One of the sayings in the marketing world is, “The money is in the list.”  What this means is that it’s important to build your email list.  The people who subscribe to your email list are interested enough in your products or services to give you permission to market to them.  This is very valuable!  Your subscribers want to hear about your sales, specials, and new products or services!

Sometimes, business owners will give away a free product (usually a download) to encourage visitors to subscribe.  That product is called a List Magnet.  Giving away a product allows you to showcase your expertise or share a resource that you find valuable.  It also leaves the new subscriber with “warm fuzzies” about you and your business.

TIP: Giving away a free gift can encourage visitors to subscribe to your email list.

As a real-life example of this concept, I am giving away a free copy of A Beginner’s Guide to Affiliate Marketing Success for anyone who would like to subscribe to my newsletter in the email form below.  If you are already a subscriber and would like this download, please email me and I’ll gladly send you the download link.

 

We’ve been talking a lot about affiliate marketing this week.  Why is that?  Affiliate marketing is one of the many ways you can create multiple streams of income for yourself and/or your business.  Is this important?  You bet it is!  Did you know that most self-made millionaires have 3-6 streams of income?

Having several streams of income is important because, as we all know, the economy fluctuates and there are slow times during the year for most businesses.  Those are the times when those extra income streams can really help!

Here are some examples of how some celebrities have used multiple income streams:

• Ashton Kutcher – In 2009, Kutcher invested some of his Hollywood cash on Skype when it was valued at just $2.75 a share. Microsoft recently purchased Skype for more than $8 billion, making Ashton enormously wealthy.
• Arnold Schwarzenegger gets most of his current income from real estate investments he made prior to becoming a famous film star.
• Warren Buffet – Ironically, due to the diverse nature of the investment portfolio held by Berkshire Hathaway, Buffet actually is invested in 15 different industries. That’s a lot of baskets kicking off a lot of income streams.

TIP:  Don’t put all your eggs in one basket.

What could you do with income above and beyond your “regular paycheck”?  Here are some ideas, but the list is extensive:

• Save for retirement
• Pay for college education
• Invest in your business
• Go on a vacation
• Upgrade your home or car
• Help others or give to charity
• Pay off debt

There are a lot of good sources for learning how to add streams of income to your business.  Some that I use, personally, include Affiliate Marketing, an Etsy Shop, and something new and exciting that I will share with you in the next day or two!  For now, let me recommend a book for further reading: Entrepreneurial You: Monetize Your Expertise, Create Multiple Income Streams, and Thrive.

More on this topic tomorrow!

 

Statistics Source

 

 

So, we’ve talked a little bit about Affiliate Marketing, but you may be asking, “Where can I use affiliate marketing?”  Good question!  There are many avenues to use affiliate marketing.  Some common ones include:

1. Your website or blog
2. Social media
3. Online forums (usually in your signature)
4. Email

You can use any or all of the above and there are other avenues that may not be as common.  Generally, you will use an affiliate link when you are writing about a product or service that you like and are recommending to others.

TIP: When you mention a product you use and like, insert your affiliate link when possible.

On a website or blog, it is a good practice to disclose that you may be using affiliate links.  As an example, you can see my disclaimer link in the footer of this page.

Marketing is not just a “numbers game.”  The better you know your audience, the more specific you can be to meet their needs.  When you have narrowed down the target, it will be easier to hit.

So, the key is to build your marketing plan to reach a specific target audience – those who are looking for your solution to their problem!  Think about their demographics (age, culture, sex, etc.), how they receive information (social media, direct mail, newspapers, etc.), and so on.  Then use what your research reveals to target that audience.

TIP:  Build traffic that counts so that you have more ready to buy eyes on your products. To do this you must understand your audience and target them.

As an example, I once came up with a product that would specifically solve a problem for Heating and Cooling repair companies.  I created my marketing piece (a direct mail letter), and sent it to the owners of 20 HVAC companies.  Out of 20 letters, I received 4 positive responses.  That may not sound like a lot, but in reality, that was a 20% positive response rate, which is HUGE for a marketing campaign!  I did my homework, researched my audience, and hit my target.

Think about who you are trying to reach with your product or service.  How narrow can you focus your target?

As a long-standing member and former Director Consultant for BNI, I have learned that people are more likely to do business with people who they know, like, and trust.  Think about life 20-30 years ago.  Our parents and grandparents would buy, sell, and barter with neighbors and friends.  They knew each other, their families, and their reputations–good or bad.  In today’s tech world, it’s similar.  If the business has a good reputation, such as Amazon, we feel like we can trust them with our credit card and personal information.  There are plenty of sites on the internet that do not deserve our trust!

TIP:  Focus on building relationships first. Strong relationships often lead to affiliate marketing success due to the “know, like, trust principle.”

When I pass a referral for a colleague in BNI, I am placing my reputation on the line with the recipient of that referral, so I’d better be sure that I am confident of my referral partner’s abilities and professionalism!  This is how you should determine which affiliate programs to promote.  If you don’t believe in the product or the person selling it, walk away; the money that you earn won’t be worth the damage to your reputation.

At this time, I would like to invite you to get to know me a little!  Please sign up for my newsletter.  The welcome email tells you all about me and my business ventures, how I got started and where I’m headed.  I’d love to hear your story, too!  Please feel free to comment or send me an email!