Look to where you've been to see where you're going?
There's an old saying that you can drive in the dark from New York City to California 200 feet at a time. That's all you can see if you're focusing on what's illuminated by your headlamps in front of you.
That's true. But when you're building a business, it's just as important to know where you've been and how you got there. Many times, in fact, most times, what has worked determines your next move. If something is working, you want to do more of that. If it's not, then let's stop doing that.
The only way to get to the business destination is to measure against your goals. If you're not measuring your business, whether it's an affiliate business or sales of your own products, you have no way of knowing what's working. Some say you don't have a business, but a hobby if you're not measuring.
Even in our hypothetical trip to the west coast at night, we can know how far we've gone and if we're going in the right direction (if we have a compass or can follow the north star). And if we measure time on the road against miles, we'll discover pretty quickly that riding on the interstate will be much quicker than driving the country roads.
Goals are important. Measuring results against those goals is essential. That's called analytics.
That's why we've made some modifications to the affiliate reports in your MyNAMS affiliate center. I've made a 7-minute video above showing you how to access the affiliate reports and one example of what happens when you set a goal and consistently drive traffic to achieve that goal. In 9.5 months, this affiliate has earned more than $8500 in commissions. I'm tickled to death to send the money each month.
We're going to discuss these essential analytical elements:
- Conversion: This is the percentage of your unique referrals who convert to a transaction. A transaction can be a free or paid membership, or signing up for an eCourse or something as simple as the weekly live business training. In other systems out there, it's called opt-in conversion percentage. We don't do that. We create a transaction which is anything from a free signup (like the live training) to a paid membership. That ensures that all referrals are captured for the affiliate. The average conversion for all referrals over 9 months is 24%. What's yours?
- Click Value (or Earnings Per Click): This is the statistic that should drive everything. It's simple to figure: Divide the total commissions by the unique clicks. This number tells you how much money you can expect to earn by sending traffic to the site. There's another insight you can pull from this: This number also tells you how much you can spend to get more qualified traffic. If your Click Value is the same as the 9-month average of $1.93, you could pay as much as $1.93 in Adwords or other forms of paid advertising and still break even. Of course, increasing the numbers of traffic only increases the back end sales too. So, while you may be breaking even on the front end, you're making serious money over the long haul.
- Value per Transaction: Watching this number each month helps you understand when and what to promote and what you can expect to earn. Even though you may be driving people to the free signups, we continue to work your behalf to convert them to paid products. But if you promote free products all the time, your transaction value will be low. That's okay. Getting the visitors in the system under your referral is important. But if you notice the 9-month period in the chart at the right, some months have a higher Transaction Value.
- For example, August and September of 2011 were big with $19.45 and $10.52 respectively. So was January and February of 2012 with $9.25 and $10.54 respectively. What was going on?
- August was NAMS6 where we had a sales contest for the Charter MyNAMS Membership and the special price for NAMS7 workshop.
- In September, we sold the recordings for the NAMS7 workshop at $97.
- In January, we were converting the NAMS7 workshop from $197 to $397.
- In February, we were selling the NAMS7 recordings for $77 to $97 plus NAMS8 pre-registrations for $97.
So, two questions arise:
How do you ensure that you make the most money with your MyNAMS promotions?
- Consistency of promotion: While the Unique Clicks vary widely from 479 to 66, there are no months where it's zero. And the transactions are always in a consistent range. So, even when the affiliate had 66 unique clicks, they had 99 transactions. In other words, lots of engagement drives lots of interest and conversions.
- Relationship with your list: Relationship is the only way to get the high average conversion rate, consistent Click Value, and excellent monthly checks. But there's one number that really indicates a big relationship connection - a VERY LOW refund rate. These referrals trust this affiliate to steer them in the right direction.
- Follow up: If MyNAMS was worth talking about yesterday, it was worth promoting today and tomorrow. This affiliate believes in the system and tells everyone about it as an evangelist. All the time.
When is the best time to promote MyNAMS?
Now. Tomorrow. Next week. Always.
Okay, that may seem like a self-serving answer, but the affiliate in the video promotes almost daily in some fashion. Driving more referrals into the system means that you get more commissions as long as they (and you) remain in the system.
For example, this is what Nicole Dean said to me last week:
"David, Last month, I made money with MyNAMS every day but three!"
It wasn't because she promoted every day. I just searched her blog for MyNAMS and got 9 mentions since August of 2011, but getting people in the system has rewarded her and other affiliates like the one in the video nearly every day.
What does the MyNAMS affiliate program have to do with you if your market is not interested in affiliate marketing?
This post is NOT about why you should be promoting MyNAMS. Okay, it is, but it's really about your business and how you should be driving an affiliate program of your own that builds relationships with a sales army. And it's about the things you should be doing to ensure that your affiliates MUST promote you because the numbers tell them they have to.
It's about leveraging others. How does all of this relate to your business?
Talk to me below. How can we help you build an affiliate system where you get 40% more income because of your affiliates like mine?
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The MyNAMS Team goes way beyond the staff and support personnel. We've put together a group of people who make it their mission to ensure your success. With more than 75 instructors and 100s of members, you find people who can answer your questions quickly, partner with you to create products, and build relationships that help you launch your business or take it to the next level.
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We provide you graphics, article content, images, audio clips, reports, sales funnels, turnkey websites, and even adsense website portals so you can begin immediately to create or improve your business with confidence that you don't have to spend a ton more cash.
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