The Joint Venture, Easier Way To Grow Your Business
These under-utilized resources can be anything from
equipment to intangible assets such as services. The joint
venture most readers of this ezine will be familiar with is
an endorsement emailed to a partners mailing list. One
person has a product that is a perfect match for another
person's existing contacts/list. He asks that person to
recommend this product to his list in exchange for a share
of the profits generated from resulting sales.
The process described above works beautifully but is often
poorly implemented. In order to carry off an effective
joint venture, the person proposing the joint venture needs
to begin with the interest of his potential partners in
mind. He needs to begin by asking, 'How can I benefit my
potential partner and make him want to take part in this
deal.' He needs to ask, 'What's in it for my potential
partner.' He also needs to ask what's in it for his
potential partner's contacts or customers.
First what's in it for the potential partner. If you are
structuring a joint venture proposal for anyone with a
sizable mailing list or contacts list, realize that they
probably get more joint venture proposals than they can
possibly accept. They don't generally want to bombard
their subscribers with 'special offers' so they will be
fairly selective. Therefore, it is essential that your
joint venture offer be better than the other offers
competing for your potential partners attention.
Since profit is an incentive for anyone in business, one
way to stand out from the crowd is to offer a higher than
normal commission to your potential partners. If you only
offer what anyone can earn by signing up for your affiliate
program then you don't really offer them any reason to
partner with you instead of someone else. To really entice
a joint venture partner you should present him with an offer
that's hard to refuse.
Another way to make your offer stand out from the crowd
with your potential joint venture partner is to offer a
special price to his customers or maybe a bonus that's
only available through your partner's special url.
Perhaps the most important consideration you should have
in-mind when making your joint venture offer is that your
potential partner should only want to offer his list members
top quality products and services. Therefore, you should
only ask him to partner with you in providing his customers
with superior products and services. If your products are
as good as they should be, it will be fairly easy to find
lots of partners. Your job is to provide this level of
product and then show potential partners that they are
doing a disservice to their subscribers if they don't make
them aware of your products or services.
The easiest way to show a potential partner the quality
of your product or service is to give him a complimentary
copy. Make this a part of your joint venture offer so that
he can 'see and feel' your product. This makes it very easy
to get excited about your product and to share its true
value with others.
When structuring your joint venture proposal - think
long-term. Don't get greedy with your partner who is
probably doing most of the work in acquiring new customers.
Instead consider the backend. What we mean by that is that
if you offer a product for say... $20, and it's digitally
delivered, you can probably afford to give your partner
50 - 70%. If he is offering your product to his list, you
are not paying for any advertising, you are only paying for
performance. Structure you product line so that you can
later offer additional products and services to new
customers that your joint venture partners bring in. This
is where the real profits are anyway.
Hopefully you offer a full line of somewhat related
products. If these products are properly positioned, new
customers that joint venture partners send to you are
very likely to buy additional products and services
from you. With the additional sales to the same
customer, you don't have the customer acquisition costs,
so these sales will usually offer a higher percentage
profit. Keep this in mind when you structure your offer
for potential joint venture partners. Offer them as much
as is practical so that they work really hard to bring
you new customers.... customers who will hopefully be
customers for a long time.
If you do have your own products and services and
you approach joint ventures from this frame of mind you
will be unstoppable. Because you place the interests
of your partners and potential customers above your
own immediate interests, you set yourself up for these
same partners and customer to benefit you more in the
long-run. That's all there really is to structuring a
joint venture deal that is irresistible. Make this
mindset you own and you'll be miles ahead of your
competition because they all approach joint ventures
with the wrong mindset ;-)
If you don't have your own product or service, you can
still joint venture with others. You just need to
examine what valuable and under-utilized assets you have.
The same mindset needs to be brought to the table though.
equipment to intangible assets such as services. The joint
venture most readers of this ezine will be familiar with is
an endorsement emailed to a partners mailing list. One
person has a product that is a perfect match for another
person's existing contacts/list. He asks that person to
recommend this product to his list in exchange for a share
of the profits generated from resulting sales.
The process described above works beautifully but is often
poorly implemented. In order to carry off an effective
joint venture, the person proposing the joint venture needs
to begin with the interest of his potential partners in
mind. He needs to begin by asking, 'How can I benefit my
potential partner and make him want to take part in this
deal.' He needs to ask, 'What's in it for my potential
partner.' He also needs to ask what's in it for his
potential partner's contacts or customers.
First what's in it for the potential partner. If you are
structuring a joint venture proposal for anyone with a
sizable mailing list or contacts list, realize that they
probably get more joint venture proposals than they can
possibly accept. They don't generally want to bombard
their subscribers with 'special offers' so they will be
fairly selective. Therefore, it is essential that your
joint venture offer be better than the other offers
competing for your potential partners attention.
Since profit is an incentive for anyone in business, one
way to stand out from the crowd is to offer a higher than
normal commission to your potential partners. If you only
offer what anyone can earn by signing up for your affiliate
program then you don't really offer them any reason to
partner with you instead of someone else. To really entice
a joint venture partner you should present him with an offer
that's hard to refuse.
Another way to make your offer stand out from the crowd
with your potential joint venture partner is to offer a
special price to his customers or maybe a bonus that's
only available through your partner's special url.
Perhaps the most important consideration you should have
in-mind when making your joint venture offer is that your
potential partner should only want to offer his list members
top quality products and services. Therefore, you should
only ask him to partner with you in providing his customers
with superior products and services. If your products are
as good as they should be, it will be fairly easy to find
lots of partners. Your job is to provide this level of
product and then show potential partners that they are
doing a disservice to their subscribers if they don't make
them aware of your products or services.
The easiest way to show a potential partner the quality
of your product or service is to give him a complimentary
copy. Make this a part of your joint venture offer so that
he can 'see and feel' your product. This makes it very easy
to get excited about your product and to share its true
value with others.
When structuring your joint venture proposal - think
long-term. Don't get greedy with your partner who is
probably doing most of the work in acquiring new customers.
Instead consider the backend. What we mean by that is that
if you offer a product for say... $20, and it's digitally
delivered, you can probably afford to give your partner
50 - 70%. If he is offering your product to his list, you
are not paying for any advertising, you are only paying for
performance. Structure you product line so that you can
later offer additional products and services to new
customers that your joint venture partners bring in. This
is where the real profits are anyway.
Hopefully you offer a full line of somewhat related
products. If these products are properly positioned, new
customers that joint venture partners send to you are
very likely to buy additional products and services
from you. With the additional sales to the same
customer, you don't have the customer acquisition costs,
so these sales will usually offer a higher percentage
profit. Keep this in mind when you structure your offer
for potential joint venture partners. Offer them as much
as is practical so that they work really hard to bring
you new customers.... customers who will hopefully be
customers for a long time.
If you do have your own products and services and
you approach joint ventures from this frame of mind you
will be unstoppable. Because you place the interests
of your partners and potential customers above your
own immediate interests, you set yourself up for these
same partners and customer to benefit you more in the
long-run. That's all there really is to structuring a
joint venture deal that is irresistible. Make this
mindset you own and you'll be miles ahead of your
competition because they all approach joint ventures
with the wrong mindset ;-)
If you don't have your own product or service, you can
still joint venture with others. You just need to
examine what valuable and under-utilized assets you have.
The same mindset needs to be brought to the table though.
