Archive for June, 2010

Affiliate Networks Directory

Friday, June 25th, 2010

By Adam Ward

I’ve written previously about using affiliate networks to advertise online. Although running ads through multiple networks can compound problems for advertisers, online publishers have more of an incentive to join multiple networks.

So the question of which networks to join comes up frequently. And that question is often followed by, “Wouldn’t it be great if there was a list somewhere of all the affiliate networks out there?” Well, yes it would be great. And I’m working on building that list. Since putting a list like that on this blog would be too static, I’ve built the list on Squidoo. The Affiliate Networks Directory there allows anyone to add a network that isn’t already on the list. My hope is that Squidoo visitors (which are a lot more than this site gets) will help keep the list current.

We first put together an internal list of networks last year. When I was recently adding it to Squidoo, I checked each website to see whether the network was still in existence. I found 34 that weren’t in business anymore. There are probably at least that many new ones that have started up since then, which are not on the Squidoo list.

With such high turnover, it is wise for any advertiser or publisher to do their due diligence before joining a network. Ask around to find out how long they have been in business, whether people on the network have complained about fraud or lack of payments, etc. At the very least, do a Web search for that company name, to see if anything comes up. The last thing you want to deal with is a network owing you money, but shutting down before you have a chance to get any of it.

Stemming Lost Sales: Rethinking Affiliate Marketing’s Role

Monday, June 21st, 2010

By Adam Ward

Businesses that sell products online live and die by the number of consumers they get to their sites. They spend lots of money on SEO, paid keyword searches and affiliate marketing to attract eyeballs. They speak of “driving traffic” to their sites, as though it flows in a single direction.

Traffic flows both ways, though, and by failing to think of the traffic leaving their sites, they may not be using their online marketing dollars as effectively as they could be.

A couple of months ago I attended a panel discussion where Tony Zito, CEO of MediaForge, said merchant webpage abandonment is 98 percent (i.e. only 2 percent of visitors buy anything) and shopping cart abandonment is 80 percent (which means only 20 percent of visitors who started pulling out their wallets finished the transaction). He said most of the people who get to a merchant’s website (the traffic that their SEO and keyword purchases bought) leave product pages to go out to blogs and social media sites to find reviews on those products. Can you imagine 80 percent of customers in a Target shopping center wheeling their carts to the checkout line, only to leave them there and walk out of the store to ask whoever is standing outside whether they should buy such-and-such a product? Crazy. And yet that is exactly what happens online.

Savvy merchants allow reviews of their products on their own sites, but people are naturally distrusting of those comments, even when written by consumers who probably have no financial tie to the company. The irony is that the “independent” bloggers who review that company’s products on an external site (the very blogs where potential customers land after leaving a product site looking for “unbiased” reviews) are probably getting compensated for writing those reviews. Although federal regulations now require bloggers to disclose financial compensation for products they review (see Jeremy Shoemaker’s disclaimer where he says he benefits “financially or otherwise from everything [readers] click on, read, or look at” on his site), many readers ignore those disclaimers.

I’m not saying it is wrong for bloggers to benefit financially from pushing merchants and products. Quite the contrary: right or wrong, consumers trust the bloggers, so the bloggers should be compensated for the value they bring. In fact, I am saying that online businesses should allocate even more money and resources to these bloggers and review sites. Since that usually comes in the form of affiliate marketing (i.e. the merchant creates an affiliate program for a product, a blogger joins the program by running trackable ads for that merchant on his or her blog, and gets compensated for each sale made thanks to the consumer clicking through the ad prior to the sale), these businesses should increase their affiliate-marketing efforts.

Merchants engaged in affiliate marketing often lump those dollars with expenses used for SEO and paid searches. Although affiliate marketing is great for driving new eyeballs to the merchant’s site (like SEO and searches), it is also a great tool for capitalizing on lost traffic. Regardless of how potential customers got to a merchant’s site, once they leave, it isn’t the SEO that is going to get them back. They’ll come back 1) if they find what they are looking for (i.e. a favorable review on the blog) and 2) if the blog they’re on makes it easy for them to get back. By merchants making sure they have an ad on that blog, they are increasing the chances that the consumer will get back to their site and finish their purchases.

