Influential Voices of Authority Affiliate Deals the Right Way – PTC 364
Affiliate relationships are a powerful way to monetize your podcast. As you incorporate these deals into your show, you need to do it properly to win big and stay out of trouble.
As a full disclosure, let me start by saying I am not offering financial or legal advice. This is information I've collected over the years and simply sharing with you.
WHAT TO ENDORSEOnly be an affiliate for products you love.
You should really only endorse products you've actually used.
It is illegal to say you've used a product if you have not. You can still promote it. But while promoting the product or service, you cannot imply that you have use it if you have not.
If I am endorsing Wendy's french fries, I cannot tell you they are delicious if I haven't actually eaten them.
I can tell you they come with a money back guarantee, are sprinkled with sea salt and are on sale. Those are facts that have nothing to do with consumption.
The best way to stay out of trouble here is to be selective with your affiliate partners. Choose partners of products and services you use. This will help you be honest as you are promoting your partner.
If you look at my resources page at www.PodcastTalentCoach.com/jv, you will find a list of products and services I recommend. This includes everything from Hindenburg Journalist to edit your show to LeadPages to host your landing pages.
The products and services on this page are things I actually use for my podcast and business. I know the quality of each. On the page, I even say, "I recommend them, because I use them and I know they have worked for me."
WHERE TO FIND PARTNERSSo, where do you find good partners?
There are many sites that have joint venture and affiliate offerings. These include JVZoo.com, ClickBank.com, Shopify, Amazon and more.
However, I don't recommend you start here. It is like trying to find a fishing boat in the ocean. The marketplace is just too big.
Instead, start with the products and services you use and love. Start with 2 or 3.
Visit the website of the product or service. See if they have an affiliate program.
For instance, I use Host Gator to host my website. I am also an affiliate for Host Gator.
If you visit HostGator.com, you will see "affiliates" in the top menu. When you click on that, you are taken to a page that says, "Partner with us and earn cash."
Companies like this want you to promote them. You become part of their sales force.
You can also email the product creator directly and ask if they have an affiliate program. Maybe they haven't thought about it, but would be willing to create a partnership for you. It never hurts to ask.
Events like Collaborate are a great way to meet potential JV partners. You can find details on the event through my affiliate link on the website at www.PodcastTalentCoach.com/collaborate.
GETTING PAIDRead the terms of the agreement.
How long does it take to get paid? What method of payment do they use? What happens if a buyer asks for a refund?
This will all be in the terms.
There are many ways to get paid when you are an affiliate. You can get paid a percentage of the purchase price or a flat fee for a referral. Referral fees typically come from a coaching program or a program with various levels.
You can also get paid once. This typically happens when you are an affiliate for a product.
You can get paid a recurring fee. This will often happen with a membership or subscription.
It is also possible to get paid on multiple levels each time someone that you've referred buys the upsell.
For instance, you might be an affiliate for a $200 workshop where you earn 50% of the registration fee. So, you make $100.
During the workshop, the host may make an offer for his program that sells for $1000 per year. If there is a second tier deal in place, you may also make an affiliate commission on this $1000 purchase.
You will only know how the deal is structured if you read the terms.
Affiliate fees are usually higher for products and things that require little time from the owner. This might be a course or physical product. Courses often come with a 50% affiliate commission. Sometimes even higher.
If the program requires a lot of time from the creator, such as an event or live coaching, the affilate commission will be lower. It is typically around 20% or a flat fee. It really depends on the work required by the owner of the content.
Affiliate relationships can really be stuctured in a variety of ways. There is no typical affiliate deal. It is simply an agreement designed to benefit everyone involved.
DISCLOSUREThere is one thing to be sure you understand. That is disclosure.
The Federal Trade Commission has been active lately when it comes to enforcing disclosure statements for podcasters, brands and companies in the digital world.
If digital marketers use endorsement ads to deceive consumers, they could face very steep fines.
Now, you are probably saying that you would never intentionally deceive your listeners. However, you may inadvertantly make statements, or more likely forget to make statements, that could be misleading.
According to a recent letter to businesses, the FTC says the blurring of the lines between authentic content and advertising has led to an explosion in deceptive endorsements across the marketplace.
More than 700 companies have receive letters from the FTC indicating the companies could face significant fines if they don't follow the rules. These fines can be up to $43,792 per violation. The FTC doesn't mess around.
The letters states, "FTC staff is not singling out your company or suggesting that you have engaged in deceptive or unfair conduct. We are widely distributing similar letters and the notice to large companies, top advertisers, leading retailers, top consumer product companies, and major advertising agencies."
DECEPTIONThe letter lists a variety of practices that the FTC has determined to be unfair or deceptive. These include:
- falsely claiming an endorsement by a third party;
- misrepresenting whether an endorser is an actual, current, or recent user;
- using an endorsement to make deceptive performance claims;
- and misrepresenting that the experience of endorsers represents consumers' typical or ordinary experience.
This is what we talked about earlier. You can't say something tastes great if you haven't actually tasted it.
You must also make it clear that you are receiving compensation to endorse a product or service. Listeners must know you are an affiliate.
Compensation doesn't always mean monetary compensation. If you are receiving anything of value, including exposure, you must disclose it.
Your disclosure doesn't need to be like the end of a car ad where you mumble a whole bunch of words people can't understand. Just simply let your listeners know you have a relationship with your partner, but you promote it because you love it.
To help businesses navigate the rules, the FTC has created multiple resources for business to ensure that they are following the law when using endorsements to advertise their products and services.
Read the FTC's Endorsement Guides at www.PodcastTalentCoach.com/FTC.
GOOD DEALSThere are many good affiliate deals to be had. You just need to approach those products and services you love. See what is possible and start generating some cash.
If you don't have a mentor who can take your hand and walk you every step of the way, go to www.PodcastTalentCoach.com/apply, click the button and apply to have a chat with me. We will develop your plan and see how I can help and support you to achieve your podcast goals.