Affiliate Marketing Success Rate & How to Win
Hey, Tyler here.
Why do we fail?
Today, I want to talk about why some affiliate marketers and entrepreneurs tend to get ahead much quicker than other people.
In the video above & following post I will also explore how to improve your affiliate marketing success rate.
You may have noticed the phenomenon in the affiliate marketing space that some people end up struggling for a long time without much success, while other people seem to grasp it quickly, take off and become successful at a much faster rate than others.
I’ve been in the affiliate marketing space for a long time now. Hundreds of people have gone through our mentorship programs. Having met so many people, I’ve realized why some go on to succeed with affiliate marketing while others don’t.
Let’s explore that and break it down:
1. Identify your strengths
No one is a superhuman that knows everything.
Generally, there are two main personalities: analytical and creative.
These are two completely different skillsets, and we all display a little of each, but we are likely to be lean one way than the other.
You need to learn what your strengths are and how to play them.
- If you are very good with data and numbers, conceptualizing what action needs to be taken, then you are a good fit to be inside the actual account. Doing day to day management on the ad campaigns, making data-driven decisions based on the numbers, etc.
- If you are more creatively inclined instead, then you are a better fit to create compelling ad creatives, ad copies, and just doing things that are more creativity-oriented.
It is essential to have self-awareness, identify what you are good at, and focus your efforts in that area.
My business partner, Peter, and I have a diverse skillset between us.
Peter is very good at dealing with clients and doing business development work, fostering relationships.
I’m more of a creative type. I’m good at analytical things and data, but what I truly enjoy is coming up with creative ideas, different ad campaigns — the general creative aspects of a business.
Throughout the years, we have been playing to each other’s strong suits, and it was essential to our success.
If you don’t have a partner, you should probably think about bringing a partner on who has a complementary skill set in areas that you may not personally be strong in.
2. Build a team
Some people try to do everything themselves. As discussed above, no one is superhuman.
For the first few years, Peter and I did everything ourselves. We were getting really good results, but after a certain point, our growth became stagnant.
Our biggest regret in business is that we didn’t build a team earlier on.
For a lot of people that get into affiliate marketing, it can be challenging alone, with no cash flow to support a team.
What I recommend doing is figuring out everything on your own at first — you don’t have much choice, no track record, success, cash flow to convince others to join you. But work hard, and once you do have some proven methods and profits in campaigns, you will be able to afford to have a team.
Don’t think of it as an unnecessary expense: it will pay for itself.
What can you delegate to someone else who’s even better at it than you are? It’s just a simple mindset shift. Don’t think, “I’m really good at it, it would be a waste of money.” Accept that others might be simply more efficient in other areas, and use your own time on what actually generates money by choosing the area you excel at.
If you want to scale and go big, then there comes a point where you absolutely need to think about building a team.
3. Take fast action
I’ve talked about this before in videos, very fast action to me means the volume of testing campaigns.
In affiliate marketing, the person testing the most campaigns will simply be more successful. If you test one campaign a month, you’ll never stand a chance against somebody who’s testing multiple campaigns every week.
Even after you find a good offer, you have to find out which ad creatives are good, which landing pages are good, so there’s a lot of testing required to become successful.
4. Have the balls to go big
Many new affiliate marketers fall into the trap of getting some lower-level results become profitable, they then limit their own potential by not having the guts to go big on something.
I’ve met (and personally coached) people who quickly achieved hundreds of dollars a day in profit. But when I looked at their ad campaign, I ended up thinking: “OK, you’ve been spending $300 a day for the past few months. Why haven’t you gone further than this? Why haven’t you scaled this to $10,000-$30,000 a day?“
You could scale it out to 4-5 ad accounts, or bring on a team member to help you launch more ad creatives every single day that you can roll out across these other accounts, at a much higher budget.
Don’t be satisfied with moderate success. Have the confidence in your own ability, and believe in yourself that you can go big and scale.
Many affiliate marketers get timid and scared of seeing some success. They fear that their capital will go down the drain as soon as they try to scale.
It’s just not true.
Obviously, if you’re not profitable in something, there is no point pouring even more money into it, but I’m talking about proven, profitable campaigns that you have discovered and achieved through your own work.
If it works on a medium scale, chances are, it can be scaled further. Do it in increments, see if your profit margins don’t get too thin.
But at least try and don’t miss out on the opportunity.
Peter and I also struggled with this before, and to be honest, a lot of it does depend on your mindset. If you’ve never had a very large campaign, you might have feelings of trepidation that it’s not possible to scale, but it’s only because you’ve never done it before.
Once you start taking the correct steps, you will realize in retrospect that it wasn’t as hard as you thought it would be.
So, to summarize, there are four main points why I think some affiliates get ahead quicker than others.
First: play to your strengths, realize what you’re good at and what you’re not good at, and delegate those to a team member or business partner
Second: build a team. You can’t do everything yourself.
Third: take fast action. Understand that the truly successful people in affiliate marketing take action very, very quickly, and test things rapidly.
Fourth: have the balls to go big when something is working for you.
I hope that you have found this blog & video helpful, and you have some food for thought to take away. I honestly believe that actioning on these key points will really help you to scale your business to new levels.
All the best,