How to Turn $50 Into $5,000 in 30 Days
A critical first step in making more money is to determine your reason(s) for making the extra money. It could be that you want to make enough money for a down payment on a new car. I heard that Mercedes has a new offer on the stylish S-Class series. Maybe you want to take a well deserved vacation. The average vacation cost is $4,580 according to cnsnews.com. Perhaps you want to save up for a wedding. Weddings, by the way, are going for a whopping $28,400 on average according to money.ccn.com. It might be that your children are bugging you to create or add money to their education fund. Education costs are skyrocketing. College costs have surged 500% in the U.S. since 1985 according to Bloomberg.com. The reason could be debt related. The average credit card debt per adult in the U.S. is $4,878. The money you make could be used to pay off your credit card debt, or pay off medical bills. Medical bills incidentally, are the biggest cause of bankruptcies in the U.S. according to cnbc.com.
It’s critical to write down your reason(s) now. Please get a pen and paper and do so before continuing.
Next Steps –
- Establish your goal. A goal is a desired result a person, plans and commits to achieve a personal or organizational desired end-point in some sort of assumed development. A goal is something you put in writing with a specific amount our outcome and a specific time frame or deadline. Your goal could be to earn $5,000 within 30 days as an example. Or it could be to earn $50,000 within 3 months. It’s your goal.
- Define the objective. Objectives are closely related to goals. And the two terms are often used synonymously. But goals and objectives are different. Objectives are specific and measureable milestones that must be achieved in order to reach a goal. In this example, your objective is to find people who are interested in buying products and/or services and sell them those products and/or services at a price they can afford.
- Create a strategy. With your goal and objective established and in writing, you can now proceed to the strategy. A strategy is a plan of action designed to achieve your objective and goal. The strategy is a high-level written statement of the methods you will use to reach your goal. In this example, your strategy will be to use affiliate marketing opportunities to and a blog to bring buyers and sellers together. When a sale is made, you will earn a commission.
- Develop your tactics. Tactics are specific actions required to deliver on a strategy. Tactics are what you do, and for every strategy, there are a number of tactics. You will be using several marketing techniques in order to attract buyers to your blog. Social media marketing, article marketing, video marketing and other techniques will be utilized.
What is Affiliate Marketing? Affiliate marketing is a type of performance-based marketing in which a business rewards one or more affiliates for each visitor or customer brought by the affiliate’s own marketing efforts according to Wikipedia. It’s a function of e-commerce. By the way, total e-commerce spending in the United States will hit approximately $262 billion this year, up 13.4% from $231 billion last year, according to a new projection from Forrester Research Inc. Affiliate marketing is a low-risk, high-return strategy for online marketers. U.S. affiliate marketing spending will reach $4 billion by 2014 and will increase at a compound annual growth rate of 16% from 2009 through 2014 according to Forrester Research Inc. By becoming an affiliate marketer, you are plugging into this exchange of buyers and sellers and you are giving yourself an opportunity to make a lot of money.
Some of the top affiliate marketers are pocketing over $2 million a year. There’s plenty of money to go around but no promises that you’ll make $2 million a year right out of the gate. However, if you are committed to the process, you can make a full time income working part time hours.
Okay, so the next step is to identify the industries you want to help. You may be inclined to decide based on your personal interests. Maybe you’ve read that a particular industry is about to surge. There are many industries that offer affiliate marketing opportunities.
The renewable energy industry may be of interest to you. There are many products that are available online such as solar-powered flash lights. By the way, when is the last time you saw a solar-powered flash light in Wal-Mart or your local sporting goods store? They are incredibly hard to find. Many people who enjoy the outdoors would save a great deal of money on batteries and lantern fuel if they had solar-powered flash lights and lanterns. This is just one example of items that people will gladly buy from your blog.
Another example is personal financial services. Millions of people are struggling with personal debt and need solutions to help them get back on their feet financially. By offering people credit card debt reduction services or mortgage refinance services that they can’t get locally, you are helping them regain control of their life and you will get paid in the process!
Maybe you love to travel or wish you could travel more. Providing travel packages to exotic places may float your boat so to speak.
Provide health-related products/and or services to millions of people who are searching for ways to lose weight and live a more active lifestyle. There are many options to choose from and many ways to make money as an affiliate marketer in most industries.
The next step is to create a blog so you can inform people of the products and/or services that will improve their lives. There are many companies that offer free blog space or you can purchase blog space. It depends on your budget and your technical skills. Spend a day or two learning how to create a blog and how to add blog posts to your blog.
Write a few posts detailing information about your industry and the products and/or services that will soon be available on your blog. Make sure your content is informative and interesting. The last thing your visitors will want to read are blatant advertisements.
Next, apply to become an affiliate marketer for the companies in your industry. Use Google to locate the providers for the types of products and/or services you have selected to sell and complete their affiliate marketer application. You will get an answer within 48 hours in most cases. Be sure to keep track of which affiliate programs you have applied for and what the outcome is for each application.
You can then begin adding affiliate links to your blog for the products and/or services you wish to sell. Try to balance your blog with content and advertisements. A rule of thumb is to load up your blog with 70% content and 30% advertising. Another piece of advice is to offer products and/or services that will give you a good range of commissions. In other words, include high, medium, and low commissionable items on your blog to give yourself a good mix. You may sell several of each during the course of a day and having the right mix will enable you to reach your income goal.
Now it’s time to market your blog. People will learn about your blog through your marketing efforts. Your marketing plan should include social media (Twitter, Facebook, YouTube, and others). It should also include articles and e-books as well as SEO (Search Engine Optimized) blog posts.
Write down a list of keywords your niche market will most likely use to search online for the information and items you’re publishing on your blog.
Spend at least an hour each day marketing your blog. Be sure to include the list of keywords you just wrote down for your Twitter searches. Follow people who are industry leaders as well as people who appear to be novices in the industry. By the way, the industry leaders typically have many more followers than novices have.
There are many Twitter tools available which you can use to reduce the time required to build, maintain, and communicate with your Twitter following. Search for Twitter lists related to your industry and create a list for your account.
Use online automation tools for the delivery of your blog posts to your target audience to reduce the amount of time and effort required for tweets.
Include a Facebook Fan page in your marketing plan. Create a Facebook Fan page and add relevant content and photos. Post snippets of your posts on the Fan page to pique the Facebook visitors’ curiosity and encourage them to visit your blog.
Articles and videos should also be used to promote your blog. Ideally, you should write one or two articles each week. You can convert the article to an e-book and even a video after the article has been published. Establish goals for your marketing plan and adjust your efforts until your goals have been reached. I have written other articles as well as blog posts with thorough instructions on writing articles, setting social media marketing plan, conversion goals, and creating an overall online marketing plan as well as other tips and tricks.
Replace low-performing affiliate programs with other programs until the conversion rates are at acceptable levels.
Continue to market, measure, and adjust until you have reached your traffic, conversion, and income goals.
In summary, when you identify the reasons for making more money and you have clearly established a written goal, you can then proceed to creating objectives, strategies, and tactics for reaching your goal. Monitoring your progress on a daily basis and making adjustments, will keep you on track. E-commerce is here to stay and there is a growth surge just before the holiday season but anytime is a great time to get started. Your start-up costs should be around $50 or less depending on the blog service you use and other blog-related items you choose.
The two most important things to remember is you need to align yourself with the people and resources which will provide assistance to you at any point in the process and you need to get started now.
“Alone we can do so little; together we can do so much” — Helen Keller
“You may delay, but time will not.” –Benjamin Franklin