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Chapter 19: Joint Ventures
In the event that you sign up for newsletters and mailing lists from marketing specialists, you might have run into the word 'JV' or 'Joint Venture'. Essentially, a JV is a partnership of sorts, although not in the legal sense.
A JV may take many forms, but it's mostly about collaboration - working together to produce better results than each one of you can achieve by yourself. Listed here are just some ways you can 'JV' with others:
Tele-seminars and workshops - Partner with a person who is serving an identical kind of client to you to provide workshops where the delegates will get several perspectives (and also you share the job involved with organising and marketing the big event).
Creating Products and services - By yourself, developing a product (like a CD or on-line course) may appear daunting but, in the event that you use another person, you are able to brainstorm some ideas and take action in a fraction of the time. Plus, you are able to each market the merchandise to your personal databases of clients and customers.
Product Launches/Special Offers - We recently teamed up with some others who help coaches to promote themselves to advertise a book of ours relating to this topic. They donated a totally free bonus and marketed the book for their e-mail lists - everyone profited. People purchasing the book got an excellent group of bonuses and heard about sites where they could find extra information on marketing. The folks providing the bonuses got additional exposure and PR.
Joint Bidding/Pitching - You might face tough competition when you are bidding or pitching for corporate or government contracts but, with a little team of associates, you are able to stand a far greater chance in the event that you pool your expertise, testimonials and resources.
Affiliates - You are able to either be a joint venture partner for another person's products and services and promote them as a swap for a commission, or look for affiliates to advertise your personal products and services, paying them a commission once the sales are made.
One good free site to get involved with is jvme.com, which is a leading joint venture social network run by internet marketers via Facebook's base software applications.
Whenever you're thinking about doing a JV, one thing to be clear about up-front is how much money and time each of you will be investing and how you will distribute the profits when they come in.
The best option here is to be transparent at the start and keep costs to the minimum required to do the job well.
JVs, with the right people and the right companies, can work wonders for you and they don't have to be as daunting or on such a large scale as some people would have you believe.