To do this, merchants should put themselves in the shoes of their consumers. For each product they sell, they should do a search for that product and see what the top blogs or reviews for that product are. If there are negative reviews, that’s a separate product issue that they’ll need to deal with. But if there are favorable reviews, the merchant needs to make sure they have an ad on that site, ready to redirect the consumer back to their own site. By doing this, merchants are essentially using affiliate marketing programs to cast a wide safety net to catch potential consumers who stray from their site. Getting back to the Target example, that’s like anyone in the store’s parking lot telling the wayward shopper that not only are the items in the abandoned cart good, but also walking the shopper back to the front of the checkout line to finish buying the goods.

If just a small portion of the 80 percent of abandoned shopping carts come back to buy, that’s money well spent on bloggers.

Channeling Creativity into Productivity: Five Ideas

Wednesday, June 9th, 2010

By Adam Ward

The other day I read an article in the Wall Street Journal that explained why so many creative people have trouble executing their ideas. It mentioned the oft-quoted “genius is 1 percent inspiration and 99 percent perspiration.” The trouble with really creative people, it said, is they often lack the discipline to see ideas through to the finish. They have so many ideas that they only develop an idea so far before getting distracted and abandoning it for another idea.

I love creative people. I think they add spice to the world. Unfortunately, the world usually benefits from their creativity only if their ideas make it to fruition. So in an attempt to support the creative people of this world, here are some ideas to help even the most undisciplined person be more productive.

  1. Set goals. Mentioning “goals” to creative people probably generates groans and eye rolling. Goals are limiting, whereas ideas need to be free-flowing and open, right? But the fact remains that people who set goals are much more likely to reach them than those who don’t. Goals can be specific or general, but at least they create a self-imposed timeline and benchmark that you can work toward. So even if you start to get distracted, every time you look at your goals, it helps to bring your focus back to your idea. Eye on the prize, right? Of course, that assumes that A) you write your goals down and B) you review those goals often. Failure to do either of those things reduces the likelihood of you ever reaching your goal.
  2. Use a calendar. Calendars are cheap. Every PC, Mac or smart phone has one on it. Electronic calendars are the best because they can alert you when you’ve got a deadline. If you break the goal into small steps, then set targets for those steps on your calendar, you can establish those at the very beginning, when you’re excited about the idea. You can then let the calendar’s reminders do their jobs at keeping you on track.
  3. Use a task manager. Task managers are even better than calendars in that they require you to mark one action as finished while scheduling the next action, all at the same time. This forces you to constantly be working toward the next step. A good task manager will allow you to do this in just seconds, so you don’t feel like you’re “working” too hard.
  4. Use a customer relationship management (CRM) tool. Although a CRM tool is overkill for individuals that are working alone, such as painters or software programmers working on their own projects, if your work affects other people, either people you collaborate with or potential customers, CRM systems provide not only calendars and task managers, but also ways to keep track of communications with the people who will benefit from your creativity. They let you keep notes on your ideas, so when you do come up with ideas outside the scope of your current project, you can jot those down, knowing you can come back to them once you’ve finished riding your current wave of creativity.
  5. Share with a small group. If you let a select group of people—such as friends, co-workers or family members—know what you are working on, they can help keep you on task. They can review your work as you step through the process, give feedback, provide support and encouragement, etc. You’re more likely to stay focused and productive if you know you’re not the only one looking forward to the finished product.

Ten Pet Peeves of Cold Calling

Friday, June 4th, 2010

By Adam Ward

I’ve been thinking about cold calling lately. Because we are a small startup, we have no gatekeepers to manage the phones, so I’m the recipient of many sales calls, most of which are cold. We also make outbound calls to promote our own product, so I’m hoping to avoid using the same annoying practices that seem so common in the calls I receive.

First, let me say I’m not opposed to receiving cold calls. As entrepreneurs, we’re always on the lookout for any tools that will allow us to grow our business effectively. And sometimes the only way I become aware of those tools is by somebody I’ve never heard of calling me out of the blue. But because of that mentality, I think I have more patience with cold callers than most. Still, I do give more attention to cold callers that don’t annoy me.

I searched for some cold-calling blogs to see if I’m out in left field on this one. I found a few that I thought had some good tips, such as Tips for Making a Great Cold Call , Cold Calling – How To Make It Work and I Get Cold Called.

