There’s a misconception in the internet marketing world that joint ventures are difficult and reserved only for the top echelon of marketers. That’s not the case at all.
Any business, big or small, can benefit from doing JVs. Remember: a great JV is a win/win for both sides, so there’s really no reason for smaller businesses not to participate.
A good idea to get you started is to work with other upcoming internet marketers on the same level as you or above. You don’t have to start with a ‘Big Name’. Pitch to many, and settle only on one or a few.
Here’s how you can land a JV deal in seven days or less.
Formulate the Offer and Gather Stats
Before you go out sending email requests to your potential JV Partners, it’s important that you prepare and plan your offer.
What’s the deal that you’ll offer to your partner’s list? Ideally, the offer should be significantly different from the offer on your own website. They should be incentivized to sign up for the offer on your partner’s list immediately, rather than waiting and signing up on your site.
Potential offers include one-time discounts, downloadable bonuses or exclusive entry into teleseminars.
Gather stats about your conversion rate. If you’re doing a two-tier program, meaning they get paid on back-end sales as well, figure out your average customer value so you can let your JV partner know about how much they can expect to make per visitor they send you.
Compile a List of Likely Candidates (Use LinkedIn)
LinkedIn is a great start with business or career minded contacts. Start with your own network. When making contact, ask yourself a couple of questions. Do you know anyone who may know someone who owns a large list? Would it be a win/win for you to do a deal together?
Take advantage of LinkedIn’s “friend of friends” search feature. If you have 100 contacts on LinkedIn and each of those contacts, in turn, has 100 contacts, that’s a lot of potential partners.
Then add to your list three to ten well-known candidates you’d like to land in your niche. You don’t need a huge list, 10 to 15 names will do. Remember, you are looking to settle with one really good JV partners to work with.
Make the Offer by Phone
Call up the most likely candidates – this is your list 10 to 15 ideal candidates. Make your offer and be sure to state what’s unique about your product, how it can help their customers and about how much they can expect to make based on your product’s past conversion rates.
Be prepared to make several phone calls before you get a “yes.” Not everyone will want to partner with you, but all you need to land is one great partner and you’ll be financially set for the month.
Crafting the Campaign
Once you get someone to say yes, discuss with them how to maximize conversions. What kind of offers do they respond best to? What kind of media (i.e. video, teleseminars, text-only, etc.) gets the most sales? How can you work together to make the deal a success?
Do everything in your power to make your JV partner happy. A happy partner may do another deal with you a few months down the road and will very likely refer other potential partners.
If you really go at this process 100%, you can easily land a JV deal or two within seven days or less.