5 Rules for setting SMART Goals in Affiliate Marketing
One of the first tasks that all WA members have to accomplish is to set their money goals. For anyone who is new to affiliate marketing, this might sound like an insurmountable task. Why do I need to set the goals? How do I do it in a way that makes sense?
The reason for establishing your money goals is rather straightforward. When you embark on a new task you need a certain benchmark against which you will measure yourself and your progress. Without a goal, you are like a ship without a compass. Lost in sea, sailing without a direction. Sooner or later, the ship will get abandoned and will end either sinking or breaking up without accomplishing its intended journey.
How to avoid your affiliate marketing dreams suffering a tragic shipwreck? How to ensure that you reach your destiny, and that the entire journey is both meaningful and enjoyable?
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I have been pondering this question for a long while, and I decided to apply the SMART goal setting framework to ESTABLISH and ACHIEVE my goals. This is how to do it.
1. S = Specific
Make your goals specific. Try to formulate WHAT you want to achieve and WHY it is important for you.
In affiliate marketing, I express my goals in terms of the referrals / leads that I generate, and commissions that I achieve. I try to keep it very SIMPLE, and don't add conditions, or exceptions.
The reason I chose referrals and commissions is that the number of referrals indicate if my campaign has generated sufficient interest and captured the attention of my target audience.
On the other hand, commissions earned are the the ultimate expression of my success in affiliate marketing. With many referrals, but few commissions, I am only half way there. I am getting the interest, but it is not sufficient to generate the sale.
2. M = Measurable
It is important that the goals are measurable. If it is not possible to measure and quantify your goals, you will not be able to stay focused and motivated. You will also not be able to reasonably verify if you are getting closer to achieving your goals, or not.
In affiliate marketing, it is very easy to quantify your goals. For the leads, put a concrete number, for example, 1000 leads. For commissions, I try to express them in monetary terms, e.g. $1000 in commissions earned.
Depending on what you market, you might also want to express your ultimate goal in terms of the number of sales. This works when all sales earn the same commission, and are identical. One of the best examples is Kyle's 100 sales incentive. It has a clear number behind it, and is easily measurable in terms of achievement. You can read about the incentive here:
https://my.wealthyaffiliate.com/kyle/blog/incentive-updated-...
3. A = Achievable
Make sure that your goals are achievable. Basically, the goals should be realistic, yet at the same time challenging enough to keep you motivated and focused.
I am always surprised to read new WA members' goals of making 6 digit earnings without any prior experience in affiliate marketing. By putting the bar too high, you are very likely going to be disappointed and very likely abandon your journey. Don't make it mission impossible even before you started your mission!
Start with Kilimanjaro, and only after you conquered it, go for the EVEREST! Not the other way around!
4. R = Relevant
When setting your goals, think if they are relevant to you and your circumstances. One of the questions to ask is whether the time is right for this particular goal. Are you ready for this goal? Do you have enought experience to achieve it given your current level of experience, resources and knowledge?
For example, you might decide that generating 6 digit $ earnings is an amazing overall goal. However, under the current circumstances you might consider a more modest and more realistic goal, e.g. generate my first 10 sales, or maybe 100 sales! Once you achieve your modest goal, you can raise your bar higher. Set yourself another more ambitious goal. Do it one step at a time!
5. T = Time-bound
There is nothing worse than the goal without any time limit set to achieving it. If you keep running endlessly, you will waste your energy and will collapse without reaching the finishing line. For any great goal, there has to be a start and a finish.
In affiliate marketing, this means achieving your sales or referral targets in a given period of time. For example, I want to generate 100 sales in three months from now. The goal is clear, time-bound and very easy to measure. You can track your progress and stay motivated until you reach your goal.
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At this point of time, you should know everything about setting your SMART goals in affiliate marketing. By establishing your SMART goals you will have a head start which will significantly increase your chances of success!
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I hope you found my post useful. I would love to hear your views and comments!
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Nellya
Recent Comments
46
Great post, very wise words for everyone, you have taught WA members some important facts, not just on goal setting but the timing factors necessary in achieving those goals. Thank you for your great insights, they will help a lot of people think things over before they jump into the fire.
Joe
Thanks, Joe, for bringing your perspective and reminding us of the overall context! Although my post was predominantly targeted at WA members, a SMART goal setting technique could also apply to other walks of life.
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Nellya
I think this is great as I see many goals being set that are not smart. As much I would like there to be, there are only so many hours in a week so going over that is not SMART but I admire the energy. :)
Chunking down a goal into smaller components is also to be admired.
I also like the 2PF format as a sense check so is it Possible Plausable and Fair.
I think setting goals is sometimes confused with mission vision and purpose which allows for a bit more "push" if you like. I always think a great "purpose" gets you out of bed in the morning and your goals come from that purpose.
A really good reminder, thanks !
Phil
Thanks, Phil,
You are putting a really great perspective here. I wonder to what extent the "Money I would be ecstatic earning" could qualify as the great "purpose" in the WA objective setting context. Any views?
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Nellya
Hi Nellya,
I also think of the money goal is by product of a purpose. So for example "helping to end child poverty" could be a purpose/ vision but under that would be the money goal to be able you contribute to that. So to raise 5k per month to give clean water to children in a specific village.
So in WA terms your mission / purpose could be to help stay at home dads earn an income that keeps them fullfilled. The money goals could be 200 referrals a year.
To be the go to blog for movie memories that make you smile from the 1960's, money goal to earn 3k per month in affiliate income.
Helping sort out skins conditions that cause lack of self confidence with natural products that don't cost the earth - Money goal - 300 referral to affiliate partners per week results in 2k per month.
Helping owners with bad dogs become good dogs so they remember the joy of owning a pet - Income 10k per month though affiliate partners.
That's off the top of my head but the formula is purpose - goals - revenue.
Its only one way of looking at it but I am quite purpose driven!
There is no one right way of doing this and I think the WA goals process is great as long as its smart as you rightly point out. I suppose my purpose is the niche with ambition. So we kind of do it money goals then niche ... just a thought but unless you know what a niche is as many don't that is tough...
Good challenge! Phil
Hi Phil, this is one of the best replies that I have read on WA! Thanks for accepting my challenge!
I very much agree with your reasoning. The way I see it is that the purpose provides the overall direction and meaning to the activity. The goal is how you actually get there.
To some extent, the purpose can be considered in the RELEVANCE part of SMART goals - how relevant is my goal to achieving the overall vision.
I will definitely reflect further upon this!
Have a great weekend, Phil!
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Nellya
Sound, measurable and very good advice!
If you can't measure it you can't improve it!!;
R.
Thanks, Rami, for your comment!
Indeed, being able to measure you goals is key for motivation and focus.
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Nellya
See more comments
Some solid points, Nellya. After I've been here a while, I did learn about being more realistic and specific in my goals and expectations. The six figures annually would be awesome, but I need to focus on making that first $100 in three months with smaller goals.
Appreciate the post 👍
Isaiah 😊
Hi Isaiah,
Indeed, SMART goals should be Achievable. This might mean either $100 or $100k, depending on your situation and business model...
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Nellya