Prize Money Guidance Needed
I need prize money guidance. Here's why:
My 1st product (the Squidoo course that has since been deleted in like 2006 or so) was promoted here as a WSO for $10 (lol, later $47). I didn't know what I was doing and had everyone from John Reese to Yanik Silver promoting me - with zero affiliate tools, no prize money, etc.
Ever since then, I have never done formal "launches." Ever. I just make it live, notify my list, and those who want to promote - promote.
Since this is the year of Tiffany Lambert "leveling up" - I will be doing it right next time around. As in, MAJORLY doing it right and going AFTER big promoters.
I'm currently taking/reviewing IM John Chow, and I noticed he emphasizes things he looks for, including:
1. Affiliate Tools (already doing that, so I get that)...
2. Affiliate Newsletter (never been one to do this but I will now)...and
3. Prize money.
Prize money...yikes. How do I know how to do this? It's NEVER been anything I go by AS an affiliate. I ignore all that crap. I know it would benefit me financially, but I've always been more concerned with the person and product being viable than any prizes included.
I've seen anything from $25 Amazon gift cards being doled out to $10,000 and new cars, trips, etc.
Is there some formula to figure out how much to award? How is it tracked? I'm doing it through ClickBank. When is it paid - ie: refunds they send, etc.?
Basically, has anyone written a guide or blog post on this to guide me?
I'm taking my time to ensure I don't rush things and screw up somewhere along the way.
If you're an affiliate, are there certain things that impressed the hell out of you in terms of prize strategies?
Tiff Lambert
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