With those as a starting point, I’d like to add my own pet peeves here, in hopes that people who engage in cold calling will steer clear of these pitfalls.

  1. Fake pleasantries. I once had a friend from Croatia who asked, “Why do you Americans always ask me how I am when you don’t mean it?” Nowhere is that more prevalent than in cold calling. Nine out of the ten times I pick up the phone from a number I don’t recognize, I hear somebody I don’t know blurt out, “How are you?” That immediately makes me groan and think, “Oh boy, here we go again.” I don’t feel like they really care, and I don’t like that I have to come back with a response that is just as fake. So right off the bat, I’m on the defensive.
  2. Not telling me where they got my information. I’m a bit of a privacy freak, and yet my business contact information is right on our website, so I expect that I’m going to get calls from people I don’t know. However, unless someone tells me how they got my information, it still feels a little creepy. I feel much more at ease if they say they got my information from our website, my business card, a trade show I attended, etc.
  3. Not listening to me. I like people to ask me questions, as long as they are genuine ones. That gives me a chance to help them understand whether I’m as good of a fit for whatever they are selling as they thought. But asking questions and genuinely listening to my answers are two totally separate things. If they interrupt me when I’m speaking, or only ask questions by rote where it is obvious they don’t care what my answer might be, then I can tell they care more about their product than they do me and my business.
  4. Not knowing my business. I assume that if someone goes to the trouble of calling me to tell me why a certain product or service will help my business that they know what my business is. After all, it isn’t hard to go to our website and read the information that I’ve so carefully chosen to put up there. So if someone calls and has to ask about my business, and it is clear they haven’t done any preparation, I’m not as forgiving with my time.
  5. Assuming I’m the person they should be talking to. Because our company is small, chances are I am the right person, regardless of what they are selling. But it is nice if they let me know who they are hoping to talk to, and ask whether I’m that person first. It is frustrating to have to listen through four scripted paragraphs before I finally have a chance to insert that I’m probably not the right person to talk to in our company.
  6. The stereotypically slick sales personalities. I realize cold calling is something most people don’t enjoy doing, so it takes a certain type of personality to do it. Unfortunately, a lot of those personalities seem to be men in their mid-20s with stylish black pants and shoes, sporting lots of gel in their hair (e.g. the guy in the picture above). I can almost smell their cologne over the phone. They talk too fast, care too little about me, and the excitement they have for their product seems too fake, as though their stimulation comes from the caffeine they are drinking rather than a real respect for their product. Stereotypes are dangerous, so I doubt this is a very accurate description. All I know is that’s how the person on the other end of the phone sounds to me. So when I hear someone that doesn’t sound at all like that, I sit up and pay attention.
  7. Talking a mile a minute. I guess all cold callers realize their rate of rejection is high, so they start to expect it and go into each new call armed accordingly. Somehow they think the faster they talk, the more information they’ll get through before getting shot down, and the more info given will somehow translate into the recipient ultimately realizing their folly, remembering what was said, and giving the product a second look. If I’m going to give a caller some of my time, that means I’m willing to hear what they have to say for a few minutes. But they need to be aware of not overdoing it, though, which takes me to my next point.
  8. Don’t respect me. At some point in the conversation, I need to make a decision to continue learning about the product or service. I can do that either by answering questions I get asked, or by asserting myself. However I do that, I don’t mind getting a little resistance if I decide to stop the conversation, but I quickly change my tone (and attitude) if it seems like I can’t get off the phone. I appreciate it when people allow me to make my own decisions.
  9. Don’t help me understand the benefit. Do I need the product or service? Maybe, but if I can’t easily see the benefits, I’m not going to stick around long enough to find out. And if I do decide I need it, that doesn’t do anyone any good unless they realize I need it. So they should follow up with questions to discern my level of interest.
  10. Either no script, or nothing but script. If people act like they don’t know what they are doing, like this is the first call they’ve ever made, I wonder why they are wasting my time. A lack of confidence on their end is palpable on my end. But on the other end of the spectrum, people that are clearly reading straight from a script don’t give off the impression that they are capable of listening to and understanding any responses I may come up with. So the people that resonate best with me are the ones in the middle. They confidently cover all the points they need to, while demonstrating a genuineness that I can respect. That tells me they respect my time and input.