Speakers discuss challenges and drawbacks of affiliate programs, including low conversion rates and small commissions. They reflect on saying 'no' to an affiliate program for Loma Life and focus on building meaningful partnerships instead. They explore the importance of a book launch and long-term marketing plan for generating sales.
Affiliate programs require careful consideration and management to ensure relevancy and protect the brand.
Building genuine relationships and mutual support are key to successful affiliate partnerships.
Deep dives
Affiliate Programs: The Pros and Cons
The podcast episode discusses the pros and cons of affiliate programs. The hosts talk about their own experiences with running an affiliate program for their business, highlighting the challenges they faced. They mentioned that while affiliate programs can work, it depends on factors such as the product, price, and commission offered. They also emphasized the importance of relevancy and the need to protect the audience as a content creator. The hosts shared their insights on the administration headaches and time-consuming tasks associated with managing affiliates and processing small payouts. They also touched on the risks of fraud and the potential for misrepresenting the brand by unvetted affiliates.
The Value of Building Genuine Relationships
The podcast delves into the importance of building genuine relationships instead of transactional partnerships. The hosts discuss the difference between brand ambassadors and affiliates, highlighting the need for alignment in goals and expectations. They stress the value of mutual support and truly believing in the product or brand being promoted. The hosts share their experiences with affiliates who were not fully invested and how it affected the partnership. They emphasize the significance of proper management and the realization that some affiliates may view it as just a link rather than a bigger collaborative effort.
The Power of Compound Effects
The episode highlights the power of compound effects in terms of marketing and brand growth. The hosts draw parallels between the long-term success of books and the compounding effect in building a loyal user base for software products. They discuss the importance of staying consistent and staying alive long enough to reap the benefits of compounding. The hosts touch on the significance of continuous promotion and the need to break through with impactful marketing efforts. They emphasize that while maintenance is required for software products, the lack of maintenance for books allows for greater compounding effects.
Looking Ahead: Leveraging the Next Offering
The hosts explore the concept of leveraging the next offering after a book launch. They discuss the idea that writing another book or creating a related software product can help sustain and grow sales. They mention the potential of releasing subsequent books to reinvigorate interest in previous works. The hosts reflect on the need for continuous innovation and expansion of offerings to maintain audience engagement and drive sales. They also touch on the importance of tying future products or services to the existing brand and creating a cohesive ecosystem.