From our last lesson, you know how to treat your JV, now you can go out and get them.
5 Steps to Getting Joint Venture Partners:
1. Market Research. Go to Google, Alexa or Yahoo and do a little market research. You want to search out your niche market and find people who have similar products to yours but not the same product as yours. You also want to see what kind of page rank they have on Alexa. Check traffic reports and manage the information into small workable quantities so that you can review it later. Check if they have an e-zine or opt-in, take a look at their sales style, sales letter sites, opt-in methods, and overall approach to the marketplace. Make sure their philosophy matches yours.
2. Review the Data you have collected. Decide who you would be interested in getting into a joint venture with. You may select more than one person to work with. Once you have done this contact the person with a personalized e-mail that tells them that you are interested in a joint venture with them. Remember the key is to personalize it. If they feel this is a cut and paste job, they will discard your e-mail very quickly. Any successful business person you contact will not have time for “junk” e-mail. Offer to send them a free copy of the product that you want to promote through them. Show them the sales copy, and the conversion numbers. (If you don’t have the conversion numbers you may be able to convince them with just the copy of the product and sales copy.)
3. Once the offer is accepted, work out the commissions. You need to offer them a healthy profit on your product. The price will determine the margin in most cases. If you have a higher priced item you will want to consider going for something around a 35% commission. If a lower priced or regular ticket item ($197), you may consider going for the 50% margin. Also work out the method of payment, i.e. paypal, direct deposit, etc. If you can control this aspect, all the better. But many JV partners will do this and pay you versus the other way around.
4. Keep the communication open. Develop the business relationship fully. Realize that the people you are working with are busy and may not have time to contact you. If you maintain that relationship it will benefit you because you might be able to do something else with them in the future. If you can talk to them over the phone, do this as much as possible. It takes it from a casual business venture to something more long term. Give them your Skype or Messenger and contact information. Let them know how they can reach you anytime during the joint venture cycle. Keep in contact through all of the steps and processes until you reach the final goal.
5. Upon completion, make the payment quickly.
Send a personalized thank you in the form of a hand-written card. Again, personalization is the key here. Call them directly and say thank you. Yes, twice is always better than once. Ask them if it is okay if you keep them as a contact and give them a call once in a while and open the invitation for them to call you or e-mail you.
And one of the most important parts of joint venture relationships is to start over again with someone else. Once you have started building your list of prospects up, you can then go ahead and do a list exchange with people of comparable-sized lists. If you do approach someone with a 50,000 member list and ask for an ad exchange when you only have 500 people, you will need to be very creative and offer them something more in return.
By following these steps, you will succeed in the wonderful and lucrative world that is the life-blood of fast yielding profits – joint ventures.
Happy searching, you’ll make some great relationships in the process.
Bestselling author of “31 Days to Millionaire Marketing Miracles”
Available at Amazon.com
Marketing Makeover Maestro