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How to Make Money with Custom GPTs and ChatGPT

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Make Money with Custom GPTs

The new GPT store on ChatGPT is expected to be launched by OpenAI in December, there aere a number of other ways that you can make money with Custom GPTs and ChatGPT as well as the new store. In the dynamic and ever-changing digital world we inhabit, the emergence of Generative Pre-trained Transformers (GPTs), such as ChatGPT, signifies a major leap in the field of artificial intelligence. These sophisticated AI models are rapidly transitioning from being mere technological marvels to valuable assets in the business arena.

Entrepreneurs and forward-thinking innovators are now at the forefront, actively seeking out and experimenting with inventive and effective ways to harness the financial potential of these tools. This article aims to explore and elucidate a variety of practical and groundbreaking strategies. These strategies are not only innovative but also highly effective in tapping into the revenue-generating capabilities of custom GPTs and ChatGPT. We aim to provide a deeper understanding and fresh perspectives, moving beyond traditional methods and applications, thereby opening up new avenues for leveraging these advanced AI technologies in the commercial sphere.

1. Merchandise Sales Powered by GPTs

One of the most direct ways to monetize GPTs is through merchandise sales. For instance, imagine a custom GPT named ‘Sticker WHZ’ designed to create unique sticker designs based on user inputs. Such AI-powered creativity can be a game-changer in the custom merchandise sector. By integrating with platforms like Teespring, the entire process from creation to distribution can be streamlined, offering a novel avenue for e-commerce.

2. Tip Jars: A Simple Yet Effective Model

Tip jars represent a straightforward monetization method. A custom GPT, like ‘Grimoire GPT’, aimed at enhancing specific skills such as engineering, can include a feature allowing satisfied users to leave tips. Digital platforms like ‘Buy Me a Coffee’ and Patreon make it easy to set up and manage these donations, providing a steady income stream for creators and developers.

3. Consultation Calls Facilitated by GPTs

GPTs can serve as powerful lead generators for professional services. For example, a ‘GPT Idea Evaluator’ could offer initial assessments or advice, leading interested users to personalized, paid consultation calls. This approach not only monetizes the GPT service but also leverages its capabilities to enhance a consulting business. Scheduling and payment collection can be efficiently managed through tools like Calendly.

4. Affiliate Marketing: GPTs as Product Recommenders

Affiliate marketing, a well-established online revenue model, can be innovatively integrated with GPTs. These AI systems can be programmed to recommend products or services, embedding affiliate links within their responses. This method adapts well to a variety of niches, including physical goods and online courses, and can be a subtle yet effective monetization strategy.

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5. Sponsorships Tailored for GPT Content

Similar to traditional digital content monetization, GPTs can feature sponsored links or product mentions in their outputs. This approach mirrors the sponsorship models seen in digital platforms like YouTube or newsletters, providing an opportunity for businesses to reach audiences through AI-generated content.

Summary

The potential of Generative Pre-trained Transformers (GPTs), particularly models like ChatGPT, in the arena of monetization, is both vast and multifaceted, presenting a rich tapestry of opportunities. These advanced AI tools are not just confined to one or two avenues of revenue generation; they open doors to a multitude of possibilities. From the more straightforward approaches like direct sales, where products or services are sold directly to the consumer, to the incorporation of virtual tip jars, where users can express their appreciation in monetary terms, the scope is wide-ranging. Additionally, the realm of affiliate marketing offers a unique opportunity where these AI tools can recommend products or services, embedding affiliate links to track and earn commissions on sales. Sponsorships, too, present a lucrative avenue, where GPTs can seamlessly integrate sponsored content or product mentions into their interactions, akin to sponsorship models in other forms of digital media.

Moreover, by deeply understanding and strategically leveraging the unique capabilities of GPTs, creators, and entrepreneurs can not only tap into existing revenue streams but also innovate and create new ones. This exploration and utilization of GPTs in commerce and digital innovation can lead to the breaking of new ground, pushing the boundaries of what is possible in digital commerce and AI technology. These AI models, thus, serve not just as tools for income but also as catalysts for unprecedented growth and innovation in the digital economy, redefining the way businesses operate and interact with their customers. The potential is limitless, and the opportunities are only bound by the creativity and ingenuity of those who harness the power of these transformative AI technologies.

