Online Entrepreneur Newsletter #046
Are You Leaving Money on the Table Without One of These?
As online entrepreneurs, we are always looking for the next income stream within the business. How can sales be improved is a common question.
In this week’s newsletter we look at having your own Affiliate Marketing Program a win/win for Business Owners and Affiliate Marketers.
So are you making the most of the sales options available or are you leaving money on the table?
Being An Affiliate Marketer
Affiliate Marketing is simply being a connector for a product or service that you like and are happy to refer to other people. Find a product you like and connect the people who you think will benefit best from it.
I have been an affiliate marketer for other people’s products for over 20 years and it is a great way to make money online.
Yes, there are tricks of the trade, as with any industry, but once they are mastered, income flows in steadily month after month.
Being an affiliate marketer is a good business model for an online entrepreneur but what about running your own affiliate program?
Creating Your Own Affiliate Product
Once affiliate marketing is understood the next step is to setup your own affiliate program.
A few years ago, I set up an affiliate program for Karen Newton International and the Zero to Millionaire Course.
Clients who liked the program referred others and this helped create the next group for coaching.
In return, I provided affiliates 20% commission on the referrals for as long as the purchaser remained a client.
The program was run on the course hosting platform. It is a manual system where a report is generated and I manually make the payments to affiliates.
Two years ago, I decided to launch a fully automated affiliate marketing program via the affiliate platform JVZOO. This made the affiliate program more accessible to a wider group of people. The course Zero to Millionaire was made into a stand-alone course with a one-off purchase price.
I kept the “client referral” system in operation while I tested the JVZOO platform.
After a year of testing and a comparison of the results between the client referral program and the JVZOO program, I decided to stay mainly with the client referral program.
The success of the client referral program was down to clients who knew the course and were able to sell it better.
Today’s questions are:
- do you have an affiliate program for your clients?
- If you don’t, how much money are you leaving on the table?
Note: the client referral program is an affiliate program as client’s earn a commission on sales.
Paying Commissions
Sometimes, it is hard to know what the right amount of commission that should be for an affiliate.
Some businesses will pay a set rate and others have multiple levels depending on how much the affiliate sells.
A multilevel commission rate is where an affiliate there is a range of commissions payable depending on the level of sales achieved.
I have a set commission rate of 20% regardless of how much is sold. From my perspective every sale is as important as another so everyone gets paid the same.
Are You Leaving Money on the Table?
As an Online Entrepreneur, especially once you get into creating your own products or services, having an affiliate program is an essential part of building your sales team and improving business profits.
Are you leaving money on the table if you don’t have one?
This Week’s Action Step
How effective is your sales process?
Review your products and services and see if it is possible to offer commissions for sales.
Read more about affiliate programs here
The Online Entrepreneur
Here are some of the resources to help you grow your online business
- The Online Entrepreneur Newsletter – this newsletter provides weekly tips to help you start a new online business or grow and existing one. If you know anyone who you think would benefit from receiving these then please give them the link below to subscribe.
Subscribe at https://courses.karennewtoninternational.com/newsletter
- The Online Entrepreneur Website – this consists of weekly posts around different aspects of building and growing an online business. Some of the content so far includes creating your website, SEO, Affiliate Marketing and Memberships. Just use the navigation tab bar – categories – to access specific topics.
More content and topics are being added each week. Please check the website regularly.
Visit the website at https://theonlineentrepreneur.co.uk
- The Online Entrepreneur YouTube Channel is up and running. Yeah! This is the “how to” channel for building your online business. Please help support the channel by subscribing and watching some of the videos. Don’t forget to like and comment. https://www.youtube.com/channel/UC1oivX87JKIRBMV2fb4i-mg
- The Online Entrepreneur Membership – this membership site helps you learn about building your online business with training courses, videos, a community, books and live sessions.
Membership is just £9.97 per month it is your resource library and support for online success.
Subscribe at https://courses.karennewtoninternational.com/membersonly
Have a great week
Karen
Karen Newton International
Wealth Income Lifestyle
3x #1 International Best-Selling Author
