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In offline marketing, joint ventures are not taken lightly. These can take months to negotiate and a legal contract is always drawn up, with each party’s responsibilities and rights laid out in black and white.
In internet marketing, however, there is usually no need for a contract unless you are actually developing a product together.
What’s The Big Advantage?
The truth is, in internet marketing, a joint venture can be (and usually is) as simple as having a well-respected marketer in your niche provide a review or testimonial.
It can be as simple as sending an email to several marketers and having them say: “Okay, that looks like a win-win situation…” Or it can indeed take several months, if you’ve opted for a partnership, and you and Marketer B are busy planning the Big Launch for a hot new product that will have both your names on.
If you’re a new marketer, the simple promotional JV offer is by far the easiest to achieve. And it doesn’t matter whether your potential JV partner is someone you simply found on Google, who you had never heard of before today – or the most staggeringly well-known marketer in your target niche:
Present your offer properly, and you’ll make it easy for them to say: “Okay.”
6 Questions To Ask Yourself Before You Approach them
1. “What risks and benefits can I anticipate?” 2. “What risks or benefits could my potential partner perceive?” 3. “What are my chances of making this a success?” 4. “How well have I researched the potential partner I want to approach?” 5. “Do I know how to give my JV proposal the best chance to succeed?” 6. “Will my product really benefit my potential partner’s niche market?”
If your sole reason for this Joint Venture rests on being told you should do it, or getting a sudden idea, or making quick cash, you will definitely need to rethink it. These things may be true – but you may actually not be ready for a JV yet – or you may not know that there’s one glaring condition guaranteed to make your JV offer flop on the spot.
So first, let’s change that situation, before picking our marketer and crafting our offer…
The Single Most Vital Thing You Can Do
One thing you need to know – and do – up front. Without this condition being met, you won’t have the slightest chance of attracting a JV partner. Don’t even think of proposing a JV venture until you have your own Affiliate program completely set up and running.
At the very least, take advantage of a third party Affiliate Marketplace network like Clickbank and pay the $50 one-time fee to list your product there. Clickbank will automatically set up an affiliate program for you, on that product. You’ll have to follow their rules about commissions, payout and refunds. And you’ll need to create a good Affiliate Center packed with resources specifically for you’re your affiliates to use when promoting that product.
Not only will it help and please experienced affiliates, when they very properly write to you to see what resources you have to help them sell (or you let them know, in your JV offer)… it will enhance the professional image you are presenting to your potential JV partner. Other Tips To Consider
One popular way to ensure a “yes”: offer 100% commission to your potential JV partner. This tactic is a good one if you have a small list, and theirs is large. At this point, you’re paying for the exposure and web recognition – as well as building your own list from sales she sends you (just make sure you know how to capture those leads without detracting from her commissions and captures.)
Also make sure that your own Affiliate script or service allows you to set cookies with a short expiry date. You may not intend to be giving your JV lifetime 100% commissions on every sale from that customer, right through your funnel – which is what will happen if you have “lifetime” cookies enabled. And agree that the 100% is only for:
A. That product B. The duration of the program
Top 8 Mistakes
There 8 things guaranteed not to incite a “Yes” answer, so make sure you’ve got them covered. The first one’s so important, we’re going to repeat it again:
1. Not having an affiliate program already set up 2. Not having all your affiliate resources complete, and ready to go for promotion 3. Approaching someone outside your narrow, specific niche 4. Not having a really strong and obvious USP (unique selling position) 5. Not having a strong and well-written offer 6. Expecting them to all the work 7. Not having any web visibility at all. (No social networking, no forum memberships, no favorite blogs where your comments are well known, etc.) 8. Not having any stats or conversion figures you can share with your potential JV partner
However, there’s one more less obvious mistake that can really damage your reputation, if you don’t know what you’re doing…
One More Fatal Mistake Not To Make
9. Deciding you need a JV partner just to “make a quick buck”.
JV partnerships should be about enhancing both your reputations and creating a trust-based relationship built for longevity.
However, if you honestly are more interested in “quick cash”, but really need to power of a “bigger” marketer to get it, there is one popular solution you can initiate – or find, and jump on an already-started bandwagon….
The Fire Sale
You’ve seen these: You get an email from a marketer whose list you belong to, excitedly telling you about a “Blowout”, with hundreds of free products by top name marketers. You go, and discover that you are able to download a pile of free eBooks (and the odd piece of software.)
In exchange, however, you have to sign up for each marketer’s list.
The purpose of this exercise from all the marketers’ point of view is a list-building exercise. But it’s a great opportunity for you to not only build your list, but get your name associated with well-known marketers – if you have a high quality offering.
One word of caution, however: You may be tempted to slap up any old thing. Don’t do it! Make sure you over-deliver, and that the item you’re contributed stands out like a beacon (it’s your one chance to wow all the new people who sign up for your product, anyway.)
And remember that “qualifying” goes both ways: If the call for JV’s for the fire sale is put out by marketers you consider sleazy or shady… or there are any other signs that they are going to rip people off with a bunch of ancient, already freely available old reports… don’t touch them with a 10’ pole.
It’s not worth it, in the long run.