Joint Venture Marketing for Newbies
When your business is a success, it’s easy to convince
others to work with you. But when
you are just starting out, establishing a joint venture
marketing relationship can seem
down right scary. In order to set yourself apart and
attract potential joint venture
partnerships, you will have to be willing to give a
little more than you will get, at least in
the beginning.
When seeking out potential joint venture marketing partners, you will want to reach out
to businesses with proven track records. As you are
starting to build your business and
establish a strong online presence, it is best to connect
with others who are experienced,
have a strong customer base, and who know how to maximize
profit. If you want to be a
success, surround yourself with success!
Although it may be difficult not to, try not to get
discouraged if your prospects aren’t
exactly knocking down your door to take you up on your
joint venture marketing offer
just yet. It may take some time before you find someone
who is willing to team up with
you and take a chance on your business. But you can
increase your chances by making
them a great offer.
For instance, a well-established, successful online
business owner would never settle for
less than 50% of all joint venture profits. While they
may have a good reputation on their
side, potential partners may be looking for more. That’s
where you come in. As a newbie,
you can make an offer that may not be as financially
lucrative for you, but may be worth
the hit in order to connect with successful business
owners in your industry and gain
visibility and exposure. Maybe offer a 60/40 deal,
offering your potential partners a
bigger piece of the profits. Think of it as an
investment. You will gain valuable advice,
build strong relationships, grow your list and increase
your customer base. That is worth
far more than cold hard cash for the new online business
owner. Your business will be a
bigger success because of it and you will be a better business
owner for it.
Also, seek the advice of your potential partners and
industry peers. While they might not
all be ready to take a chance on you, it will be
beneficial to introduce yourself to them.
Let them know who you are what you do and how you look
forward to being as
successful as they are. Not only will they appreciate the
compliment (who doesn’t, right?)
but they will surely remember you when your business takes
off. And who knows, maybe
then they will be asking you for a favor! That’s why it
is also very important not to burn
any bridges. Even if you don’t exactly receive the
warmest reception or kindest response
to your joint venture marketing query, make sure you do
not react in a way that is
unprofessional. Take the high road and thank those who
respond to you, good or bad.
You never know when your paths might cross again and you
will want to maintain the
highest level of professionalism possible as you
establish and continue to grow your
business.
Benefits of Joint Venture Marketing
Looking for a way to advertise more and pay less? Need to
build your list and grow your
customer base? Want to gain credibility and increase
customer satisfaction? If you
answered yes to any or all of these questions, then joint
venture marketing is for you.
Joint venture marketing is a great way to gain
visibility, grow your business and
maximize your profit earning potential by joining forces
with another business. You can
save valuable time and money by combining resources,
trading services, and sharing your
lists. Before you know it, you will be spending more time
on what’s important, like
providing your customers with the best quality service or
product, and less time worrying
about advertising, searching for quality leads and
dwindling resources to pay for pricey
marketing campaigns. With joint venture marketing, you
can decrease your expenses and
increase your profit by sharing the burden with another
business.
In addition to saving time and money, joint venture
marketing provides you with the
opportunity to build long lasting relationships, not only
with your joint venture partner,
but with customers as well. As you increase your
credibility amongst your peers, and
especially with those you are teaming up with, you will
also increase your credibility
with your clients. With joint venture marketing, you will
prove to your customers just
how valuable your product is in addition to providing
them with excellent
recommendations, resources and special offers they can’t
refuse. Remember, this is a
joint effort and requires teamwork. When your joint
venture marketing partners succeed,
you succeed.
Increase Customer Satisfaction with Joint Venture Marketing
How do you not only make your customers hap
py, but keep
them coming back for more?
Well, for one, deliver on your promises. That’s always a
good start. Two, make sure your
prices are competitive and your product is of the highest
quality. And three, refer them to
other great businesses, especially those that compliment
your own.
Why would you help another business by referring your
customers to them? To build
customer trust, loyalty and overall satisfaction, that’s
why. And joint venture marketing
allows you to do just that. By entering into a joint
venture marketing agreement, you and
your joint venture partner have the ability to not only
cross-advertise, but more than
double your business and build your lists while you’re at
it. It sounds too good to be true,
but it isn’t! What it really comes down to is building
relationships, which is at the heart of
every joint venture marketing partnership and
simultaneously, the result of every
effective, well executed one.
By building a strong relationship with your joint venture
marketing partner, you are
establishing trust amongst peers. Gaining the respect of
other business owners is critical
if you want to survive as a successful business owner
yourself. In turn, those who respect
and trust you will also want to be connected to you, will
recommend you, and hopefully
will want to do business with you. And if they want to do
business with you, odds are, so
will their customers. It’s kind of like an investment and
the return is more customers.