Here are some more useful article on ChatGPT and custom GPTs:

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21 Ideas for Earning Money Through Social Media

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social media earning

Nowadays, having only one source of income is not enough. In my case, it can barely cover the monthly expenses and bills. 

So, I researched several ideas for earning money through social media. It’s a way for me to have extra earnings to buy groceries or add to my savings. If you’re like me and want to make extra money online, this guide will help you do that. 

1. Sponsored Posts

sponsored post
Image Credit: Shutterstock.

One way most influencers make money is by doing sponsored posts. Brands will contact you to make deals if you have a decent social media following. 

You can also do outreach, where you reach out to businesses and pitch the benefits of partnering with you. Once the deal is sealed, you’ll be paid to promote their products and services on your social accounts like Instagram, Facebook, TikTok, and even LinkedIn.

2. Affiliate Marketing

Affiliate MarketingAffiliate Marketing
Image Credit: Shutterstock.

Another way you can earn extra cash through social media is affiliate marketing. Affiliate marketing is where you can make a commission by promoting a product or service of a business using an affiliate link. 

The best examples of where you can do that are Clickbank, ShareASale, and Amazon. You can sign up or apply to their affiliate program, and once accepted, you can begin promoting their products on your social platforms or website. You’ll also have your own Amazon dashboard to monitor how many people click on your links and purchase through them. 

3. Selling Products Online

Man, home business, work from home, e-commerceMan, home business, work from home, e-commerce
Image Credit: Hananeko_Studio/Shutterstock.

Selling products online is among the best ways to make extra money. Though this sounds similar to affiliate marketing, there’s a difference. You need to have your own products to sell or have a supplier who can send the orders directly to your customers, which is called drop shipping. You’ll need a platform to sell, for which you can use your social media platforms.

4. Paid Online Communities

shutterstock 417264109 scaledshutterstock 417264109 scaled
Image Credit: Shutterstock.

Looking to boost your income? Consider creating a paid online community on social media. It’s a digital space where members pay to access exclusive content, discussions, and benefits.

These communities often provide specialized knowledge, tools, or interactions not found in free forums. Remember that building a good following and having a valuable offer is the key to success here. 

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5. Social Media Management

social media followingsocial media following
Image Credit: 13_Phunkod / SHutterstock.

One way to earn an additional income is through social media management. In this line of freelance work, you create and schedule social media content to grow and nurture audiences on various social media platforms. 

Most importantly, you must have an effective social media content strategy to organically grow your client’s accounts. If that sounds like you, you can create an account and apply to job sites like Upwork. 

6. Online Courses

Woman, laptop, class, teaching, teacher, online, course, pottery, learnWoman, laptop, class, teaching, teacher, online, course, pottery, learn
Image Credit: Dmytro Zinkevych/Shutterstock.

If you’re a teacher, YouTuber, writer, or someone who knows much about one specific topic, you can make online courses and sell them. Pick a topic you want to cover and ensure you’re good at that. 

Next, validate your ideas through research and audience surveys to make sure that’s what your audience wants. Once you finish that, pick your course platforms, like Teachable and Learndash. 

7. Create an E-Book 

create ebookcreate ebook
Image Credit: Shutterstock.

Another extra source of income you can do is create an e-book. Creating an e-book lets you share your knowledge, expertise, and life experience in a convenient digital format while earning extra income. 

It’s also hassle-free since you can self-publish your e-book on platforms like Amazon Kindle Direct Publishing and reach a wide audience. That said, you can always use your social media following to market the e-book. 

8. Print-On-Demand

print on demandprint on demand
Image Credit: Shutterstock.

If you want to earn extra bucks and have good design skills, there’s no better way to leverage your social media account than a print-on-demand business. It’s where you design a product with your print-on-demand partner, and they will print and ship the goods to your customers on your behalf. 

Some of the most popular print-on-demand partners you can collaborate with are Printify and Printful. There’s no set-up cost or membership fee for these two, and they will only charge you for manufacturing and shipping once an order is placed. 

9. Photography

man taking a photo with professional cameraman taking a photo with professional camera
Image Credit: Shutterstock.

