Joint Ventures - What You Must Know
Joint Ventures - What You Must Know
Joint ventures provide a rapid and excellent avenue to get your product in front of a lot of prospects. Even a recommendation from your joint venture partner can substantially add to sales and sign ups on your own list. On the other side of this, list owners are approached on a daily basis by joint venture seekers, and a huge number of these requests are unheeded or rejected outright. However, there are various methods that will get a yes for your joint venture request.
On initial contact, make it about the joint venture partner instead of you. Show them how the partnership will benefit them and increase their profits. Never present your request as a means to promote your current product on their list to increase your sales. Emphasize to them that they will make a substantial commission from the joint venture, or just let them know what is in it for them. It is a foregone conclusion that you will profit from the prospect of partnering with them, because they can get a lot of buyer traffic to their site. They can even get commissions to surpass yours all over the internet. There has to be a major benefit to them for them to give you an yes answer to your request.
Go against the grain and present the owner with more value than a mere fifty percent as a sales commission. Assess your skill set to see where you excel. It may be that you are an exceptional writer of articles, sales copy, or content. You may be a great creator of effective squeeze pages. Whatever your talent, offer it as a service to your prospective joint venture partner in exchange for the promotion of your product to their list. Do this in addition to a significant commission.
As an illustration, if you write great articles that lead to conversions, offer to write at least twelve on their topic choice, in addition to paying them up to seventy percent sales commission. This offer is hard to resist for them. You will make an investment of time to do this, but the payoff will be worth it in sales and list building. Add to this, your profitable relationship with an influential joint venture partner.
Another important consideration is to give them a 100% commission on the front end product, since substantial sales conversions and great pricing will help you get the attention of many list owners. They will take particular notice if you pay immediate commissions to them through Paypal.
Contrary to what you may think, you are not putting yourself at a disadvantage by forfeiting your commissions. Your advantage is the building of a list of buyers of your current as well as your future products. Statistics show that one buyer on your list is equivalent to thirty-five subscribers who only download free content. Also, offering an upsell as a one-time only deal can enable you to get 100% of the profits on these 1-time only deals. You also have the option to keep one hundred percent of these one time offer commissions, or split them with your joint venture partner if you want to spice the JV deal up even more.
Think of your joint venture partner as more important than an affiliate, and follow up with them to reinforce this. Formulate a package deal in which you and several joint venture partners furnish products to combine as one, and then have a product launch for the package. The commissions are distributed equally, and everyone promotes it on their respective lists for significant exposure of the offer. Each owner will be able to grow their buyers list. It is a win win situation for ererybody involved that creates this package deal.
A variation of the last point is that you and all the joint venture partners create a new product. Each will be responsible for producing one component of the whole product as a collaborative effort. Someone can do the introduction, and another will do the video, or write the body of the content, as an example. Take into consideration that the more partners involved in the venture, translates into more lists for product promotion.
Before asking the potential joint venture partner to work with you, make a more subtle initial approach in the form of asking for an interview. You may offer to promote their current product, or to write an article about them for your blog. Put yourself out there to assist them in this initial stage of the process. It will come back to you, when they want to repay your generosity. In the future, they will not hesitate to promote one of your products.
The Composition Of The Joint Venture Proposal
Rejection should never enter your mindset in a way to thwart your efforts. If you get no response or are ignored by them, rationalize that they may not have seen your email, and resend it. Always be persistent as well as consistently courteous and respectful in your email communication to them. Always ask, and if the answer is no, you may attempt at a later time and get a yes. Do not be discouraged. There are many other potential joint venture partners in your niche.
The following email methods will greatly increase your probabilty of getting that joint venture:
Compose emails that are personal and friendly: Visualize that you are writing to a friend or family member.
Acknowledge a recent accomplishment of theirs: Make a reference to their up-to-the-minute product or blog post to let them know that you read the post or purchased the product.
Pamper their ego: Pay honest homage with heartfelt praise to the post or product. In doing this, you have to be honest, direct, and make specific references, instead of generic praise. If you are praising a post, make a particular reference to something mentioned in the post. A broad compliment will suffice, if you have followed their posts for some time.
Be direct and to the point: Do not fill your email with excess copy talking about about youself, but get directly to the subject at hand, which is your proposal for the joint venture.
Present your plan: Do not ramble on and beat around the bush. Submit your proposal in the best way for them to see what is in it for them or what you will do for them.
Present your expertise: Show them that you are seasoned or experienced without coming across as bragging, and let them know how partnering with you will benefit them. Joint venture partners are about formulating deals that will build their list and make them substantial profit. They do not have the time to waste on someone who does not know what to do to make the plan work to benefit everyone involved.
Furnish the proof of your expertise: In doing this, they have assurance that you will be an asset and are not going to be a pain to work with. For instance, if you have a proposition related to a conversion product collaboration, present some form of proof such as a screen shot of your statistics of conversions to sales
Supply a rough outline of the proposed deal: The essential element is mainly a breakdown of commission percentages and when they will be distributed, such as on the front or back end of the deal. Do not include non-essential details at this point.
Make requests: Ask them to collaborate on the deal with you, for feedback, or any necessary request. Then, insert a call to action to clarify that they need to respond. This is a professional means to an end in a warm and friendly manner of email communication.
Send the email, and anticipate a response: Be realistic in your expectations. If the response is negative one, respond with gratitude for their consideration, and emphasize that you look forward to the possibility of working with them on some future deal. Never respond with a rant or in any discourteous manner. Do not burn a bridge with this joint venture prospect. An indefinite answer such as a maybe has the potential of becoming a yes, if you correctly handle the situation. The common response from them will be a request for more information from you. Answer all questions, being mindful that they are looking for a potential joint venture partner. So, it is essential to subtly reiterate to them the benefits of your deal, and how you will be a good choice.
Exhibit confidence and professionalism: If you are capable and knowledgeable, it will translate in your email to them. These qualities will become evident as they interact with you.
Make them aware of your experience: Present yourself as a glowing asset in dealing with them. Show your experience in the specific topic or niche for your proposal.
Display trustworthiness and reliability: They want to know if you will follow through with your proposal, and the monetary benefit to them. In addition, they want to know if they can trust and depend on you.
Keep in mind that a joint venture partner seeks the following criteria for a joint venture:
Small time commitments: Commitments that are small create less stress. This joint venture will be a supplement to all their current deals. They will not consider huge ventures.
Enhancement to their reputation: The product has to provide significant value, and boost their status in the niche community. It is not just about the money that they will make from the deal. In addition, they do not want you to be only about the money.
Significant increase in buyers for their list: The simple fact that you can supply them with more buyers is a deal maker for them that will be an exceptional motivator for their participation in the venture.
Substantial net profit: Even though money is an incentive, there has to be a profitable ratio between the time investment and the net profits. As stated before, many joint venture partners get far more more from the deal than money, such as more buyers and status. Knowledgeable marketers realize that increasing their buyer list supplies them with more long term income. Good marketers will not sacrifice their reputation to their list for a fast profit.