5 Ways to Know if An Affiliate is Right for Your Business

Affiliates, supporters, joint ventures, strategic partners – all are great to have in your business as you grow and expand your reach. But today, instead of talking about why you need them or how to get them, I’m going to share my simple system for evaluating them.

I’ll be blunt, the more your business expands and if you’re at all visible, then you’re going to get offers – both to promote others and for them to promote you. This article will focus on promoting others and the follow-up will handle the latter.

True story time, I have a personal blog that’s 5 years old and generates decent traffic. Although I have no posting schedule, zero ads, and no sponsored posts, I still get contacted about promoting for companies in exchange for swag.

Bloggers have come under fire lately, especially for accepting freebies in exchange for an overly positive review, but business owners need to be just as careful.

While it can be disconcerting to see your favorite gluten free blogger suddenly promoting a cruise to Aruba (huh?), it’s just as odd for a running coach to suddenly recommend a medical transcription course.

1. Know your audience really, really well

How do you know your audience of runners won’t love medical transcription courses? Well, you need to understand them more than they know themselves. Here’s a few scenarios:

Running Coach #1 works with collegiate athletes who want to compete in the Olympics. She knows their passion revolves around a lifetime dedication to athletics, and sitting at a computer for hours on end would be a hard sell.

Running Coach #2 works with stay at home parents, mostly moms, who want to participate in a marathon and get fit. They have flexible schedules and would like to re-enter the workplace someday without sacrificing time with their children or their newfound dedication to exercise.

In this example, Running Coach #2 is far more likely to promote transcription courses, but it still might not be a great fit.

Action Step: Review, and revise if needed, your ideal client profile to understand what your audience needs most right now.

2. Know what your audience expects from you

You might be the greatest short order cook in Maryland but if your audience is following you because you’re an incredible SEO expert, then sharing your friend’s cookbook offer could be a recipe for disaster.

It’s great that you have hobbies, but promoting all the things that you find interesting will only leave your audience confused. Instead of emailing about these offers, support them by purchasing or donating your own money and sharing that on social media platforms.

Action Step: Make a quick list of your areas of expertise for this business. Everything outside that list is not supported through affiliate offers.

3. Understand what offers supplement your own

A great rule to follow when considering an affiliate partnership is that your audiences are similar and your offers are complementary but not identical. You can make it easier to evaluate opportunities by knowing already what other support or products your clients need that you don’t provide.

For example, if you’re a fitness coach then partnering with brands that provide yoga mats, cycling gear, workout clothing, or running shoes is a no brainer.

Action Step: Make a list of 10-12 industries or businesses that mesh well with your offers

5. Consider the most you’re willing to do

When you’re approached to become an affiliate, there’s usually a simple agreement about the expectations. This might include participating as a speaker or providing a bonus, but it will nearly always include a provision to a) mail to your list about the offer and/or b) post on social media about the offer.

The trouble is when someone you admire or like is requesting “too much”, such as 3 solo email blasts or 12 tweets a day. How much is too much? That’s up to you! Decide now so you have some guidelines to refer to when you’re asked to participate.

Action Step: How much are you willing to do when promoting an affiliate partner? Write down your guidelines, you can always refine them later.

Decide who your ideal partners are.

Now that you know a little bit about the types of businesses you’d mesh well with, it’s time to make a wish list. By writing down the leaders in your industry that you’d love to work with, it’s easier to turn down non-ideal partners and keep your eye on the prize.

You might consider their reputation, success of past promotions, the values they possess, how well they organize and communicate… whatever criteria is most important to you, be sure to add a line or two about why they would be great.

Action Step: Create an on-going list of 8-12 partners who you would be thrilled and honored to support and partner as an affiliate.