You can earn extra income by doing photography gigs through social media. All you need to do is showcase your photography skills on social media platforms and ensure all your shots are taken well. 

Platforms like Facebook and Instagram are good places to find clients who need photographers for their businesses or personal shoots. As a result, you’ll turn your passion for photography into a profitable side hustle. 

10. Subscription Services

only fans subscriptiononly fans subscription
Image Credit: Shutterstock.

Earn extra income by offering subscription services through social media. Just create valuable content or products that people are willing to pay for. Whether it’s exclusive access to premium content, personalized services, or products, you can make easy money by promoting them on social media. 

However, this only works if you already have established followers. If not, work on growing your audience first. By giving your subscribers something valuable regularly, you can turn what you love or are good at into a steady source of income.

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11. Crowdfunding

crowdfundingcrowdfunding
Image Credit: Shutterstock.

If you need money for a brilliant business idea but have no capital money at hand, you can generate money through crowdfunding. Simply share your project or idea online, be genuine, and ask for their support.

Start a GoFundMe or use Kickstarter to start your journey. Afterward, share them on social platforms like Facebook and Instagram to raise awareness about the funding. 

12. Sponsored Reviews

influencerinfluencer
Image Credit: Shutterstock / Diego Cervo

Another way you can make legitimate money online is to do sponsored reviews. Don’t mistake this as similar to sponsored posts; this isn’t. In sponsored reviews, you’ll get paid to write a lengthy review for a product or service of a business. Meanwhile, in sponsored posts, you’ll only do a little extra work of endorsing or posting an item.

13. Digital Coaching or Consulting

Shutterstock 1738498550Shutterstock 1738498550
Image Credit: Shutterstock.

One of the ways to make extra cash is through digital coaching or consulting. Though this might sound simple, it has depth, so you must have the experience to do any of those two. 

For example, if you have expertise in fitness, you could provide tailored workout plans and nutrition guidance via video calls or email consultations. Or, if you excel in career coaching, you could offer resume reviews and interview strategies to assist people get much better employment opportunities. Use social media to tell people about your services and connect with potential clients.

14. Copywriting Services

Young Multiethnic Developer Working on a Laptop Computer in Creative Office Environment. Beautiful Diverse Latin Female Project Manager is Developing Data and Scheduling a Project.Young Multiethnic Developer Working on a Laptop Computer in Creative Office Environment. Beautiful Diverse Latin Female Project Manager is Developing Data and Scheduling a Project.
Image Credit: Gorodenkoff/Shutterstock.

Another way of making a quick buck is to offer copywriting services. With your talent in writing, you get paid to work with brands, advertisers, marketing agencies, or sole business owners and earn additional income. Market your offerings well on social media and job sites like Upwork to attract potential clients willing to pay for your freelance writing services. 

15. Video Production

Unrecognizable guy editing astronaut videoUnrecognizable guy editing astronaut video
Image Credit: Frame Stock Footage/Shutterstock.

Video production is another way to make more money via social media. Businesses and YouTubers often hire freelancers to do video production or video editing for them for a good amount of money. For instance, a video editor I know makes hundreds of dollars per video submitted. 

16. Graphic Design Services

Graphic designer creating logo on computerGraphic designer creating logo on computer
Image Credit: Kaspars Grinvalds / Shutterstock.

If you have a good eye for design and details, offering graphic design services is among the best ways to make additional money. Your job here includes anything from making logos, typography, infographics, or packaging design. Use your social media to post your work and attract new clients.

17. Virtual Assistant Services

Virtual AssistantVirtual Assistant
Image Credit: Shutterstock.

Offering virtual assistant services is one way to start making money online. It’s similar to offering social media and copywriting services but with a broader scope of work. Your job here is not restricted to blog posting, scheduling appointments, managing email accounts, and making travel arrangements. 

18. Webinar Hosting

ZoomZoom
Courtesy of Wealth of Geeks

Web hosting is another way you can earn money from home. You can make money from this by hosting webinars for specific topics you’re an expert in. 

Use your social media to make your followers aware of your webinar, set an admission price, and add as much value as you can on the topic of your choosing. 

19. Niche Blogging

What Skills Do I Need To Become a BloggerWhat Skills Do I Need To Become a Blogger
Image Credit: Shutterstock.

