it’s harder. you need grit and a goal. And, you need a support group of people who can share ideas to help you be the best you can be.
Here is an example (above) of the support that is given on a daily basis within my group. If you are actively looking at becoming a “Super Affiliate” we can help. Have a look at “ Be Yourself, adding value and other infinite opportunities“
Why do People fail at Affiliate Marketing?
When I first started in Affiliate marketing, I jumped from course to course. Those programs offered high returns for little work. ” The secret formula to success” You’ve seen the ads, Lamborghinis, big houses piles of cash lying around. I wish.
This is known as “shiny object syndrome”. As long as you believe that it should be easy, you’ll continue to come up against the reality that it isn’t.
It’s a business like any other. You need to sell things to make any money and that’s a skill that needs to be learnt like any new skill.
Another problem affiliates have is time management. With any old job you get paid for showing up but with affiliate marketing, you only get paid on results.
I can’t believe the hours I wasted surfing the web and trying to rationalize it as learning or studying.
Self-Induced Failure Rates.
The failure rate of affiliate marketing is also significant due to the low entrance barriers. For relatively little money, anyone can “give it a go” at affiliate marketing. The majority of affiliate products have free partner programs that anyone can join. Some of them don’t even require you to have a website.
You’re effectively an affiliate marketer once you join a partner program, at least on paper; no investment, no sacrifice.
Affiliates can benefit greatly from YouTube videos and blogs, but unless you invest in a mentorship program, you’re on your own.
As an affiliate, having a mentor and software can be beneficial, but you must still put in the effort to make it succeed.
Furthermore, investing in programs, training, and sales funnels does not ensure success. However, it might make you feel you deserve success and do even less than you should.
Failure is the Path to Success.
Before I said, Affiliate Marketing is not “Rocket Science”, it’s worse.
Well, yes and no. The easiest thing about Affiliate marketing is if you are persistent and follow the basics on a daily basis over a decent time frame. (1 year for me), you will succeed.
Continue to write, at least 3 articles a week and more, and use what works and discard what doesn’t. Rinse and repeat. Do it constantly and embrace the learning curve. Focus on your customer and give them all the information they requested.Join an amazing group like Wealthy Affiliate who train, support, and basically have your back all the way through your start-up venture and you WILL SUCCEED and be a SUPER AFFILIATE.
My name is Stephen and over the space of one year of hard work, failure and frustration have put me on the path to success. If I can do it, you can do it and I am happy to show you how you can be free of the 9-5 grind.
Any or all links on this site may be affiliate links, and if you purchase something through those links I will make a small commission on them.
There will be no extra cost to you and at times due to my affiliation, you could actually save money.
You can read our full affiliate disclosure here.