Propel Your Growth with Affiliate Marketing
Affiliate partnerships are one of the best ways to grow your business…
Why?
There is generally little to no upfront cost to form an affiliate partnership.
Positioning yourself among industry leaders will increase your brand’s value.
Done right, they can generate quality leads that are ready to buy and offer opportunities for you to grow your business.
But, why would another business want to partner with you?
Because, like you, they are constantly looking for new marketing ideas and ways to grow their business. Also, there is serious money to be made in the referrals game.
So, now that we know why affiliate partnerships are so valuable and that ANYONE can get them, the big question is…
How do I start?
First and foremost, you want to identify your goal for creating an affiliate partnership. Are you looking to get more leads or expand your offerings or both?
If you are a caterer looking to generate quality leads, you would want to reach out to photographers, venues, and any other businesses that market towards people throwing parties but aren’t selling what you are selling.
If you are looking to expand your offerings for your catering business, you may want to team up with a rental company to offer their products to your customers for a commission.
The most successful affiliations work both ways. Meaning, both parties refer business to each other and pay commissions accordingly. The average commission for an affiliate can be anywhere from 10% to 20%.
Whether you are looking to generate more leads, or to expand your offerings, there is a formula on how to identify the right partners and a process to get them to work with you.
First, you need to know how to identify a good partner.
The Perfect Partner Identifiers:
You share the same customers and are not competitive.
Your brands are aligned and share the same values.
The company you are partnering with is fast growing.
The company you are partnering with is bigger than you.
Four Points to Perfect Partnerships
So, now that you know the basics…
How do you go about reaching out to secure your first affiliation?
When approaching affiliates, it’s a numbers game and you can’t be shy. To start, list out 40-50 potential affiliates with a goal to land a deal with 5 or 6. If you need some help coming up with potential affiliates, use the Perfect Partners Identifier above, with the brainstorm sheet below. For the Categories section in the brainstorming worksheet, list out industries you think would be a good fit. Then, pick the top 3 industries that have the most key identifiers that match your business. Next, research the biggest companies in your area for each of the top 3 industries and list out the companies. Last, find the key decision-makers for each of the companies you have identified and start a spreadsheet to track them.
Affiliate Partnership Brainstorm Worksheet
Affiliate Partnership Tracking Worksheet
It’s time to do some outreach!
Now that you have planned out a list of companies and have the tools to track them, it’s time to do some outreach. The most effective way to get partners is via a virtual meeting or phone call. Email works to try and get an appointment scheduled. But, when it comes to pitching your partnership ideas, it’s best to do it verbally.
If you have a contact number for the companies, cold call them and request to speak with the owner or manager in charge. Be prepared with a short pitch to schedule a formal meeting. Nine times out of ten, the person you want to speak with is not going to be available and you’ll need to schedule an appointment. If, by chance, you do get a hold of the decision-maker and they have time to chat, be prepared to give your full pitch.
Pitch Tips:
Practice your perfect intro. The perfect intro should introduce who you are and what you do, in one sentence.
Don’t get bogged down in the details during the first meeting. Present the opportunity and the top three benefits they will receive from working with you. The details can be worked out in the negotiation phase.
Ask questions that will lead the person you are speaking with to your desired outcome.
Download our example cold calling scripts 100% FREE!
Need help crafting the perfect pitch? Don’t worry, we have your back! We’ve spent hours upon hours making these calls and have scripted our most effective sales pitches. The key is to keep your pitch as short and to the point as possible.
Don’t let nerves get the best of you…
Preparing with a sales script will give you the confidence you need to close the deal!
Use email templates to automate your outreach with a CRM.
Sending outbound cold emails with a CRM can be a great way to reach the masses in a quarter of the time. The key is crafting personal emails, that don’t look like spam and expect a response.
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