If you love blogging, there’s no better way to monetize than niche blogging. You pick a particular topic to write on and publish posts in that niche. 

For instance, if you love traveling, you can pick a travel niche and write only about traveling topics. Share your posts on various social platforms to attract more audience. Once your blog gains traction and your social media account grows, you can earn money from ads and sponsored posts and offer your expertise to help other bloggers. 

20. Podcast

Podcast SetupPodcast Setup
Image Credit: Shutterstock.

If you love talking, monetizing a podcast is another way to make money online. Pick your niche or topic, choose a catchy name, and buy recording equipment and software. 

Once everything is ready, you can start recording and editing your podcast. After that, focus on building trust with your audience by regularly uploading valuable, high-quality content that resonates with your audience. 

When your podcast gains a good audience and your social media platforms start to grow, you can start doing sponsored posts and ads, or put affiliate codes or links to your podcast. 

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21. Sponsored Livestream

Influencer live recording social media vloggingInfluencer live recording social media vlogging
Image Credit: Shutterstock.

If you enjoy live interactions, hosting sponsored livestreams is a great way to earn money online. Start by picking a subject or theme for your live stream, ensuring it aligns with your interests and expertise.

Next, gather the equipment and streaming software, ensuring good audio and video quality. Once prepared, engage with your audience in real-time by delivering valuable content and fostering meaningful conversations.

As your livestream gains traction and viewership, consider collaborating with brands for sponsored posts and ads during your streams. Alternatively, incorporate affiliate codes or links into your content to monetize your efforts further.

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Develop Your Success Mindset With 12 Simple Tips in 2024

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Develop Your Success Mindset With 12 Simple Tips in 2024

A success mindset is essential to achieve meaningful goals in life and work.

But what is a success mindset, and how do you develop one?

The short answer?

A success mindset is a set of beliefs and attitudes that support you in whatever you want to achieve.

So, to confidently go after goals without fear, a success mindset will help you get there.

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Read on to discover 12 tips for developing a mindset for success.

1. Know What Success Means to You

A success mindset starts with knowing what you want.

Define success for you

It may seem obvious, but many of us haven’t spent enough time thinking about it.

We allow life to pull us in many directions, leading us to unwanted destinations.

Thus, we need to get specific.

Imagine working towards a goal you kind of think you want to achieve. How will you know when you get there?

Worse. What if you reach a goal that wasn’t meant for you? It might feel exciting at first, but it won’t bring lasting fulfillment.

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So, how do you know when you’ve achieved success?

There are many ways to help you define personal success. Here are a few things to try:

  1. Set SMART goals. A classic method for goal setting can bring more clarity.
  2. Model successful people. List the people you admire most and get clear on why. What is it they have achieved that inspires you? This can help you establish what you truly want.
  3. Learn about human needs. Study Maslow’s Hierarchy of Needs or the Six Human Needs by Tony Robbins. This will open your mind to what drives you.
  4. Define your values. Take Dr. John DeMartini’s Value Determination Questionaire. Your values will uncover your true motivation.

Treat this as a self-reflective process rather than a set-it-and-forget-it activity. Realistic goals will evolve, so you don’t need to know all the details.

Define something broad and break it into smaller, more manageable goals to get you started.

2. Declutter Your Mind

What is the one thing that stops you from becoming a successful person?

You guessed it: your mind. More specifically, your subconscious mind.

That’s because the subconscious mind runs 95% of our actions. This is the foundation of developing the right mindset for success.

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If you’ve failed to achieve goals in the past, it could be a sign that your subconscious mind is working against you.

Exploring the different types of mindsets will help you understand why you get stuck.

But here are some steps to clear your mind so that success becomes automatic:

  1. Uncover your limiting beliefs. Quiet your mind and witness what arises. Use journaling prompts to uncover thoughts that keep you stuck. Question everything.
  2. Banish negative thoughts. Recognize that the words you say to yourself impact your results. Replace phrases like “I can’t,” “It’s too hard,” and “I don’t have time” with positive self-talk.
  3. Believe in yourself. True self-confidence comes from you. If you don’t believe in yourself, who will? Start building the self-belief muscle by taking action and celebrating your wins.

