You’ve got to speculate to accumulate
You need money to make money
Never let the fear of striking out get in your way
Although there are a million ways of saying it, they all have the same premise; we should never fear the loss of money. When you’re trying to make it on your own and no-one is around to give you feedback, it can be incredibly hard to lose money and we have all been there. If we take the marketing industry as an example, the most successful people in the market are known for spending hundreds if not thousands each and every day. However, they are still seeing a return otherwise they wouldn’t be the ‘most successful people in the market’, right?
Currently, the success rate in the industry is at a low point but not because of some external factor that is preventing everyone from succeeding. No, the biggest barrier right now is the mindset of the people entering the market. Of course, we should note that this isn’t weak because some of the strongest minded people in the world can be afraid to lose money; it just seems to be a little kink that we have in our armory as humans.
If we look at our own bodies, they would be quite happy staying in the same position all day. If we could, our bodies would love to lay in bed playing video games and surfing the net but it is our minds that get us up and to the office at 08:00 every morning. As with anything, this is a kink that can be ironed out and I have compiled a few handy tips today!
Starting a Successful Campaign – When starting in the industry, you will want to avoid one habit that many beginners have and that is throwing out numerous campaigns and just hoping that one will be successful. Instead, you need to approach every day with a strategy and each campaign with a plan. Below, you will find a good layout for a strategy when starting a campaign;
Step 1: Launch – To start, you will need to collect data from your first launch. If you were to spend £90 and it returned £25, it is easy to think ‘well, that’s a £65 loss’ but the truth is that you earned some revenue. Knowing that this campaign will convert, the only possible way to go from here is up.
Step 2: Initial Testing – Once again, your goal here will be to collect more data. For example, this can begin with splitting five separate offers to see which one brings in the highest revenue of the lot. If number three is seeing good results, you can then direct all of your traffic in this direction. At this point, you might spend £90 but your return increases to £40.
Step 3: Get Creative – So now you have an initial idea of what works, you can get creative with images. As you find the images that convert, you can start to lower your bids and you might even break even. However, the next step is one of the most important because you need to start pushing into profit.
Step 4: Finishing Touches – At this point, you might wonder what is more effective from direct linking and landing pages. In my opinion and experience, I would say that the latter is far more important so optimise your landing page as best as possible. After you do this, you might start to enter profit. Over time, you can play around with different features and keep the things that work whilst changing the things that don’t. As long as you don’t give up, you know that the campaign and future campaigns will only ever get more effective. If you’re lucky, you might hit a goldmine on the very first day but this doesn’t mean that you have mastered the industry; you still need to work out WHY it is working and how to improve even more.
If I use diamond mining as an example, some rocks will stay rocks but you have to move past these to make progress. As you continue to progress, you will eventually find those rocks that can be polished into diamonds.
Investment into Learning – If you are currently making loss after loss or maybe and this is something that concerns you, you have to realize exactly what this money is doing. Despite popular belief, this money hasn’t just been thrown down the drain. Instead, it has been an investment into your learning of the industry. Sure, you might have lost over £1,000 since first starting but you have learned some valuable lessons and mistakes that you will never make again.
As you have already made the decision to start affiliate marketing, there is no reason to back out after you have made some progress. When you make losses, you have two options; back out and give up or suck it up and keep learning. Ultimately, your passion for affiliate marketing will decide which one you choose.
Running Out of Funds – If you feel as though your funds are running low and you have no other option than to quit, I completely understand because I have seen it happen time and time again. Especially if you are above your twenties, you are likely to have rent, loans, expenses for a car, and you need the bare essentials to survive. If you are to get through this crisis, there are only two options; generate additional income or reduce your expenses.
Don’t worry, I know that this is easier said than done but I advise starting by writing down exactly where your money goes. After a week or so, you should spot where you are wasting money. For example, some people stay at home a bit more, pay less for takeouts and cook at home, loan books from the library instead of buying, etc. As I have said many times before, you need to invest just as much time as money so cut back on the nightclubs or meals in restaurants. If you work hard enough, you can resume this life once you start to see success (but not too much)!
In terms of generating extra income, why not look around your home and sell items you don’t need. For example, what about the old gaming systems you no longer play or the music system? If everything is within walking distance, why not sell your car and walk about town?
In the past, I have seen some people fund their campaigns in silly ways and this is something I never support. For example, I never advise funding your campaigns using a credit card because this increases your debt and there is no guarantee that you will see success at any point. If you don’t have the money, do not spend it. For sustainable growth, look towards the tips above for cutting back on your expenditure or generating additional income. Finally, I should also note that you should only spend disposable income. Once you have paid your rent and other vital payments, the rest can go towards whatever you please.
Have Confidence – If you have no confidence at all, there is no point in even continuing. When starting, you need to have full confidence that you will make it as an affiliate marketer and that everything that happens from now is just on that path to success. At the beginning, set some goals for how much you want to be making and break it down into days. For example, you might want £500 a week that is about £71 a day.
Also, pay attention to the 10,000 hours rule which says that anyone can become a master of anything as long as they have 10,000 hours of practice. Once you set realistic and achievable goals, you can take the right steps and get the hours under your belt. If you played the piano for this time, you would become a master of the piano and the same is true for internet marketing.
Lose the Attachment to Money – One of the biggest problems and why we don’t like to lose money is because we grow an emotional attachment to it. If we lose £x amount in a single day, we feel sad, annoyed, and demotivated. However, you need to lose this attachment if you want to move forward. When you invest this money into your business, you don’t need to think of the opportunity cost because you have learned lessons as we discussed earlier and you should have all of your bills paid beforehand.
Lower Your Needs – Another reason why we fear losing money is that we don’t want to lose the current lifestyle we enjoy. In life, we have all met people who overspend just because they feel as though they are constantly being judged by others and maybe you feel this way too. Therefore, you need to cut the cord between net worth and self-worth. No matter how many material items you own, you are still the same person; it just so happens that you are working hard now for a greater future.
Ultimate Goal – When the times get rough (and they will), you need to keep the end goal in mind. In truth, the definition of success will be different for all of us. While some want a huge house with a games room and a pool, others just want to put their kids through university and set them up in life. With this in mind, you need to find your definition of success and keep this in mind at all times. Once you have this clear objective in your head, you will have the strength to overcome every hurdle and pick yourself back up after getting knocked down!