Affiliate marketing can bring in a steady passive income if you set up your project correctly. However, you should take into account that the word ‘passive’ does not mean affiliate marketing comes with no work or effort involved.
While affiliate marketing can bring in a steady passive income, the old saying goes ‘nothing comes for free’.
Firstly, to get to a point in which your affiliate marketing project makes money usually means hours of strategy and execution planning, next is the time required building your platform(s), and then after this executing your strategy and fine-tuning it often involves time and money. Once you execute your strategy, there is then a matter of maintaining it.
Albeit, once you find a niche that you are successful in, then this is the steppingstone to diversification. When we say diversification, we do not mean go out there looking for a different niche to target and rather build upon the niche you are already making money from affiliate sales or sign-ups.
Avoid Diversifying into Industries Not Aligned with Your Current Projects
One of the biggest mistake newbie affiliate marketers can make when growing their passive income is to build a successful platform and then start a new project in a different industry. Now to explain this further let’s separate the words ‘industry’ and ‘niche’.
The industry could be ‘gambling’ while a ‘niche’ could be ‘online casinos’ or ‘sports betting’ within the ‘gambling’ industry.
For example, if you build an affiliate program within the ‘sports betting’ niche, then those that sign up to your newsletters, give you their email, or interact via social media, have already given you valuable insights. Each one of these people must be interested or enjoy gambling.
Therefore, if you start a new affiliate marketing program in another ‘niche’ within the online ‘gambling industry’ you can use the same social media or email lists as other forms of gambling may also interest them.
Conversely, if you decided to diversify and create a new affiliate project into let’s say ‘software sales’, the communication channels used to connect with your ‘sports betting’ audience will be of no use. In effect, you would have to start from ground zero to crack the software sales niche.
How to Diversify Within an Industry You Already Have Some Success In
The online gambling niche is arguably one of the best affiliate marketing niche markets to get into. Although incredibly competitive, it is still a growing marketplace on a global scale. It is one the best ‘industry’ examples for ‘niche’ affiliate marketing diversification and here is why…
Firstly, the marketing potential is huge because gambling sites love to give away bonus deals. There are welcome bonus deals and regular bonuses and promotions. This gives you a platform to use for your advertising campaigns.
Check out Playcasino.com online casino bonuses for an example of an affiliate online casino reviews site that understands the value of casino bonuses when creating promo content.
Next, the multiple ‘niche’ gambling sectors you can target will give you the chance to build up your affiliate marketing through diversification.
You could start by cracking the ‘sports betting’. Once successful move over to ‘online casinos’, then you have ‘online poker’, ‘lotto’, bingo’, and you could even extend to ‘cryptocurrencies’ because there are tons of online gambling sites that accept crypto payments.
From crypto investments, you could then movie into FX trading, stocks and shares trading, credit cards, and other finance niche environments.
Also, within the online casino niche, you can break this down into different specialist affiliate marketing projects. Land-based casinos, free money poker sites, social online casinos that do not accept real money bets, and even live casino game, which is a form of online gaming that uses webcams to give players a real to life gambling experience.
Being successful in each of these ‘niche markets’ within the ‘gambling industry’ will help you build up relevant email lists and gain relevant followers on your social media, while you will also attract relevant traffic to your website or websites.
Other Key Advantages to Targeting Niche Markets in The Same Industry
Aside from having what we could call a ‘globally relevant’ email list as well as social media, there are numerous other advantages to growing your affiliate marketing presence in the same industry.
Industry Knowledge: Your understanding of the industry grows. This gives you an edge over newbies or competitors entering the market and helps you provide informative, accurate, and appealing content. You will also be more inclined to stay up to date with industry-specific news.
Cost-Effective Marketing: It costs far less to set up advertising, marketing, and promo deals within an industry you are already targeting. In many cases, you can use the same website but a different page which should give you a ton of SEO value.
Freelancers & Workers: When hiring people to work on your project, your list of workers will be geared towards the industry you target which can make it easier to hire the right people at the right price. You will also have a good idea for what the costs of hiring labour are.
Saving Time: Your industry knowledge, market research, planning, execution, and explaining to workers how to get the job will take much less time because you already know exactly how to target the different industry niche environments.
Weighing up the information in this guide, the long and the short of it is this. Do not diversify into other industries until you have cracked the industry you are currently targeting or seeing success in. By sticking to the same industry, you will save time, money, and increase your chances of success. If you start to go outside of your comfort zone, this is when time and money can start to become a constraint.
Once you are earning a decent passive income from the industry you are already successful in, you will then have the funds and time to start looking into pastures new!
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