It's not whether you're right or wrong that's important, but how much money you make when you're right and how much you lose when you're wrong.Markets are designed to allow individuals to look after their private needs and to pursue profit. It's really a great invention and I wouldn't under-estimate the value of that, but they're not designed to take care of social needs.
Wednesday, December 28, 2011
Internet Independence Email Newsletter
Brought to you by Craig Ballantyne
In a perfect world, we'd all have websites that sold
every visitor who landed on the page.
This would allow us to go out and buy ads on other
sites, plus TV commercials, radio commercials, and
maybe even a Superbowl ad.
However, this is not the case for 99.9% of the website
business owners I know (I know of just 2 guys who are
master's of buying media for their websites).
So the reality is that we need to think like Napster
and do some peer-to-peer marketing.
We need to get affiliates. And the best way to do that is
by starting with people who are on an even playing field
Don't shoot too high or start too low, but make sure you
work with someone who is juuuust right...as if you were
Goldilocks looking for a joint venture (JV) partner.
That means partnering with someone who has about the same
number of people on their prospect and customer lists.
You're equal peers and this way you have a fair trade.
You mail for them, they mail for you, and both of your
customer lists get a little bit bigger.
Then you go and find someone else who is a little bit bigger
than your last JV partner, and you work with them.
But, let me be blunt:
This should NOT be your only long-term business strategy.
All the time you are doing these JV/affiliate deals and
swaps you should be testing your website and making it
better, so that more and more of those people who land on
your site actually make a purchase.
Never lose focus of traffic and conversion.
But back to our Napster model - because we're using this as
our source of traffic for now.
Here's what you're going to do:
1) Identify other businesses that have customer email lists
that are about the same size as yours (do this by contacting
them, helping them, building a relationship, and asking)
2) Arrange to do email swap deals (you send a promo to your
list and they send one to theirs - then you each get some
new customers into your system)
3) Make sure they are sending to your best offer
4) Test something each time (test both the the emails that
are sent out and the page that the prospects are being sent
to - split testing on the Internet is free, so make sure
you are taking advantage of this)
5) Do more of the stuff that works and less of the stuff
As oddvious as step #5 is, most people overlook it, and keep
doing the same things over and over again that do NOT get
them results. But if you're familiar with the popular cliche,
you know that's the definition of insanity.
Aim to do at least one of these swaps each WEEK.
Yes, each week.
Just imagine how far ahead you will be if you complete 52
deals in 2012...and do 52 different split tests of your offer.
Holy conversions Batman, you'll be well on your way to that
perfect world situation I described earlier.
The more often you can do this, the more data you get...the
more data you get, the better your offer becomes. The better
your offer is, the more sales you make. You get the point.