We have been in the space for years and have experienced almost every problem and pitfall imaginable in our business but still have managed to thrive. Now, our goal is to help other aspiring entrepreneurs achieve the same. In this post I will be covering some of the major reasons why people fail in this space, and how you can avoid making these mistakes.
Mistake #1: Learning only through trial and error
This is by far the biggest pit fall you can make not only in the affiliate marketing space but in any business. In order to avoid complete failure you must not only be able to learn from your own mistakes, but also learn from other people’s mistakes. For example when I was young I was told to look both ways before crossing the street because if I didn’t I could get hit by a car and die. I didn’t need to learn through trial and error to learn this lesson. This is why networking with other affiliates is so important in this space. By sharing experiences with one another we can help each other improve. If you only rely on your own trial and error you will surely fail.
Mistake #2: Not attending events
Networking is probably the most important part of affiliate marketing. I can’t stress enough how vital it is to meet and network in person with other people in the industry. The best way I have found to network is by attending conferences and going to the events and after parties. People are very on guard on the trades show floor and this is not a good place to network. Instead, seek out what social networking events are happening. There are usually 5-10 different events going on each night of conferences hosted by different companies.
Another place to make high level connections is at masterminds. Peter and I attend several masterminds per year usually one per quarter right now. I can’t begin to describe how many valuable connections we have made attending these and how important they have been to our continued success in the industry.
Mistake #3: Not investing in yourself
I am a firm believer that until you have $100,000 in the bank, you should not invest in anything outside your self education. When you work for yourself, self education is the difference between success and failure. Your mind is the engine of your business and if you don’t feed it you will break down and crash. Every single month Peter and I have always invested into paid training of some sort. If you do not continue to invest in your education you will surely stop growing. The internet marketing industry especially changes so quickly that if you don’t stay on top of current trends and information you may get left behind. For example, Facebook’s algorithm and features are changing every month. Types of things I invest are courses, high ticket masterminds, conferences, mentorship, and books. Yes, even just a simple investment in a $20 book about copywriting or marketing can change your whole business.
If you do not have $100k in the bank, next time you are thinking about investing in stocks, crypto, or even real estate take that money and invest it in yourself.
Mistake #4: Not testing enough campaigns
Testing campaigns is vital to success in affiliate marketing, even if you already have a successful campaign. A big mistake that many people make is not launching enough campaigns. I think that a reasonable amount for a one man show to test is one campaign per week. This is possible even if you have a full-time job already. If you have partners or a team you can test even more. A campaign test should include at least one offer, one landing page / funnel, one traffic source, one image ad and one video ad. You can test a campaign with around $250 to see if it has potential. If it looses more than 50% net roi, move on to the next campaign.
If you already have a successful campaign, then don’t stop testing. A huge mistake some affiliates makes is that once they get a campaign profitable they stop testing, go to the beach, take a vacation, and stop working as hard. Then in a few weeks or months their campaign dies and they are left with no income again.
Mistake #5: Not building a list
The typical affiliate sends traffic to a landing page and hopes that the user completes the offer on their first visit. If the user doesn’t complete the offer then they are gone for good and will never convert on your page again. This is why building an email list is important. Instead of just making money one time promoting one offer, you can promote 5 or 6 different offers over time once you collect their email. This increases the average lifetime value of your campaigns and provides more stable income.
Even if your campaign dies you still have an email list that you can mail anytime to earn income. The most important part of building a list is to make sure that you are getting the user’s permission and consent to receive email from you on your landing page, and then providing them valuable content so they want to hear from you. If you can create a balance of promotion and value and build a good relationship with your list, then you will create a long term valuable asset.
In conclusion, there are hundreds of mistakes that someone could make in affiliate marketing but these are a few of the most important ones. If you have been falling short in any of these categories, then it is time to take a step back and re evaluate your decisions. If you have not yet gotten started, then make a note of these mistakes and be sure to avoid them at all costs.
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