What, Why & How To Succeed And Profit From Joint Ventures

Posted on 25. Sep, 2013 by in Business Model, Events, Internet Marketing, Jewels of Wisdom

Joint Ventures are one of the main strategies we’ve used to grow our business into a 7 Figure business. Whenever we 80/20 our marketing strategies, Joint Ventures almost always reach the top!

When you have a product that you’ve worked hard on, and someone else can profit from them by a simple mailout to their list, JVs are a quick, easy and powerful way to create win-win relationships.

We’ve used Joint Ventures to promote and market our events, membership sites, ebooks and coaching. They’re also highly cost effective and if you’ve picked your partners and audiences carefully can have a good conversion rate, since there is usually a good relationship that exists between your JV partner and their list.

So lets look at some fundamental concepts if you’re new to the idea of Joint Ventures.

Why do joint ventures with list owners?

• It’s easy to find your customers

• It becomes a targeted list

  •  They are generally qualified buys
  • They have proven before that they are interested in the topic
  • It makes your chances of getting a sale a lot greater

• Value of relationship vs. cold calling

  •  You can ride off the existing relationship the JV partner has with their list
  •  If you do a JV with someone who has a bad relationship with their list – your relationship with them can sour
  •  You need to think about the quality of the list
  •  How responsive is the list?

• Provides credibility via association with “trusted friend and advisor”

• Low cost marketing

  •  The money is paid after the sale has been done
  • This helps your cash flow
  •  You don’t necessarily have to pay the JV partner – they sometimes just want to know that you are looking after their clients
  •  Some JVs are not allowed to take money
  •  Sometimes these are government departments

We’ve done things where we’ve provided service to government departments, and we said we’re happy to pay you a part of what we make. They can’t take it because it is seen as a bribe.

What makes a good JV partner?

• Relevance to your topic

• Complementary rather than competing

  • If you are their competitor – make your offer or what you are talking about so that it complements what they are doing – rather than seeing you as a competitor!

• Size of list

  •  Access to a large list is fantastic
  •  But what makes it valuable is the size x the relationship with the list

• Relationship with their list

  • The relationship of the list is very key to your success with a Joint Venture!

• Willingness to JV with you

  • You may need to step some people through the benefits of a Joint Venture.

 

Where and How To Find List Owners

• People you know

  • Write down a list of everyone who might be worth approaching for a JV.

• Associations

  •  Approach the relevant associations that are in your niche

• Free publicity – people approach you

  • Look at newspapers, articles – keep your ears open for people who may have a list
  • When you get free publicity you get known and people will start approaching you

• Expos

  •  A good way of doing expos is to get a stall
  •  Go around and talk to each of the stall owners. Let them know you do, exchange contact details and follow them up after the event.
  •  Some of our students have done this and come away with 50-60 hot JV leads
  •  So long as you are not a direct competitor – they will love to talk to you

• Online – sellers of eBooks, site owners, forum or blog owners

  • Approach them in a personal way and make it a win for them aswell.

• eBay is often an overlooked opportunity

  • it is a transparent platform and you can see who are the top sellers in eBay over the rest of the sellers
  •  Find the top sellers in your niche or related niche’s and see if they’d be open to doing a JV of sorts.
  •  Eg.: Handbags – www.becomestylish.com – go to eBay and find the top sellers on eBay and approach them. Ask them what is the only way that you can compete with your opposition. Tell them “If I could give you something that would make your sale more likely against your competitor or if could I give your customers something to make your product more attractive to them, would you be interested in teaming up?” It is low cost to you but perceive high value to them.

• Www.Technorati.com – this is a search engine that ranks blogs. You can find the top blogs in your niche and they may want you to do articles for them.

• Buy the list

  • You can do this on www.flippa.com – buy a site that has a big volume of traffic each month
  •  Or buy a site that has a list
  • And tell them about what you have on your site

How to approach list owners and what to offer

• Go in with the attitude “I’m giving you something of value here”

• Don’t always need to offer an affiliate link

• Understand what’s in it for them – great free content for their members
o Do some research about the potential JV
o Craft an offer that is likely to hit the spot for them

• Make it easy for them to participate
o Do all the work for them – they just need to send out the autoresponder
o The chances are you are more likely to get a YES if you handle most of the workload for them

• Wherever possible, collect the money and you pay them
o Where you control the money is better for you
o At times the money doesn’t always make it to you at times

How to approach the JV’s list

• Send an email series with a link to your landing page
• Email series with link to an event (teleconference, webinar, workshop) where you sell your membership site
• Interview (with a call to action to join your membership site), promoted to JV list via email, blog, social media
• Launch your membership site to several lists at once with special bonuses
• Give them a DVD or CD (with a call to action to join your membership site) to put in their hard copy newsletter
• Give an eBay seller or retail store owner a DVD or CD to include as a bonus with their products
• Give vouchers for one month free membership to a JV who sells a big pack
• Give vouchers for one month free to a JV who regularly sees your clients (eg., a Naturopath)

  • Eg., if you have a membership site – www.parkinsonsrecoveryprogram.com – and you have a practitioner who sees your client regularly – they could recommend the product as a free trial

There is a 2 day workshop on Joint Ventures in Our Internet Secrets, make sure you check it out!

So there you have it, some key principles and tips that have been highly profitable for both our clients and for ourselves.

Come along to our next 4 Day workshop, the breeding ground for some of the most profitable Joint Ventures we’ve ever seen! You just never know who you’re going to meet.

 

Free tickets to our FINAL event of the year, click below:

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