They tell you things like “don’t put all your eggs in one basket” which I’ve never been able to hear and not think of that infamous scene from that movie Napoleon Dynamite:
I know it’s a bit silly, but hey… that’s literally what pops into my head every time I hear that expression!
The expression (and many others like it) is true however, it’s not wise to rely on just one source of revenue, you need to have as many streams rolling in as you can build. The important thing to keep in mind however is the fact you need to build them one at a time. Set one up, make it solid and then move on to the next, only having to go back to maintain the others as needed. This strategy will serve you well for the long haul vs always juggling multiple projects at the same time, you will no doubt suffer from burnout before long doing things that way.
That being said…
Here Is Your Income Diversification List
We’re going to run through a few ideas to help you get started with diversifying your income. Some of these may be a bit obvious to some, while others may seem a bit obscure. No matter what the case may be for you, keep in mind that these are only suggestions and you are free to take them or leave them at your discretion.
Do Your Research
Obviously this one seems to go without saying but you’d be surprised at just how many people are not willing to do their own work and expect others to do it for them… Well, here’s the sad truth to those amongst us who are lazy. You need to do your own research because you will have absolutely zero clue what you’re getting into if you don’t.
This is first on the list because it typically is what you’d want to do first. Market research is extremely important and if you are on the hunt for something new to jump into then you will usually need to start here. Doing things such as:
- Browsing forums within various markets & niches
- Scrolling through categories and products at Amazon.com
- Looking through magazines and popular publications
- Paying close attention to advertisements you see over & over
- Spotting trends which look to be promising at first glance
These things and more can all help you find new markets to promote products and services for. They are all going to require research, sure, but it’s not anything you couldn’t handle over the course of perhaps just a few hours on the low-end, and a few days on the high.
What you are looking for are needs to be met and offers to fulfill those needs. As an affiliate, your job is to match people up with things that satisfy a need or want and keep a piece of the profit from that exchange, then rinse & repeat.
Test What You Sell Or…
Find others who have already used it (such as reviews) and see what they have to say about it. If the overall verdict is positive then you know you’ll have fewer headaches to deal with such as refunds and bad press. It’s important to not promote garbage because it will eventually not only lead to the products your pushing becoming obsolete and thus forcing you to always be finding new offers all the time, but it will also eventually chip away at your own reputation as an affiliate.
There will be times when it’s not exactly possible to test things out without paying for it yourself so it will be up to you to decide if you want to test these things out to see how they perform. Keep in mind that it’s not a good idea to promote things which could be misleading to the consumer, it’s bad karma in terms of your business (and in some cases personal) reputation, but it’s ultimately up to you how you choose to do things.
Promote The Same Difference
Don’t be afraid to put different products of the same type against each other, there’s always going to be a winner and that always means more profit in your pocket as an affiliate. You can do this in various ways ranging from:
- Product comparisons
- Product upsells, offering one thing then another to compliment it
- Product ‘roundups’ giving customers different options
- Price comparisons and special offers
This stuff can help you to make more sales in the long run by giving your customers an assortment of different yet related options to choose from. Promoting different products all revolving around the same niche is a great way to monetize a blog which specializes in something that has options. What do I mean by options?
Sometimes you’re going to discover that certain markets just don’t have very many affiliate offers for you to promote while others have so many it’ll make your head spin! One is not necessarily better than the other, it’s just going to be one of those important details you need to consider while picking your next target market.
If you find yourself growing tired of being “just an affiliate” and want to try your hand as a creator and product owner then you are welcome to do that. With outsourcing resources available to you such as UpWork.com you can hire a professional to create just about anything you may need (for the right price) of course. What this means is that you may want to consider this as a secondary strategy after you’ve already found success as an affiliate and have enough working capital to finance the creation and maintenance of your own products.
If you do decide to go this route then you’ll want to keep the possibility of opening up an affiliate program with a solid structure so that others can promote your products for you. Keep in mind that doing this will mean you get a smaller cut of the overall profits but you also will probably make more sales which tends to not only balance out the equation but work it in your favor.
Boost Your Traffic
As a quick side note, one great way to increase traffic to your own products is to have affiliates promoting for you… I just wanted to throw that in this part of the list real quick.
There are different options when it comes to pulling traffic to your offers:
- Affiliate Traffic
- Viral Traffic (usually via social media)
- Miscellaneous (like forums, comments and others)
Keeping in mind that there is no such thing as “free traffic” because you’re always going to pay either in money invested, or time invested, you are free to choose your preferred traffic generation methods.
You aren’t limited to any of them, you can in fact utilize them all and that may be your best rout in the end, the only variant of course being affiliate traffic in the event you aren’t an product owner. This is something which would require its own series of articles to cover and lucky for you we have a bunch of posts just like that here on our blog so feel free to check them out…
Here’s a link for added convenience: Click Here
Also, don’t forget that we teach just about every major traffic method under the sun over at our affiliate marketing training site, Powerhouse Affiliate.
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