The Power Of Joint Ventures
By: John Elder posted in Internet Marketing
Hello good people!
Today I want to talk to you about a very powerful marketing tool that’s especially useful to those who might not have much of a marketing budget or are just starting out in business.
It’s the Joint Venture.
What is a joint venture? It’s pretty simple. A joint venture occurs when you team up with someone else to sell your products.
Why would you do this?
Well, if you are just starting out and don’t have a marketing budget, or haven’t made a name for yourself as a credible business person, a joint venture may be just the thing for you.
Old, established Internet business people all eventually run into the same problem. After a while, they simply run out of original items to sell.
They’ve been in business for a while, have a well established name, full list of past customers many of which are hungry for new products, and they’ve probably got a well established mailing list of potential customers or newsletter subscribers.
What they need are new original products to sell their newsletter subscribers and backend past customers.
That’s why they are approachable by you, someone who happens to have a new original product to sell!
Enter the Joint Venture.
You agree to sell them your products, they agree to promote the product to their own past customers and newsletter subscribers, and you agree to split the profits 50/50 (or any way you like).
Overnight, with just a few joint venture agreements, you can go from no profits to more money than you know what to do with, all at no cost (and no risk) to you whatsoever.
You need to do your research first in order to find people in your own field. You wouldn’t JV a marketing book you wrote to a person who owns a gardening web site.
JV’s (joint ventures) tend to work better with higher priced products where the potential profit per sale is larger since you’ll be splitting the profits. A $9 dollar ebook probably isn’t worth it to a potential JV’er whereas a $99 ebook would be.
And don’t get discouraged if the first people you approach turn you down, many will. But keep at it, offer a higher cut to your JV partner (60/40 or 70/30 – what do you care as long as your costs are covered by your cut and you make SOME profit).
That’s all for today.
Have you signed up for Elder Academy yet?
John Elder
The Marketing Fool!
