There is one magic number that you need to understand. Just by knowing this number, you will put yourself at a higher level than 99% of, not just affiliate marketers, but marketers in general!
The acronyms CPA and CPL stand for cost per acquisition and cost per lead, respectively. These two phrases can be used interchangeably and are both just nerdy lingo for saying how much money one has to spend to acquire the contact information of a potential customer. Knowing the definition is easy; mastering the number is the difference between doing affiliate marketing as a side hustle versus having it bring in seven figures of income.
When I first heard of affiliate marketing, I thought it sounded like a great way to make money without high upfront costs and risk. That being said, I believe that I was going it all wrong back then. If I could go back with what I know now, my numbers would be ten times crazier! So, what was I doing wrong? How do you do it right?
What Is Affiliate Marketing?
First, let’s break down what affiliate marketing is. Affiliate marketers are essentially online saleswomen and salesmen who sell on the internet. They get paid a generous commission for every product they sell; it’s amazing! Affiliate marketers do not have to worry about inventory or problems with customer service. All they have to worry about is driving traffic making a sale.
At the beginning of my affiliate marketing career, I thought I was doing everything right by only focusing on moving traffic. When my greatest source of income cut me from their program with no warning, I was screwed! I thought ‘how could this be legal?’. Why would they want to cut their top affiliate? I lost all of the contacts I had and had to start back at square one.
How to Collect a Lead
To collect a lead as an affiliate marketer, all you need to do is create something of value. Create something so valuable that someone would be willing to trade their email for what you have to offer in return. Don’t make it complex; it can be as simple as a blog post that recommends three different brands of superfood…