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There is two step process I use:
1. Pick a sponsor
2. See if it sells with my traffic
Only after step 2. I decide if I'll promote it for real.
I pick sponsors if I like content. And I mean if I like it as a surfer, not webmaster. I know I'm comfortable in selling something I like, so my copywriting is much better.
There is also a third step - See if it rebills, if I choose revshare program. Third step is something I consider about 3-4 months later.
Other things that I like:
1. Good promotional material,
2. Different tools available
3. Good inquiry response time
Hope I helped
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