Once you have entered into a joint venture marketing
relationship, you can work together
with your joint venture marketing partner to not only
increase the satisfaction of your
current and existing customers, but also work toward
building each other’s business by
sharing your lists and recommending each other’s products
and/or services. You may
even want to consider offering a joint special for
“customers of business X only”. In other
words, your partner’s customers receive a discount when
they purchase your product or
service, and vice versa. This is not only a great
incentive, but a tried and true tactic for
successful joint venture marketing.
Once your customers see firsthand just how wonderful your
recommendation is, their
trust in you will instantly rise and your credibility
will be further established, making it
easier to keep these customers coming back. And that is
another plus to joint venture
marketing. The happier your customers are with you and
the more satisfied they are with
your recommendations, the more likely they are to give
you repeat business. A happy
customer is a return customer and customer satisfaction
is the key to customer retention.
Again, joint venture marketing is all about building
relationships and establishing trust.
Once you gain the respect of your peers you can then
commit to a joint venture with
someone you believe and who believes in you. If you can
do that, you will increase
customer satisfaction and your business can and will be a
success.
JV Training Ideas
If you want to start a JV Partner program to increase product
sales, you have a big task in front of you.
It isn’t necessarily getting a program up and running that is the hard
part. There are third-party JV Partner
hosting websites and JV Partner tracking software that will do the work for
you. Your biggest challenge will come
with training new JV Partners.
Even if your JV Partner program website is properly setup
and easy to navigate, it is still important to train your new JV Partners. Don’t assume they are masters of JV Partner
marketing and promoting. They may be new
the world of making money online; your program may be the first opportunity
they came across and decided to try.
Plus, even seasoned internet users run into problems or complications
that require help. To reduce
complications and confusion later on, take the time to train your new JV
Partners.
What is nice about JV Partner training, is the options
you have. You do not need to host an
in-person seminar. In fact, that may be
impossible to do. You likely have JV
Partners from all across the country.
Instead, rely on instant messaging programs, email, video conferences,
and the phone to train your team members.
When it comes to training new JV Partners, you want to
cover many topics. One off those is
finding graphics to use. With most JV
Partner programs, you give your JV Partners code embedded links, banners, and
product pictures. They find these on the
program website then copy and paste into their website. It is a very easy process, but one that JV
Partners may not understand. Walk all
new JV Partners through the process of browsing and searching for these
graphics, talk them through the process of getting them to show on their
websites, and so forth. You only need to
do this once or twice for each new member.
Overtime, they will be able to perform this task easily.
Next, it is important to cover the rules and restrictions
of your program. In fact, if you do not
have a terms and condition contract that all JV Partner agreed to, create one
now. This is where you will highlight any
restrictions you have. Are JV Partners
prohibited from using their links to make personal purchases? State so.
Do you prohibit your JV Partners from discussing compensation with
others? State so. Make sure this information is always viewable
on your website, but clearly state the rules and restrictions of your program
for all new members.
As you know, there is much more to making money with JV
Partner programs than putting JV Partner links on a website. The best way to make money with JV Partner links
and products is to have a well marketed website. If your JV Partner has banners bearing your
company image, will anyone see them? Not
if they don’t do some marketing. A
well-marketed website also increases your profits, as it should lead to more sales. Incorporate internet marketing into your
training. Talk your JV Partners through
a few marketing tactics and emphasize the direct connection between internet
marketing making money.
Most importantly, cover payment in your training. This information should also be clearly outlined
on your website. Don’t give your JV
Partners the chance to be confused or start a fuss. In training, tell and show your JV Partners
how they make money. Then, explain how
much money they make, when they can get paid, and so forth.
Make Money with Joint Venture Marketing
As business owners in today’s difficult economic climate,
we all could use a boost. That
is why there is no time like the present to consider
joint venture marketing. It is a great
way to gain additional resources for your business
without having to break the bank to do
it.
Advertising can be expensive and extremely demanding on
resources. However, when
you join forces with another business, you help each
other by sharing costs, dividing up
responsibilities, and most importantly splitting the
profit.
With additional resources, including time, money and
access to quality leads, joint
venture marketing offers your business huge profit making
potential. What better way to
make more money by spending less? Joint venture marketing
will require you to use less
of your capital while gaining the potential to earn more.
Just be sure you and your partner
share the same goals and understand your shared
responsibilities.
The best way to make your joint venture marketing partnership
a lucrative one is to
ensure you are getting out what you put in. Make sure you
and your partner are equally
committed to your agreement, no matter what the
provisions are. That is why it is so
important to start out with a plan that clearly defines
roles, expectations and goals. If you
lay the groundwork first, you and your partner can focus
on what’s really important and
that is increasing profits by working together.
It may take money to make money, but with combined
resources, targeted lists and
double the effort, your joint venture marketing
partnership will be a success and so will
your business.
