One approach to selling a product that is popular in business at the moment is something called ‘fail fast’. What this means is that you minimize your potential risk by minimizing the amount of time it takes to fail. Your objective here is to find out very quickly whether your business model works or not and then to just get out if the answer is that it doesn’t. This way, you minimize your damage. As a product creator, the best way to do this is often to create an ‘MVP’ to test the market. An MVP is a ‘minimally viable product’ and only if that sells well do you then add to that initial concept by improving the product and building on it. This is one way to mitigate risk and it’s especially possible thanks to the fact that most apps can be updated remotely now.
An even better way to mitigate risk though is to avoid creating the product in the first place until you’re sure it will sell. This is called ‘verification’ and an example of how you might do this could be to have a sales page and then only tell the user that the product isn’t ready yet after they’ve clicked ‘buy’. You can then see how many people would have bought your product and thus make a decision whether to go ahead based on that. Better yet is to collect pre-orders.
When you’re an affiliate marketer though, all the verification is done for you already. You’re selling a product that is already selling well. Thus you know that you’re onto a winner and you absolutely minimize your risk. Finally, when you sell something as an affiliate, the business model you’ll be using is still highly scalable meaning you can increase your revenue and you can increase your profits.
In fact, it’s an understatement to say your business model is scalable – it’s even better than that. Affiliate marketing is actually repeatable and what this means is that the business model can simply be repeated over and over again.
Remember when we said it potentially takes a single day to create a landing page and start selling an affiliate product? That means that there’s nothing stopping you from creating 100 landing pages for 100 different products in 100 days. If each one sells only once a day and you make $30 per sale… well then you’re now making $3,000 a day. And that business will be incredible resilient and therefore stable – because it’s highly unlikely that all the products would stop selling at once.
Affiliate marketing is the perfect business model in many ways then because all you need to do is to take an existing product with an existing promotional campaign and then share it. It’s literally a ‘copy and paste’ business and when you know a few key things it’s practically fool-proof!
Note: If you do decide you’d rather create and sell your own product then don’t worry – a lot of the information in this book will still apply and you simply have to use it to promote your own product instead of someone else’s!