Here's a quick and easy way to understand the essence of a joint venture.
Imagine you have a product you've developed. Let's say it's about raising honey bees for profit. It's a product you're proud to sell, but without a mailing list or an army of affiliates, you're finding the sales slow. Fortunately, you've done a little research and you've found another Internet marketer within your honey bee niche. This guy has a mailing list. He can use a good product to sell to his list. You get together and decide to split the profits by sending your product to his list. Bingo! You've got a joint venture.
Both you and the marketer benefit.
The customers on his list benefit.
Everyone wins.
This is very effective in quickly getting your product in front of hungry customers, particularly in small niches such as in our example. However, the Internet marketing niche can present some additional roadblocks. There are so many products continually being released to this niche that marketers with a list can be very choosy. Outside the Internet marketing niche, however, you should have far less competition, making it easier to put a joint venture together.
Before You Propose A Joint Venture
If you've just finished developing your product, it's not yet time to go looking for a joint venture partner. You still have some important work to do. First, you need to get your sales page written and online, including graphics. You need to have your sales process in place (from the order button to the money collection and to the product download). And finally, you need to start driving traffic to your sales page.
Before you approach a potential joint venture partner, you want to test your entire process to see how well it's converting. It's not enough to have a great product. In order to convince an Internet marketer to work with you, you'll need to have specific numbers. For instance, the percentage of visitors to your website who are actually making a purchase.
This is going to require a period of testing and refining. If your initial sales are low, then you'll want to work on your sales letter. If that doesn't improve sales, then you'll want to consider adding bonuses or testimonials or redefining your target market. Only after you've achieved a proven conversion rate are you ready to approach a potential joint venture partner.
Approaching A Joint Venture Partner
Once you're ready to forge a joint venture, take the time to learn a little about the person you're considering approaching. How long have they been marketing in your niche? What do you like about their business? How will your product will benefit their business? Is this someone you feel you want to work with?
When you're ready to take that first step, consider calling him if at all possible. You're trying to build a business relationship. It's always easy for someone to say yes if they've had a chance to talk to you directly and get a feel for not just your product but who you are and how enthusiastic you are about what you're doing. If you're unable to contact him by phone, then send an e-mail.
Be professional. Don't tell him that you've got a product that's going to make him a fortune. Tell him a little about your product, how it's converting, how you believe it might benefit his customers, and then offer to send him a copy so he can see the quality for himself. Don't waste his time with hyperbole. Be honest and straightforward and leave the decision to him (it's his decision anyway). If he decides to pass, then move on to your next potential joint venture partner.
Conclusion
A joint venture provides an excellent opportunity for two marketers to mutually benefit by the combined resources and talents of each partner. But that's not all. A joint venture can serve as the foundation of a lasting business relationship. It can help you gain increased exposure within your niche. And of course, a good joint venture can increase your sales dramatically.
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