The Residual Income Formula. Considering the amount of time you have, any attempts to earn internet money and passive income needs to be well thought out and planned. If you are anything like me you are currently working a regular 8 hour job while explore your passions that will increase your income. With that in mind, I want to share a residual income formula with you that will accelerate you affiliate marketing efforts. Passive Income + Social Media + Niche Targeting = Profit. The goal here is to work more effectively with the time you DO have so that you can eventually quit that 9-5 job. If that is your goal, keep reading.
Internet Money and Passive Income
There are two types of money you can make on the internet, active and passive. All money is good money as they say, but they both have some advantages.
Active income often comes from direct sells of product and services. Think about a Shopify or Amazon Associates store that a person may sell through. These storefront income sources are not bad at all. You can search Youtube and find thousands of success stories. However, the downside is the level of competition that is out there to sell the same products. The more competition out there, the harder it will be for you make active income.
What to sell on the internet is also difficult to keep up with. Trends bring new gadgets, fashion, and desirable items. You have to keep up with the trends and consistently market to them.
Additionally, getting found as a store is not easy to do, and the amount of maintenance and grooming of your store, product or service can be intense to say the least. If you have the time, this is a great way to make internet money. It is fast, but not easy.
Passive income through affiliate marketing on the other hand is literally the opposite. You write a blog post or setup your website with valuable content once. That drives or directs visitors to an opportunity that you do not have to look after much. Once it’s done, it’s done. Further, you seldom need to check on affiliate marketing links that you have setup. And many affiliate brokers have tools that will automatically detect if an affiliate link is bad. Read our post about passive income for more information.
You can focus more of your efforts on writing great content. You can also focus more on other aspects that will gain you visitors that convert to sells. So, the first step of the residual income formula is to start your journey with affiliate marketing rather than direct selling of products or services. Investing your time here first will allow you to do more active selling down the road. Building up the content and authority of your website or blog is your first priority.
Residual Income Formula And Social Media
Social Media has really taken off over the years. When I first started college the “internet” was new. And now not only do have a way of looking everything up, we have a way of engaging everyone.
That includes those potentially interested in a product or service that you are trying to market. The second part of the residual income formula is to connect as many social media platforms as you can to the blog or website that you are using to conduct affiliate marketing.
However, connect only the number of social media platforms that you can actively remain engaged in, otherwise this may backfire. Make it count. And staying meaningfully engaged in social media can drive traffic to your website or blog. This leads to more internet money.
Facebook and Instagram are one in the same. Owned by the same company. The great part of both is that you can advertise your information, products, or blog posts on these platforms and share them easily. It is important to build up a following in order to see good returns.
For more information on how to do this with Instagram, please read our Make Money On Instagram post.
You must know your audience in and out. Otherwise, how do you market to them?
For instance, more women than men love cute cat videos. And the age group for the cute cat lovers is 13-45 for most women. This group also shares other ideals in common that if you are in-tuned to, can turn a pretty penny for you. The niche that you target should be one that you have a passion for, something special. Otherwise, you may burn out. Researching their likes and dislikes is important to what you post and market to them. Niche targeting is highly important to ensure that you turn a profit.
If you lack the time and the patience to do this, then general affiliate marketing may be a better solution for you. You can find out more here. It’s a good supplement to the niche targeting aspect of the residual income formula. Especially if you are limited on time and seeking quicker results.
Residual Income Formula Review
- Both active and passive internet money are great. Start with the passive income, the slow and steady. Once you have the hang of things, then ALSO do active income such as Salehoo.
- The use of social media platforms can be extremely power sources of traffic to your website or blog. I’d recommend to engage in only three at time. I LOVE Instagram for this and you can read our post about earning money on Instagram.
- Lastly, know your niche and know it well, and practice niche targeting. It’s highly important that you understand the patterns and behaviors of those you are doing affiliate marketing. This will sharply increase your passive income. And if you do not have the time to do this, use general affiliate marketing so that you can market to anyone.
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