Tips for Running a Successful JV Program
If you want to increase your sales, you may opt for
running an affiliate program. When doing
so, you allow other webmasters and bloggers to do the promoting for you. Not only that, but you both benefit. When they help to generate sales, you get the
sale and they get the commission. Most
internet users and business owners see affiliate programs as a win win
situation and they are.
Although affiliate programs should benefit everyone
involved, some programs take a turn in the wrong direction. Don’t let this happen to yours. Remember, the goal of an affiliate program is
to promote your company or the products you sell. To ensure this is what happens, please
continue reading on for a few helpful tips.
Do not let just anyone into your affiliate program. You will find a lot of varying information
about this very subject online. Some
affiliate managers recommend letting anyone interested join the program and
other have rules and restrictions. For
now, be lax on the rules, but use your best judgment. Do not accept an affiliate that has
questionable videos, picture, or content on their website. It is usually best to avoid websites that use
excessive bad language or have pornographic videos and pictures.
Do create a detailed application for interested
applicants to complete. If you use a
third-party affiliate hosting site, you may need to make a special note to the
administrator. These websites often have
their own standard applications. At the
every least, get the name of the website your links, banners, company name, and
products will be displayed on. Make sure
it is inline with your views and company image.
Do not be afraid to reject some applications. As previously stated, you should not let anyone
into your affiliate program. This is
very important if your company name or products are linked-to on the
website. You have an image to protect. With that said, saying you are going to
reject is easier than doing it. You may
feel bad for the applicant or think about the money lost. Don’t.
If it will make you feel better, offer a brief explanation. If the applicant is on the right track, but
not there, provide a few tips. Encourage
them to implement these tips and then reapply for the program.
Do not expect to see results right away. If you started selling a product or a
service, you already know that you cannot build an empire overnight. For example, if you wrote and eBook that you
now sell online, it took you months to write that book, proofread, and
edit. Then, you had to design a cover
and upload to the web. You likely
marketed your website before deciding on an affiliate program. You saw right away that just because a
product or website is online, it doesn’t mean people will find it. Remember this about your affiliate
program. It may take applicants awhile
to learn about the opportunity. It make
take even longer for their efforts to generate sales. Never give up on an affiliate program before
the two-year mark. If after that point,
you are still losing money, terminate.
Finally, be sure to invest time in those who look
promising. Whether it be a consistent
top performer or a new affiliate who looks promising, invest your time. Always encourage your affiliates to actively
promote your company and products, but reward them for jobs well-done. Always be available or hire an affiliate
manager to take questions, complaints, and suggestions. A happy affiliate will do the most for your
company.
Tips for Creating A Joint Venture Marketing Agreement
Before entering into a joint venture marketing agreement,
consider the following five steps as a
strategic guide for coming up with a plan and agreement
that will work for you.
Step 1: Research potential partners.
Make sure that you do a little research on those you
think you might want to reach out to as
potential joint venture marketing partners. For example,
if you sell printers, you might want to
consider partners in the ink industry or maybe even paper
distributors. Whatever the case may
be, narrow down what it is you are looking for before you
decide on who it is you want to work
with. Once you have your choices narrowed down, then do
some research on who is the best in
their industry. If you’ve decided to go with a paper
distributor, find out who has the highest sales
and the best reviews. After all, you’ll want to know the
best if you want to be the best.
Step 2: Open the lines of communication.
Now that you’ve decided who you would like to work with,
you’ll have to take the first step in
building the relationship. Open the lines of
communication by sending an initial email and
follow it up with a telephone call to make it more personal.
You’ll want to introduce yourself,
explain what you do and why you are contacting this person.
Gaining that initial contact can be
the most difficult part, but it is only half the battle.
Convincing your potential partner just how
lucrative a joint venture marketing opportunity can be
will be your next challenge.
Step 3: Define your goals
If all goes well, you will have used your business savvy
and marketing expertise to turn your
once potential partner into a teammate. Now it is time to
get down to business and begin thinking
about the goals of this relationship and how you will
reach those goals. Hammer out all of these
details now so that you can focus on the success of your
campaign without getting tangled in the
details later on. Be sure to define your goals, set your
strategy and most importantly, get on the
same page.
Step 4: Know your role
Discuss what you expect out of this relationship, both
personally and professionally. You will
want to be perfectly clear as to what is expected of each
of you. Decide from the beginning what
your roles will be. Will you share all responsibilities?
How much is to be expected from each of
you? Also, make a list of dos and don’ts, outlining what
will and will not be acceptable as part of
the agreement. Again, you will need to be on the same
page with your joint venture marketing
partners and work as a team in order to be successful.
Step 5: Stick to the plan
Once you have discussed what your goals are, what your
strategy will be and how you plan to
execute the best possible joint venture marketing plan,
it is critical that you stick to the
agreement. In other words, be true to your word and
expect the same of your partner.
A well organized, well thought out joint venture marketing
agreement will produce results every
single time.
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