Congratulations to Corey Rosenbloom at Afraid to Trade.
He is the proud owner of $1,000 in cash for referring new member MasterBlaster to a free trial of our newsletter in July, who will also get $500 – just for trying us out!
Thanks to all of you who participated in this contest but we won’t be doing it again as we had LESS referrals by members in July than either of the previous months. Clearly you guys are much to rich for amere $1,000 prize to motivate you to entera name and Email address in ourReferral Box.Our affiliates, on the other hand, have been going like gangbusters and I’m very proud to announce that, after 4 months of running our referral experiment, we now have 6,600 people reading thePSW Report!
Why are the affiliates so motivated? It’s the math. As I mentioned in the original post, it’s the simple math of the thing. If an affiliate already has a list of 1,000 members and signs them up for a free trial subscription and just 10 of those people (1%) sign up for a premium membership at the regular price of $249, then that affiliate gets $500 PER MONTH in commissions (20%). It’s that easy!
We already have people who are effectively sales people for PSW, just going around and gathering names for referrals from such places asgraduate and business schools, chamber of commerce members, large white-collar companies and various clubs and other social networks they alreadybelong to. If you happen to know people who know people who happen to need an income – all they have to do is contact someone and say “Hey, would you like to try out a stock newsletter for no cost and no obligation?” If the person answers yes, all they have to do next is enter their contact’s name and Email address and they are done. We track everything else and if that person converts to memberships, they get a check.
Given our current rate of growth, I expect to get to our 10,000 reader goal this month and that’s fantastic, but we can do much better. Barry Rhitholtz has 80,000newsletter subscribers and we need to catch up. Since you not only get a referral fee for the people who directly sign up under you but also a 30% bonuson any fees theygenerate, there is an opportunity here for people who know how to market to make a fairly large…
