When you have a new product you are ready to launch, one of the fastest ways to get the word out about it is through affiliates. Affiliates are colleagues who you partner with to promote your product and then compensate in some way for their help.
1. What Size List Should You Seek
Your first instinct may be to approach someone with a large list of 20,000 and give them a big cut. But, it doesn’t really work that way. Successful people with large lists have put their blood, sweat, tears and money into building their list and might not want to give you access for a few hundred dollars of affiliate commissions.
In the beginning, if you don’t have a large list, you’ll want to make the affiliate compensation more attractive to solicit partners. In addition, you will probably need to start this type of marketing with partners who are your peers with a similar list size or slightly larger. These are the people who will most likely be interested in your offer.
2. Compensation Options
Standard commissions run between 25% – 35%, but can go as high as 50% – 75% if you need the partners more than they need you. You want to make the offer much more attractive in this case.
You can also ask possible partners if they have something they would like in return. Sometimes there is something else besides commission that might be helpful for your partner in return for access to his or her list.
3. How to Find Potential Partners
If you don’t have experience with affiliates, the best place to find partners is to start with the people you already know. Think about your own networking and contact list. Who do you already know and have a relationship with that might make a good partner? Whose business has good synergy with yours? Who serves the same type of clients? Who are the people you know that are the most willing to work with you in a partnership capacity.
4. The Best Way to Approach Potential Partners
When you are just starting to launch a product with affiliates, the best thing you can do is simply pick up the phone and start talking with people. This individual approach will produce much better results than any mass email would.
Get people on the phone and say something like, “I want to launch a new product and I just keep getting this feeling that you would be a great partner in launching it. If this is something you believe in, I want to talk to you about what would be something of value to you for compensation. Is it a percentage of product sales? Or is it something else? Let’s talk about what would work for you.”
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If you are getting ready to launch a new product, look through your contact list to see who would make good affiliate partners. Give some thought to what you are prepared to offer so you have a plan. Write a brief script for yourself to help you through the first few calls and then hit the phones!
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