How to Gain Leverage: Joint Venturing 101
In this blog post, I hope to help you learn to gain some leverage in how to work smarter and actually see greater results through the use of joint ventures. There are so many people out there that have their own product or service but have no idea on how to market or promote it properly. Together, let’s enter the simple, yet powerful, notion of joint venturing.
What is a Joint Venture?
When I specifically speak of a joint venture, I’m mostly talking about forming a joint venture online. There are also ways of forming an offline joint venture which is out of the scope of this post, so I will only discuss the online aspect of joint venturing. A joint venture online can be thought of loosely as a type of strategic agreement between two or more parties where both would stand to benefit from the other’s involvement in the venture. That’s my very loose, yet what I believe to be accurate, explanation of a joint venture in a nutshell.
Why use a Joint Venture?
If you have ever been privy to being part of a ‘product launch’ of some sort, you may have participated in a joint venture. Usually, the product owner would pay others to help sell or market their product to reach the market in ways that they might not otherwise. This results in leverage and a joint venture relationship.
Where to get started
Imagine for a minute with me that you have a small list of email prospects, but you also have a product that you would like to get launched. Where will you find the customers? How will you be able to market so that you get enough sales? Would you get the conversions needed on a small email list? Simple questions like these deserve a simple answer; now is the time to joint venture and gain some much needed leverage you otherwise would not have.
Partner with Like Minds
The mistake many people make in trying to gather joint venture partners is they go outside of their realm of influence. Better said, they don’t partner with the right people. Best advice I can give you to make a difference and get quality JV partners on board is to find those in your niche or industry that have a complimentary site or offer. Follow those with blogs and even products that are close but not direct competitors to your own offer.
Initially, you may want to just email them and say how much of a fan you are of their site and their product. Don’t get hasty here as you want to develop some quick relationship first. Do things that may get you noticed like commenting on their blog, acting as an affiliate or following and replying to them on Twitter and /or FaceBook. Now, when you are ready to ask them for the joint venture, you may have good feedback and improve your chances of being accepted.
The Power of Leverage
Now that you found some joint venture partners willing to promote your offer, you can simply do a list swap with them the first time (both of you promote each other’s offers) or you may ask them to full out promote you as an affiliate.
This is where you should consider paying them nicely in commissions. Through your affiliate program, you should consider giving your JV partners at least 40% commissions to make it worth their while. Make your JVs really enjoy promoting your offers by offering a cash incentive or prize for those who make the most sales.
I hope this post really helps you to at least figure out the joint venture process and just how it can catapult your success literally overnight when done correctly. Most of all, believe you can be successful with what you do and you can gain authority in any market or niche.