Affiliate Success | Identifying an Existing Hot Demand | Protecting Your Commissions | Where to Look for the Right Product Online | Have a Mailing List of Your Own
Identifying an Existing Hot Demand
Every small business owner knows that competition is tough, but he or she may not be able to pinpoint exactly what changes are needed in order to get to the top. Conducting business as usual may no longer be sufficient. Investing in the technology that is now available can be a great help or a bank breaker. It seems that most small business and home based business are either starving (they don’t have enough technology) or they are obese (they have everything piece of new technology that comes down the pike).
There is, however, some fairly new technology that every small or home business owner needs. It can answer questions like; how can small businesses identify noteworthy trends, Identify an existing hot demand and make better decisions faster? Answer: business intelligence software. Business intelligence is the crystal ball of the 21st century.
Purchasing business intelligence (BI) software is one of the most strategic investments that a business can make. Using data mining, reporting and querying, BI helps businesses understand, monitor, manage and respond to specified situations. This software empowers decision-makers — and staff — to connect the dots around key business numbers in a way previously unimaginable. BI helps you figure out:
· Which customers are profitable?
· Which customers appear profitable but aren't?
· Are you close to — or far from — reaching critical milestones?
· When is the best time to launch a marketing campaign?
· What was the best performing product or service last quarter?
Business Intelligence software may be more of an investment than small businesses can bear. It can certainly be pricy. Small business or home business owners, however, can subscribe to BI services on the Internet at a fairly reasonable cost. There are several to choose from.
eBay also published a “Hot Items” list the first week of each month. It gives valuable information to eBay sellers who use drop shippers.
Protecting Your Commissions
Thieves are a problem out in the brick and mortar world is for business owners and thieves are a concern for cyber space business owners. Out in the brick and mortar world, thieves will take money and merchandise and it isn’t any different online. The real world merchants use locks and alarms to deter thieves. Internet business owners need to use anti-theft software to protect their commissions. Here are some things you can do to protect yourself and your commissions:
1. Use Meta Refresh: A meta refresh is a simple bit of HTML code which automatically redirects your visitor to another page (your affiliate URL). It provides a neat way of presenting affiliate links in newsletters. It probably helps reduce commission bypassing and commission hijacking. A big advantage of using meta refreshes is that if merchants change their affiliate links, you can change links on dozens of pages quickly and easily by altering only one file.
One problem is that some search engines don't like meta refreshes because they're frequently used for unsavory purposes. So if you use this technique, use it with caution.
2. Use a URL redirection service. You can use free services or buy a unique domain name for each affiliate program you join. URL redirection makes affiliate links less obvious, so this will reduce some commission thefts.
3. Use a web-based ad tracking service. The ad tracking link initially hides the affiliate link, reducing thefts.
4. Use an ad tracking script. Good ad tracking scripts hide the affiliate link as well as being useful for tracking. It has the advantage that it doesn't promote someone else's domain.
5. Use JavaScript redirect. Because this initially hides the affiliate link, it should reduce commission thefts.
Be aware that thievery is a problem for online businesses and take the necessary steps to protect your commissions.
Where to Look for the Right Product Online
When you are just starting your online business finding the right products to sell online is the number one problem. Knowing where to look can help.
1. Drop Shipper Directories Drop shippers are wholesalers that will ship direct to your customers so that you don't have to invest in or store inventory. Directories of drop shippers are for sale online, but make sure you're buying a reputable one.
2. Local Businesses: You may find businesses in your backyard that offer just the right products, but are not yet into e-commerce. Offer to sell their product online in exchange for a percentage of any profits you make.
3. Crafters: Local crafters are a good source of unique products, and may be willing to reduce their prices for you if you purchase in quantity. Either buy the item outright, or set up a consignment arrangement with them.
4. Garage sales and flea markets: G garage sales are a good place to look for items to sell online. Do some research into categories that interest you, and then start scouring sales for good prices.
5. eBay: eBay itself can be a source for products. Look for wholesale lots that can be broken down for individual sale.
6. Wholesaler Directories: Your local library will probably have directories of manufacturers, wholesalers, and/or distributors. Most directories are organized by SIC code so that you can zero in on the product categories that interested you.
7. Trade Shows: Trade shows are a great way to source products. Lots of merchants gather in one place to look for resellers. To find trade shows in a particular industry, contact trade associations and industry publications.
8. Importers/Exporters: You might want to consider contacting companies that import goods from overseas. It's possible to source directly from overseas. This requires a lot of expertise, but many companies do it successfully.
Have a Mailing List of Your Own
No matter what type of email you send out, you’ll need a mailing list. The basic way to build a mailing list is by capturing name and email address information for everyone who buys or shows interest in your product.
An email list that YOU COLLECT YOURSELF is worth its weight in gold. This can be accomplished by using a list manager on your site. List managers also provide the HTML coding for the form on the Gateway pages. A list manager collects the email addresses that are gathered with the form. Thus, your email list is collected. This might take some time so there are methods to use until you get your own email list built.
One way to build a mailing list is to do ad swaps with other list owners. The way this works is, you (as company A) have an email list that you send newsletters to and another list owner (company B) has a list they send newsletters to. Company A and Company B place ads on one another’s mailing lists. Each of you is promoting the other’s list.
You can rent or buy targeted email lists. The list you develop using your own customers’ names is called your “house list.” Of course, when you’re first starting out, your house list is likely to be skimpy. To augment it, one way to go is rent or buy a mailing list. There are two ways to buy or rent a mailing list—approaching the company you want to rent from directly or using a list broker. Any company that emails information to its customers usually has a list manager, who handles inquiries and orders for the mailing list.
Another way to build an email list is to list your newsletter in all of the ezine directories.