Affiliate Marketing Terminology

Know Your Market Potential

Before you take a trip to a foreign country, you would probably make a point of trying to learn some of the language, just so you fit it. So it is with affiliate marketing. Knowing the jargon or lingo gets you places.

Here’s a short list of terms you will need to know:

  • Affiliate Marketing: usually associated with a commission structure that pays out only on one level
  • Autoresponder or Drip System: software that automatically sends out email based on client programmed criteria
  • Direct Marketing: usually used by people trying to differentiate themselves from MLM (multi-level-marketing)
  • Forced matrix: a type of sales commission structure
  • Multi-Level-Marketing (MLM): commission structure built on payouts at two or more levels
  • Networking: making connections with people to create a mutually beneficial affiliation
  • Network marketing: used by the MLM industry to denote their businesses operate at more than one level
  • Powerline: beware the powerline as it’s a system to build MLM businesses by telling those that join the company will give people sign-ups. They don’t!

The above terms are just some of the ones you will run into fairly frequently. If you run into others, do some research on the Internet. Knowledge Is Power…

And now that you have some the basics at your fingertips, you need to figure out what your market potential is and then know it inside out. You have obviously chosen your particular product or service because you feel it appeals to people. You have likely also chosen your product or service with an eye to building a team under you. Bravo for you if that is your goal, as team building with a good program or product/service dynamically increases your market potential. This is important because the larger your market, the wider your target market becomes. The wider your target market, the better the growth potential for your business.

To get a grasp of just how large your market potential really could be, you need to understand what your product or service offers to people, how it will benefit them and why they need your product or service. If you for instance market nutritional supplements, you will know instantly that virtually everyone, of every age, is concerned about their health. In fact the health supplement industry is booming. Thus your marketplace suddenly becomes one without barriers. You can literally market to anyone, anywhere, regardless of age, job or location. You can also market to other new entrepreneurs like yourself, who want to jump on the work at home bandwagon. The numbers are literally staggering, so imagine how many potential team members you could source in that sector.

Don’t kid yourself about your market either; you will need to work your market to succeed. You will need to invest time, and yes, money, into making sure you have up-to-date training, product knowledge and are committed to your product or service and your team. An affiliate business is just like any other “traditional” business, it has to be worked to be successful. This seems to be a major mistake many recruiters commit when signing people up. They tell the new prospect how easy it is, how much fun they will have and how successful they will be. Unfortunately, they do not tell them they will need to work to be a success. The product or service will not sell itself, nor will it generate income on its own, find you leads, or help you with targeting your markets. YOU need to do those things. And, if you do them in a slow, sure and steady way, affiliate marketing success WILL be yours. Persistence is the secret of success in the affiliate marketing business.

Understanding The Importance Of “Qualified Prospects”

A qualified prospect is a person (or business) who needs or desires your product because it satisfies a need or solves some problem they have. How can your prospect know if what your offering is going to help them since they’ve never heard of you or your product? Easy – because you’ve done your homework prior to contacting them and know your products will enhance their life or business.

Homework done, you start getting to know the prospect, otherwise known as relationship marketing. Over time talking to them, you’ll get a clear picture of whom you are dealing with and you’ll know if you want to work with them as a member of your team. Remember: your product/service/business is YOUR business and you don’t want just anyone to help you build it.

Some will let you know right away they aren’t interested. Some will call you names. Some will laugh at you. Some will rule themselves out with their questions.  How hard do I have to work to make any money? How fast can I make money? Right then you know your business isn’t for them because they will not work to make IT work for them or for you.

Don’t waste countless hours of your time trying to convince people to work with you. They either want to because they recognize the value of the opportunity, or they don’t. They either want to succeed, or they don’t. There isn’t anything in-between. They either want to take action, or they don’t. They either want to build a business or they don’t. YOU need to figure this out by qualifying them. Once you’ve done that, look out, your business will grow rapidly.

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