When you declutter your mind from unwanted limitations, success becomes a habit. You start to see evidence that anything you want is possible.

3. Act Fast

Acting fast is a crucial trait of the success mindset.

Instead of thinking and planning and overplanning and wondering, just get started. You’ll learn way more by taking action.

Niche Pursuits founder Spencer Haws said it well in a recent tweet.

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He outlined 7 reasons why so many people fail at online business, with number 3 stating:

“Not taking action and lack of effort. I didn’t know anything about the Amazon Influencer program a year ago, but it seemed interesting. Instead of thinking about it for months or years…I just started! (And I made over $6,000 in December). Jump in, do some work, and figure things out. Too many people sit on the sidelines for WAY too long just thinking about things.”

Being successful is about being decisive. Overthinking creates too many options. The solution is to take the first step and not worry if it’s the wrong step.

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The right path will reveal itself along the way.

4. Embrace Failure

Do you have a fear of failure? It’s okay, many of us do.

The kicker is that even successful people fear failure. The difference, however, is that they use it to their advantage.

That’s right. Successful people use failure as feedback, which brings them closer to success.

To embrace failure, loosen your grip on what it means to succeed. Let go of the outcome and lower your expectations.

Start small and work your way up to more challenging goals.

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This could be looking at the easiest online businesses to start instead of starting a global empire.

Or running on the spot for 30 days straight instead of aiming to complete a marathon.

Get lots of quick wins and learn from the setbacks. This will ease any resistance you have to failing or making mistakes.

5. Perseverance and Grit

Another characteristic of the success mindset is to persevere when things get difficult.

Pereverance and gritPereverance and grit

Achieving any goal requires commitment and self-discipline.

This doesn’t mean you need talent or have a high IQ. It means you need to recognize that big goals take time, patience, and consistent effort.

You need grit.

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Grit is about doing the hard work, day in and day out, without immediate reward.

Angela Duckworth

In her Ted Talk, Angela Duckworth defines “Grit” as passion and perseverance for very long-term goals.

Grit is about choosing goals you’re so passionate about that giving up isn’t an option, no matter how hard it gets.

This is how you achieve meaningful success.

6. Know When to Give Up

On the flip side of perseverance and grit is knowing when to call it quits.

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It’s a strange paradox, but not all endeavors are good ideas. This is a concept explored in The Dip by Seth Godin.

Giving up might not count for things like losing weight or building a great physique if you’re in good health.

Or quitting a career as a writer because you struggle with writer’s block.

Or quitting business if you’ve had lots of failed startups.

It simply means you might have to switch things up.

The perfect body might not be possible if you have a health condition. Writer’s block might be eliminated when changing what you write about. Likewise, failure in business doesn’t mean you can’t succeed.

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The main takeaway is to not get too attached to ideas that aren’t going anywhere.

But you can still find success in other areas.

7. Definiteness of Purpose

Napoleon Hill emphasized the importance of having a definiteness of purpose in many of his books.

This involves following your definite chief aim or creative vision caused by a burning desire.

When you’re guided by a burning desire and creative vision, nothing will stop you. You also eliminate conflicting desires that take you off track.

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The definiteness of your purpose helps you maintain unwavering focus and determination.

Hill believed a well-defined purpose is the cornerstone of success, aligning one’s actions and decisions with a singular vision.

8. Teamwork

Life as a solopreneur can be a very lonely path. But without teamwork, success isn’t possible.

Achieve success through teamworkAchieve success through teamwork

As Henry Ford aptly noted:

“Coming together is a beginning. Keeping together is progress. Working together is success.”

This underpins the importance of teamwork in achieving personal mastery. The ability and willingness to collaborate with others is an essential component of personal success.

What often gets in the way of this positive attitude is people’s distrust of others. They see others as “the competition” and who might get in the way of their success.

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But the opposite is often true. Those who are truly successful know it comes from their unique strengths and overcoming personal challenges.

When we embrace a collaborative mindset, we’re able to combine our unique gifts and win the battle together.

9. Time and Money Management

This next tip I learned from one of my mentors, Jim Fortin. It’s about how you manage your time and money.

Time and money managementTime and money management

Effective time management comes down to where you place your attention. You’ll be constantly distracted if you’re overwhelmed with information or lack a clear path.

