Create Your First Strategic Partnership Program
One of the easiest ways to grow your business is to get lots of other people excited to grow your business for you.
If you have not heard the origin story of the $100,000,000+ (USD) company MindValley, it started with one gent looking to make money selling some else’s products. Fast-forward to 2021 where every-other blog you read is written by someone who brags about making $10,000 per month in affiliate commissions. This means they make $10,000 per month as the middle-man (or woman) telling their personal following about specific products, services & solutions.
Now, we will create a few offers to connect with these middle-men (& women) who write the popular blogs, so that we can leverage their followings too.
This acquisition channel works best when:
- Your offering is complimentary to that of the business goals of a potential strategic partner.
- Your offering is easy for a potential strategic partner and their current customers (or following) to understand & value.
- You pay a sufficient commission (the definition of sufficient varies widely from industry to industry. In some 10% is standard, in others $5000 in standard. You may need to change your pricing to allow for a “sufficient” payout to your strategic partners.)
Who could be a good strategic partner for your startup?
- Current customers enrolled in a referral program, or
- Third party marketplaces like:
- FB Marketplace, and
Below I will dive into affiliate marketing, because the majority of our readers are young startups and affiliate marketing offers the following secondary & tertiary benefits:
- When you aim to earn press coverage, journalists are going to look to see who wrote what about your startup. Affiliate marketing helps to make sure that the majority of what they find via a quick Google Search is good 😉
- The backlinks you will receive from affiliate marketing, may help to move the needle a bit on your SEO goals.
- Choose an automated solution to keep track & pay your strategic partners their earned commissions.
- Setup your affiliate signup page (here is an example).
- Use a tool like BuzzSumo to identify influencers within your niche
- Send the following message to the influencers “I am interested in having you review my [product / tool / solution] on your channel, what does it take to make this happen?”
- When they respond with a flat fee write something like “Sounds good, although if you’d like a larger slice of the pie I’d be happy to do a revenue share. Here is the link to setup your affiliate account & get your custom link.”
Learn more about Affiliate Marketing via the Affiliate Marketing & CRO Live Q&A – February 12, 2021.
If, at this point you have learned something new or experienced success with implementing one of these recommendations, could you help others to find this resource by leaving your happy review for Molo9™ here.
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