By: Gen Wright
One common problem that many new affiliate marketers have is to find a lucrative market. Usually, highly experienced affiliate marketers know how to conduct research and spot opportunities on the Internet. This ability doesn't come overnight. Expert marketers spend lots of time testing things out, and honing their ability to find good markets.
One quick way to pinpoint a lucrative market, is through affiliate marketing. Make full use of affiliate marketing to promote products that you don't own. If a sale is made, you make a percentage of the sale. If you don't sell, you don't earn anything.
The key benefit of affiliate marketing is that it's risk free. All you got to do, is to start driving traffic to the offer. All it takes is a hundred visitors or so, and you have all the data you need to make an assessment for the offer you are promoting.
This is the best way to test a market. You don't need to spend thousands of dollars developing a product, only to find that the market is not receptive to what you have to offer. Once you find a strong offer, make plans to penetrate the market.
Everything starts from your affiliate marketing efforts. You can test as many markets as you like, using similar methods. The results will be revealed to you in a matter of days.
Once you know which markets are profitable, just place more emphasis on those businesses. Simply scale your business by repeating what you have just done to rake in more cash.
To scale your internet business, you may wish to build a list. Sounds simple enough? That's because it is a simple business model.
Here is an example. Let's say you start off with just one product, and you sell it for $47. When you make a sale, you earn 47 bucks. If you make 10 sales, you make $470. To make more money, you have to acquire more customers. If you don't, you can't grow your business.
Let's assume that your customer base doesn't grow. Is there a way to grow your business? You can work on developing more products to sell to your customers. That means selling more to the same customer. That greatly increases the customer lifetime value.
The lifetime value of a customer is the amount of money that he spends with you. If you make $2,000 profits just be selling to this same customer, that customer's lifetime value would be $2,000.
Now the business gets more exciting. For every customer you acquire, you earn $10,000. How much can you afford to spend on marketing?
Affiliate marketers need to do this more often. A sale is made, and a little bit of money is earned, but the customer has been neglected. Try to serve just one customer over and over again. It's much easier to sell to an existing customer than to sell to a completely new customer.
Use a landing page to capture the email addresses so that you can contact your customers again. You may very well be making 10 times what you are making now.
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