Before we do anything else, let's take a look at the essence of a joint venture.
Okay, so you've developed a product. Let's say it's about crafting Christmas curios. It's a product that you're zealous about and you put your heart and soul into developing. But you aren't sure how to market it. So you do a little research and you find another Internet marketer within your Christmas ornament niche. This woman has been in the niche for awhile now and she's built a sizable mailing list. Plus, it appears that she may be interested in new products to sell to her list. So you contact her and together you decide to send your product to her list and split the profits. There you go! You've got yourself a joint venture. You and your fellow marketer both profit. The customers on her list benefit. Everyone benefits.
Preliminaries Before You Propose A Joint Venture
It's difficult after you've just finished developing your product not to want to quickly jump ahead and get it in front of as many probable customers as possible. This is particularly true if you've already found a potential joint venture partner who you believe can help you. It can be a challenge not to send off an instant e-mail with a proposal. But hold off on that impulse a while longer. First you need to do some basic pre-proposal work. In particular, you need to get your sales page written, online, and working. In addition, your sales process, from the order button to the money collection and to the product download, should all be in place and operation properly. This is really the foundation of your success. No matter how great your product might be, if your sales page isn't converting, it's worthless. Next, it's time to start driving traffic to your sales page. You want to test your entire process to see how well it's converting before you approach a potential joint venture partner. A savy Internet marketer, the kind you want to work with, will need specific numbers. She'll want to know the percentage of visitors to your website who are actually making a purchase. That's the bottom line. So you need to go through a short time of testing and refining. If your sales are low, try working on your sales letter. Test dissimilar headlines. Add testimonials (or if you already have testimonials trying adding more or delivering them in audio or video form). Rework the sales copy.
Add bonuses. The key is to simply keep testing. Once you've achieved a decent conversion rate, you'll be ready to approach a potential joint venture partner.
Introducing Yourself To A Joint Venture Partner
Ready now for your joint venture? Almost. At this point, it's really to your advantage to take the time to learn a little about the person you're considering imminent. How long has she been marketing in your niche? What do you like about her business? How will your product will benefit her customers? Is she someone you feel you'll work well with? If at all possible, make your first contact by telephone. Be qualified. You're trying to build a long term business relationship. It's often easier for a potential joint venture partner to say yes if she's had a chance to talk to you directly. It gives her opportunity to not only get a feel for your product, but also for whom you are as a person and how enthusiastic you are about what you're doing. If you're unable to contact her by phone, then send an e-mail. But don't oversell. It's unsuccessful to tell her you've got a product that's going to save her business and make her a fortune overnight. Tell her about your product, how it's converting, how you believe it might benefit her customers, and then offer to send her a copy. This will give her the chance to see the quality for herself. Just be honest and straightforward. Be real. Let her decide for herself if your product is worth her time. If she decides to pass, you've still developed a relationship that may prove favorable in the future. And in the meantime, simply move on to your next potential joint venture partner. Conclusion A joint venture provides an excellent opportunity for two marketers to mutually benefit by the combined resources and talents of each partner. But that's not all. A joint venture can serve as the foundation of a lasting business relationship. It can help you gain increased exposure within your niche. And of course, a good joint venture can increase your sales dramatically.
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