Joint ventures are a great idea for marketers on many different levels of experience in the field of Internet marketing. Whether you are a seasoned veteran with a huge mailing list or a relative newbie to the world of online business who has an amazing product but no one to sell it to, there are many ways that you can benefit from combining forces with other marketers.
Even if you have a little of both there are benefits to be found by pooling the collective power of your list with that of another marketer's list or introducing the products of another marketer to your own list. But, how does it work?
The long and short answer is that it works differently for marketers depending on the situation and the contract you work out. It is important to make sure that you both understand your role in the venture, your responsibilities in the venture, and the division of potential rewards for your collective efforts. Of course, these details will need to be ironed out before the project begins to avoid possible misunderstandings or ill will along the way.
In a positive joint venture experience you will both be rewarded handsomely for your efforts and perhaps build a lasting partnership or friendship. The goal of joint ventures is for everyone involved to benefit from the relationship. Sometimes those benefits are not immediately recognizable. Sometimes the largest benefits that can be gained are those that will pay off down the road rather than being obvious now.
What are those benefits? Exposure and credibility. By combining forces with names that are recognizable in your niche you are gaining valuable exposure that while it may not be immediately noticeable in the dollars and cents way of business may be more obvious as you become better known and trusted as an expert or part of the 'inner circle' within your niche.
Making it work though is the difference between a successful joint venture and a dismal failure and it will take a concerted effort by all parties in order to make it the glowing success you hope it will be. Approach potential partners with a short proposal. Decide who wants to be part of the project, what each partner's role will be, iron out the details and responsibility as well as the financial aspects of the project (both investments and rewards), and do the work.
It sounds simple but there are many things that can go wrong along the way. Choosing partners carefully and making sure that everyone involved is willing and eager to play their role in the venture is the best way to ensure the probably success of your joint ventures.
Did you know that joint ventures can help you grow your business? It's a fact that by working with others, even your competition, that you can experience larger business growth than you would have achieved working alone or utilizing trial and error methods to increase your business. There are many reasons for this but some of the reasons that are specific to joint ventures are mentioned below.
Keep these things in mind as you mull over the idea of approaching someone for a possible joint venture or deliberate on whether or not to accept someone's invitation to become part of a joint venture.
1)Joint ventures allow you gain name recognition and trust within your niche audience. The marketers that you will be working with have worked hard to build a trusting relationship with their lists. Over time they have added many names to these lists and nurtured these contacts by offering excellent advice guidance and exceptional customer service. When they recommend a product that you've created or introduce you to their lists, they are sharing part of their core market with you. That is nothing to minimize in importance and those who subscribe to their list recognize this. If the marketer you are working with trusts you enough to promote your products, it is an indication to those subscribers that you are someone worth trusting, listening to, and buying from.
2)Exposure. There was a famous professional celebrity who once said “all press is good press”. While this may not be quite the image you want to promote when building a business it stands to reason that good press, is always good press and you should covet that and use it to your advantage whenever possible. Joint ventures give you good press by those who are joining forces with you for the sake of the product launch, or whatever your specific venture may be. Use that good press to build relationships with a larger market.
3)Crossover markets. One benefit that isn't often discussed when it comes to joint ventures for niche marketing is the crossover market. Many joint ventures stay within the same niche. There is some benefit to be gained from going with supplemental niches. For instance if your niche is yarn. Can you imagine the added sales you could make by combining forces with someone in the niche of knitting needles, crochet hooks, or knitting and crochet patterns? You can benefit greatly from thinking just on the edge of your specialized niche and reach out to a whole new market of people that are eager to purchase the products you are selling.
Joint ventures often fall just shy of their full potential because marketers have this tenacious tendency to stick within a specific market. While it is a great idea to specialize within a specific niche that doesn't mean you can't step outside the box and enjoy the bounty that joint ventures in crossover niches can create. Build your business exponentially by taking your joint ventures to the next level and watch your business grow before your very eyes.
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