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There are a number of ways affiliate manager can be paid and paid well for performance. I believe a base is aways important because you need to invest time and energy to build the joins to a new program and increase joins to an existing.
The base should be in line with experience (verified experience - I would have no trouble saying what I have done and how much sales increased during the time I was on the project. ) Then I wodul take a commission based on sales and targets being met. I think every business has an idea about how much they desire to grow their current business, setting specific goals to that effect will help the manager understand what needs to be done to get it done.
Many affiliate managers will also come with additional skills like BradM described. I specifically am XHTML/CSS skilled, can photoshop, create marketing materials, manage a program and have a proven track record.
All depends on who you are getting what their experience is and what your expectations are
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