Associate Programs Newsletter #417
If you want your affiliate business to really fly, don't treat it like a hobby.
I believe this is one of the primary differences between rich and poor affiliate marketers.
Lots of the poor affiliate marketers blame their lack of knowledge, most times technical knowledge, for the failure of their business.
They tinker with this and that, but never really get serious with one thing to make it their “business”. They just fluff around. :)
The poor affiliate marketer has no strategy, no systems, no goals and no tracking. In fact, there is very little about what they are doing that even suggests they are running a business.
I get to meet and chat with lots of different affiliate marketers. From folks who are yet to make a dollar, right through to uber affiliates who are making 50k+ profit a day.
One of the striking differences in these two sets of people is the way that they treat their business.
There are some guys I know that are doing 7 figures a year and can barely write a line of HTML.
That doesn't matter to them. They know that Donald Trump is a lousy tradesman. They know that they don't need to be good at everything. They understand that they are just the captain of the team.
They orchestrate their business by leveraging their time to the maximum by using planned methods and systems to grow their businesses.
All the while tracking and measuring what is going on to continue on a constant trail of improvement.
Overtime, they move away from working “IN” the business towards spending most of their time working “ON” the business.
They simply become the conductor of this massive online profit generating orchestra.
Staff, software and systems are the musicians.
In practice, it's difficult to execute this perfectly.
In recent times I've found myself spending way to much time in spreadsheets, accounting packages and in companies affiliate areas instead of working on growing the business.
A lot of this stuff I can't outsource and we're not big enough to have an accounting manager in-house.
So unfortunately, my ability to leverage my time was diminishing because I was so caught up in the administration. To be honest, it has been starting to get me down.
Thankfully, I recently came across StatsJunky.
It's not often that I would call a piece of software a savior. But in this case, I would say that it really has been.
Recently I was introduced by a friend to the StatsJunky crew. For the past 9 months they've been working on a piece of software that quite frankly I didn't think was possible to create.
I thought that given the level of difficulty working with so many different affiliate programs it would largely be impossible.
However, somehow they've done it.
Actually I know how. Through sheer determination. They've got close to 20 people working to make this dream a reality.
What this magical piece of software does is essentially manages the time consuming and many times painful parts of your affiliate marketing business.
It downloads your stats from all your affiliate programs, as well as your PPC accounts if you use paid search.
In one neat dashboard you can see what you would normally have to login to all your different accounts to see.
You can even add in your recurring monthly costs like web hosting so you can get a full perspective on your monthly profits.
Every few days I'm now able to open up StatsJunky and see what has happened across our entire affiliate marketing business.
How much we've earned from each of our different revenue streams. Plus, how much we've spent generating a lot of that income.
But that's just the tip of the iceberg. You can drill down for each network and instantly see which programs are generating the bulk of the income.
Very quickly you can establish where your time is going to yield the biggest return on investment.
As an example, within minutes of using StatsJunky, I was able to identify that one of our largely neglected affiliate sites was actually making us $5.04 for every click on one of our affiliate links.
It was converting at an amazing 14.63%.
Guess where we'll immediately be sending more traffic and instantly making more money? :)
Without StatsJunky, I probably would never have identified this. I'm just too busy to manually log into every account to check these kind of stats.
One other really cool thing about StatsJunky is how amazingly dedicated they are to their new users. What other company do you know that have daily Q&A webinars with their customers?
As another example, I asked them if they could add another small affiliate program that we use to the software. They immediately went to work to add it overnight.
They now support 200+ affiliate programs.
This software really is the revelation for me in 2009. I trust that it's going to be a key component of growing our business even in these rough economic times.
After all, regardless of the size of your business, one of the key aspects to seeing strong growth is the tracking of what is working and what is not.
It's not rocket science. You focus more on the stuff that is working, and drop the stuff that isn't.
If you are an affiliate marketer, I would encourage you to take your business seriously. So don't treat it like a hobby.
Put together a clear strategy with goals in place to see how you're doing. Track your goals and reward yourself when you hit them.
As part of the process put systems in place like StatsJunky so you can easily track your progress and focus squarely on the things that are making you money.
Then with the time you save, you can engage in income generating activities like increasing your traffic or improving your conversion rates.
If you want to see StatsJunky in action, check out the video I got the StatsJunky crew to make for you guys. It gives an 8 minute demo on how it works.
Check it out here:
Note: They have a FREE 7 day trial and a credit card is NOT required to get started. See for yourself just how good this thing is.
I reckon EVERY affiliate marketer should at least try StatsJunky to see just how good it is for themselves.[UPDATE: The StatsJunky helpdesk is no longer operating. Apparently, the company has abandoned this project.]
Thought for today: Don't waste time
“It has been my observation that most people get ahead during the time that others waste time.” – Henry Ford.
All the best