“You are where your attention is.” – Jim Fortin

So, to live successfully, you have to pay attention to your thoughts and how they direct your life.

Money management isn’t just about spending money wisely.

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It’s a mindset in itself.

Most people put money and work in the same money box. Successful people separate them.

For example, if you’re a real estate agent for the sole purpose of making money, then this becomes your only source of income.

The mindset shift is being a real estate agent simply because you love sales and helping people.

You recognize that exchanging your time for money limits how many people you can help. So, you think of other ways to help people.

You know your skill in sales is valuable, so you start teaching them on YouTube.

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Before long, you’re able to monetize your channel and sell an online course that makes passive income.

Making money then becomes a byproduct of how you value your time and knowledge and not dependent on working for it.

10. Habits

Everything we do is a habit. How you do one thing is how you do everything.

Even the unwanted outcomes we get are the result of tiny actions made consistently.

This can either feel depressing or liberating. Why?

Because if everything is a habit caused by the brain, it means we can loosen our grip on the mistakes we’ve made in the past.

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We can recognize that developing bad habits isn’t our fault, but it is our responsibility to change them.

Using our recent understanding of neuroscience, we’re able to rewire our brains to take different actions.

When we repeatedly choose a more empowering action over a disempowering one, we are creating a better future.

“Every action you take is a vote for the person you wish to become.”

James Clear, Atomic Habits

11. Personal Integrity

Personal integrity is outlined as one of the pillars in The Six Pillars of Self-Esteem by Nathanial Brandon.

It’s about sticking to our word and living in alignment with our values.

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Integrity forms the foundation of our character, influencing positive thoughts, better decisions, and consistent action.

By upholding our convictions, we not only gain the trust of others but also strengthen our self-esteem.

It ensures we commit to achievements that are congruent with our highest ideals.

12. Continuous Learning

The last tip for developing a successful mindset is the dedication to continuous learning.

Continuous learningContinuous learning

Known as the fixed mindset vs the growth mindset. Lifelong learners know that success comes from learning.

Whereas those who avoid learning don’t believe they can change. Instead, they try to achieve goals to prove their worth instead of doing it out of passion.

Lifelong learners recognize they are never done, even when they reach a goal. It’s all about evolving and becoming the best version of themselves. 

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Successful people also recognize the rapid pace of technology and the opportunities it brings. Without staying up to date with new information, we miss out on better ways to work and contribute to the world.

Success Mindset in Conclusion

To cultivate a success mindset, it’s essential to understand certain principles.

You first have to know what success means to you. Then, remove any doubts that hinder self-confidence.

It’s also helpful to move through fear instead of avoiding it. Having a clear vision and purpose will keep you motivated through challenging times.

Remember, success isn’t something you do it’s a way of being.

What’s next? Check this article if you want to start a business but have no ideas.

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Affiliate marketing and retail media: The opportunities for retailers and brands.

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Affiliate marketing and retail media: The opportunities for retailers and brands.

Global retail media ad-spend will surge to €153bn by 2027. Learn about the opportunities that exist for retailers and how the affiliate channel, and Awin, can support.

Retail media has undergone significant evolution since Amazon pioneered its retail media network in 2012. Over the years, a diverse array of retailers, spanning from Walmart and Tesco to Boots and Instacart, have established their own retail media networks. 

This proliferation has fueled substantial growth, with projections from eMarketer’s Insider Intelligence indicating that global retail media ad spending will surge to €153bn by 2027.

What is retail media?

At Awin, we define retail media as an advertisement strategically placed on a retailer’s e-commerce site to positively influence customers precisely at the point of sale. This form of advertising empowers brands to enhance their visibility within the online shopping environment.

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Traditionally, retail media placements were primarily acquired by advertisers already selling products on the retailer’s e-commerce platform. These placements served various purposes, from driving awareness and consideration to, notably, boosting the sales of their products on the retailer’s site. An approach commonly known as endemic retail media.

More recently, a trend has emerged in non-endemic retail media, where advertising placements are secured by advertisers seeking to target specific consumer segments. In this context, retail media placements are bought by advertisers in the exact same way as they would with other paid-media outlets. According to research from Merkle, 63% of retailers have non-endemic advertisers actively leveraging their retail media networks.

