Monthly Archives: February 2017

money

Affiliates can be your Valued Sales Team

Affiliates can be your Valued Sales Team
By Talmar Anderson

On the rise with ecommerce and online products are the opportunities to grow your sales team. Or on the flip side, a way to increase your income through recommending people, brands and products for compensation. Do either of these options really sound like a bad idea for your business? This incentive creates questions and worry for both the entrepreneur considering this “cut” into their profits and the referral source. I do believe that this can work for a variety of industries so let’s talk a little bit about affiliations!

As a potential commissioned referral source, a common argument stems from the concern that you do not want to be perceived as solely incentivized by being paid to recommend something or someone.  That it could appear as self-serving as opposed to prioritizing the needs of your contact. I get it. I too walked the line for many years and turned down offers of compensation from great providers and vendors that I 100% believed in and to whom I continually referred. I wanted to be able to point to my referrals and say that I was only recommending them as a great solution for prospects.

After several years and establishing a reputation for referring the best possible referrals for each individual need, I realized that I was literally leaving money on the table.  Yep. I was going to refer those people anyway. Yes, I could genuinely and honestly look prospects in the eye to assure them that my expertise, education and experience led to any recommendation. Not the check book! I do have a few affiliates (from tools like Lead Pages or ConvertKit to trusted business owners that can offer a benefit to my clients and audience like The Lucky Bitch) that I recommend when it fits.

Now what if you are thinking of paying affiliates or commissions to other referral sources? I know, they SHOULD be referring to you because you are amazing and no one can solve your clients issues as well. However, sometimes the marketing campaign to be in front of your referral sources can get lost in your company’s outreach to new lead generation or current prospects.  It is true…there are only so many hours in a day.

By monetizing those referrals, you allow the source to be incentivized and rewarded for sales.  The first time that income comes back to them, your company WILL be top of mind.

What about doing the numbers to decide?  In our example, we are offering a 25% affiliate fee on a $100 product. Imagine you could average 10 sales a month of your $100 product through your own company. Boom! $1,000

Now imagine if one of your best strategic partners could get you in front of another 10 people but maybe only 3 bought through them.  $300 – $75 = $225 income for YOUR company.  This came off someone else’s marketing and sales efforts (AND expense!). Your referral source was already planning on being in front of this market.  They qualified the need for your solution and completed the sale for you! This effort exposed your company and services to a wider market and grew your revenue by 22% thus expanding your credibility AND cash flow!

Plus, it is TOTALLY FUN to cut a check to those referral sources with a big, fat THANK YOU written on it.  The referral source is excited because they just made another $75 off conversations they were going to be having anyway.

Could you operate profitably and scale your business by having a stronger pool of pre-qualified prospects? While this example is based off a client’s experience, consider that we developed a specific and strategic operational plan to support the intake, payment tracking and communications with these referral sources. For success, this is will require creating another operational layer. However, with the right affiliates you gain access to new markets and qualified sales.  This can be especially beneficial during new launches or product offerings.

It may not be right for every company but in the on-demand market of small businesses, sales forces are much smaller than the larger corporations had access to in the past.  Is it worth it to your company’s bottom line to find a way to reward those strategic partners that are already working on creating income themselves?  It is something to consider when looking for new ways to grow your revenues.

Now GO! Grow!

Check out more of the latest blog posts from Talmar It Up HERE.

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Hand with missing jigsaw puzzle piece. Word RIGHT, covering  the text WRONG. Business concept image for completing the final puzzle piece.

Story of a WORKING strategic plan!

Story of a WORKING strategic plan!
(it has a surprise ending…)

By Talmar Anderson

Today we will look at a part of the Talmar It Up strategic plan in an effort to share possible outcomes in your own strategic plan! Having spoken as a part of many business retreats and conferences, Talmar It Up had created The Takeoff Series in 2016. A limited number of clients learn a focused agenda on specific, yet varied, business topics over 2 days in a small group setting. I had been approached about growing this segment of my firm. Retreats/conferences specifically. Part of the current TIU strategic plan was to research and develop the Takeoff series on a larger scale. Scaling, right? That is my thing!

Many concepts were considered and structures evaluated of how to build a consistent and appealing business education based vacation that delivered all that clients would expect. As part of my plan, several months ago, I scheduled to attend a 3 day conference out of town in an industry adjacent to mine that was being offered by a peer and woman I admire. The benefit of attending for the results offered was doubled because I was going with an eye to observe and consider, from the operational stand point, all the moving parts.

Phew! Hats off to the event planners of the world. Those conferences are, well, a lot! The conference I attended was amazing. Well-staffed with top notch and accessible people at every level throughout the entire event. The site chosen worked to allow for community building and attendee privacy. The speakers and presenters truly came from a place of education and were open to interact with the attendees consistently. The company that offered the conference was prepared and professional. There were no lines or long waits for any of the transitional moments of the entire group. This was a beautiful orchestra in motion.

And in that experience I saw that it could be done. Scaling this was a real opportunity for my company. I could surround myself with the right people to get this done for my clients and business.

And then in THAT moment I did the secret to success and happiness check. Do you know what I am talking about? A huge part of strategic planning is considering what could be, planning out what it would take to deliver…truly deliver the plan to your audience, and then ask yourself “Do I really want to do this?”

Do you want to commit your company’s time to offer this regularly? Do you want to commit X% of your company’s money and resources to making this happen? When you think of the work involved…do you get excited for the challenge or tired from the energy it will require? Heck, will it be any fun delivering for your clients in this way?

As I participated and enjoyed the benefits of the wonderful event, I looked at the host and thought, she is brilliant at this. I also knew that I was not interested in growing the Takeoff series into the bigger offering. I apply for myself the same insight I use for others. Because I could, doesn’t me I have to do it.

I will, of course, still speak at conferences and retreats, however Talmar It Up will continue to only offer the limited retreats series.The scaling of the event would require several days of general help to the clients. Beneficial yes but I know that my one on one connection of delivering specifically for each client’s business model needs is my true happy dance inciting work. Both for me and for them.

Strategically, that is not me playing small. My podcast allows me to influence more and more people throughout the globe. Conferences I attend as a speaker allow me to reach hundreds. However, the time and energy to plan, organize and manage those kind of events will take me too far from how I like to deliver in my work.

And so the strategic plan worked! By working the steps of my own strategic plan I can confidently let go of the time, money and resources I was allocating for that expansion. I will review my strategy to see if this leaves a hole or where Talmar It Up can further diversify and grow. It was not a failure or wasted resources to spend money, time and research efforts on something Talmar It Up will not move forward upon at this time. I know where I don’t want to take Talmar It Up and that in itself creates focus. Can’t wait to see what the future is bringing now that I let go of that goal to create new space! Now GO! Grow!

Are you on the Talmar It Up mailing list yet? Join now to be sure to directly receive insights, clarity and business operation answers. Check it out in the latest blog post HERE.