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Are you looking to increase your income and grow your business? Affiliate products can be a great way to do that, but where do you start? Read this comprehensive guide on the Types of Affiliate Products to get a better understanding of the most profitable product types.
If you are aware of the affiliate marketing business, there is no doubt that you would want to try it. And why shouldn't you? It is a profit-harvesting, easy-to-build and fast-growing business type. However, with the wide range of products and niches to choose from, you will end up feeling overwhelmed and confused.
It can be hard to know which products to choose and how to get started. So when viewed from a broad perspective, the products can be classified into three categories: physical products, digital products, and services. There is nothing wrong with promoting and marketing all these types of products, but if you are just getting started, this won't be the best way to go. Each of them has its own pros and cons that each marketer, whether a beginner or expert, should consider.
This guide will give a better understanding of the different types of products available and the different ways you can leverage them to make money. By learning about their salient features and significant downsides, you will be able to identify the right product base for your business.
The article also covers the best ways to choose the right product type, allowing you to maximize your profits and get a steady income stream. So without any further delay, let's get started.
What are Affiliate Products?
An affiliate product is any product that allows you to make a commission by promoting and selling it to your audience. You can promote a variety of products via various sources. When your audience clicks through your affiliate link and makes a purchase, you earn a commission on that sale. Yes, it is as simple as that!
They can be anything from physical products like clothing and makeup to digital products like e-books, courses, and even services like SaaS and professional assistance.
So, What are the Types of Affiliate Products?
Getting started with affiliate marketing is more challenging than it sounds. Choosing the right product type is as important as selecting a particular affiliate niche or field. You never want to sell something you have zero knowledge about. Once done, you can look for the specific type that sits well with it.
The following section includes the basic types of affiliate products and the must-consider points for each category before jumping on board.
1. Physical Products
Physical products are products that you can actually touch, like clothing, makeup, and household items. Platforms such as Amazon and Walmart are among the biggest affiliate partners for physical products. The processes with such products do not have to be complicated, and additionally, you can get started with a range of similar products if you already have a target audience.
The advantage here is that the conversion rates tend to be slightly higher than other types. The reason is simple: availability. As the audience can see for themselves what they will be getting through the specifications, you can focus your energy just on the product promotion. Selling becomes much easier if the product brand and goodwill are well-known.
Apart from that, the refunds can be minimized considering the hassle and costs the procedure includes. The commission rates can also range from 5% to 20%. The physical product market is ever-changing, and thus, you will never have to worry about being exhausted from products to sell.
2. Digital Products
There has been no better time for affiliating digital products than the current decade. Digital affiliate products are a collection of valuable virtual items such as eBooks, audiobooks, and video courses. You will be able to find information products on platforms like Udemy, Coursera, Spotify, Audible, etc. Now because literally everything can be done with the help of your mobile phones, it makes sense to learn digitally with courses and eBooks. Promoting them to your potential audience can definitely result in higher conversion rates.
All you need to do is channel your energy into solving the problems that people need solutions for. The same applies to audiobooks and eBooks, which are now way more trendy than their physical forms. The commission rates for digital products are quite high and can go up to 75%.
The ease of handling is another great thing about it, but this can also turn out to be a curse, as customers can easily download the products and, seconds later, demand a refund. Trust and quality are other factors that play a vital role in the entire affiliate process of digital affiliate products.
And the third type of affiliate product is services which include things like SaaS, coaching and consulting gigs, membership sites, professional services, etc. The 4 simple definition explains that such products cannot be felt; they are supposed to be experienced by the customers. These services are available for a limited and specific period of time and may expire after that. Additionally, services offered by various sources may differ depending on multiple factors, so expecting uniformity will not be good.
The market for services is not as big as physical products and digital products; besides, the live services that professionals offer cannot be resold.
Customers will prefer services as they are much cheaper than purchasing physical products and doing the task themselves without much expertise. If the bond between the provider and customer is good, these services can turn out to be an extended source of income.
Make sure to try out the service yourself before trying to promote it. You should also compare it with other competitors and try to source the best one available. Refer to the customer reviews and tally out the odds.
Boosting Your Affiliate Business with the Right Types of Affiliate Products
Before you start promoting and selling affiliate products, there are a couple of things to consider. Building an audience for your affiliate products is the first thing you should do. You also need to ensure that the products are profitable enough to make the investment worth it.
Before you start promoting affiliate products, create a marketing strategy and ensure that you follow it. This will help you to be more consistent in your marketing efforts and help you to bring in more traffic.
Email marketing is a great way to build a relationship with your audience and drive sales. If you want to bring more traffic to your site, make sure that your site is optimized for search. You can learn how to optimize your site for search with a good SEO guide.
Next, when you're looking for potential products to promote, there are a few things to keep in mind:
Target Audience: Conversion rates will only be high when your audience is selective. Choose a niche, provide quality information, assist them, and improve your SEO strategy, and via various such ways, you can build your audience base.
Product Demand: Do market research, and check for the product demand before you apply for its affiliate. A product or service that is outdated will not attract any customers and will turn out to be a waste of time.
Product Profit Margin: Another crucial factor that marketers need to consider is the product's profit margin. You want to make sure that you are making enough money from each sale so that you can earn a profit. Do compare the commission rates with other available competitors before making the final choice.
Consider Customer Review: Feedback will help you improve the experience for your audience. Each product will have a competitor with something to offer that your current product cannot. Quality should be your utmost priority.
Top FAQs on Types of Affiliate Products 2023
What are the key benefits of selling digital products over physical products?
Selling physical products online presents challenges such as shipping and inventory formalities, costly warehouse storage, and thin profit margins. At the same time, selling digital products eliminates these challenges. With an unlimited digital warehouse, no shipping or inventory costs, and higher profit margins, selling digital products online gives you the opportunity to experience quick returns with high growth potential.
What is the difference between a digital product and a physical product?
Physical products can be ordered from any ecommerce store and need to be shipped within a particular period of time. On the other hand, digital products such as online courses, eBooks, software, website themes, graphics, and many more are downloaded from the website.
How to choose a product for affiliate marketing?
In affiliate marketing it can be hard to know which products are the best fit for your blog. It is difficult to know if it's the right product for your audience. Check the following questions to know if the product is right for your target audience.
1. Does the audience buy my product?
2. Does the market is competitive for the product?
3. Do I able to make a recurring commission?
What are the best affiliate marketing products?
It is quite challenging to find the right products for affiliate marketing that you are knowledgeable about. Finding the right product is essential to becoming a successful affiliate marketer, but it's a daunting task to find a product that fits both criteria. The following are the best affiliate marketing products that you can consider.
1. Financial Products
2. Real Estate Products
3. Travel Products
4. Dating Products
5. Gaming Products
6. Fashion Products
7. Gardening Products
Conclusion: What Types of Affiliate Products are best for Affiliate Marketing?
Affiliate products can be a great way to make money, especially if you're not ready to sell your own products. However, you need to make sure that you find the right products, promote them well, and follow the tips listed above to be successful with affiliate marketing. With the right tools to track your sales, profits, and traffic, you can maximize your profits from affiliate products.
Investing in the right affiliate products can make a decent amount of money without risking anything. Choose Physical products or digital products or services, or even all of them to boost your affiliate earnings.