Retail media networks are the dedicated advertising platforms crafted by retailers to provide advertisers with access to promotional inventory across their various channels. These platforms enable advertisers to leverage the retailer’s first-party data, tailoring advertisements to target shoppers with precision and relevance. 

The growth of retail media

After a sustained period of explosive growth, the enthusiasm surrounding retail media is unlikely to wane anytime soon. McKinsey research indicates that 73% of advertisers anticipate increased spending on retail media networks in the next 12 months, with 70% reporting superior performance compared to other marketing channels.

The remarkable growth in retail media is propelled by a concentration of three key drivers:

1. Revenue pressue on retailers

The pressure on retailers to identify new revenue streams and enhance margins is a primary driver. Rising inflation, weak customer demand, and intensified competition from low-margin retailers have forced retailers to seek new avenues for revenue generation. According to BCG, retail media networks can achieve robust profits ranging from 70% to 90%, a significant appeal for those operating on slim margins.

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2. Cost effective acquisition for advertisers

The ‘dash to digital’ shift triggered by the pandemic has made online e-commerce more challenging, intensifying the need for advertisers to explore new avenues for driving sales. With increased digital adoption comes heightened competition. A study from IAB Europe and Microsoft found that 92% of advertisers are currently partnering with retailers to reach new customers.

3. Third-party demise

The diminishing value and use of third-party cookies in customer targeting and advertising serve as a catalyst for retail media growth. While third-party data is on the decline, the importance of first-party data collected by retailers is rising. The ability to leverage first-party transactional and behavioral data offers advertisers a significant opportunity to target potential customers effectively. 

As third-party cookies fade away, 91% of advertisers foresee retail media playing a key role in their advertising strategy.

Retail media opportunities

Retail giants like Walmart leverage endemic retail media placements to offer their brands a targeted approach to reach in-market audiences throughout the customer journey. This could involve sponsored search listings, prominent product features, or other strategies to enhance visibility and drive conversions.

More retail media networks are embracing innovative approaches, such as shoppable TV. A noteworthy 57% of marketers anticipate shoppable video content to be the next frontier in retail media. For instance, Coca-Cola collaborated with Roku to introduce a holiday-themed screensaver on users’ devices. Users could then purchase Coca-Cola products straight to their home via DoorDash.

Non-endemic retail media opportunities present an underexplored landscape within the retail media space. Strikingly, 58% of advertisers express their interest in leveraging non-endemic data to target qualified audience segments.

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At Awin, we have supported brands like The Hut Group and Currys to establish their own retail media networks, enabling them to promote complementary advertiser offers during the checkout process. The concept of checkout marketing is powerful, as it not only creates a sellable ad-placement for retailers but also enhances the shopping journey. Numerous case studies demonstrate that retailers can improve their conversion rates by offering customers value-added rewards at checkout.

Beyond checkout marketing strategies, we have also assisted retailers in launching digital reward platforms. To foster customer loyalty and sustained engagement, personalized rewards are key. Notably, we have observed diverse industries, including network operators, banks, and utility providers, embedding third-party advertiser offers into their reward programs. 

Overcoming the challenges of retail media

Despite the continued growth of retail media, it is not without its challenges. The lack of standardization in measurement and the walled garden environments of retail media networks, pose obstacles for advertisers looking to increase their ad spend. According to a report by Epsilon, 42% of advertisers do not plan to change their retail media ad spend through to 2026. The hesitation is largely attributed to the difficulties associated with measuring performance.

Here is where the affiliate marketing channel can play a crucial role in supporting retail media. The affiliate marketing industry is founded on the foundations of robust and transparent tracking, providing advertisers and partners with real-time reporting insights.

Given the expansive nature of the retail media landscape, advertisers also face the challenge of selecting the right retailer to align with their objectives. Awin has developed a carefully curated discovery matrix that offers key information about each retail media network and the opportunities they provide. This resource aids advertisers in making informed decisions about which retailer to partner with.

Whether you’re looking to create your own retail media network or promote your products through retail media, Awin provides the tools and support needed.

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Visit Awin to find out more.

By Lee Metters, client partner, Awin

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