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JOINT VENTURE MARKETING AND IT'S BENEFITS




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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