In the previous lesson we talked about Piggyback Marketing, which can involve various ways of partnering with other marketers. Today we’re going to talk more specifically about Joint Venture partnerships…
(Watch this video – it may take a couple minutes to load after clicking it…)
- In our Internet marketing vernacular, “JV” often means simply promoting each other’s products via email. But that would be a very shallow understanding of joint ventures.
- There are infinite possibilities of types of joint ventures, both online and offline.
- Product Creation
- Expert/Authority in a Niche
- Content Creation
(See video for examples of each)
- 50/50 is often best.
- It doesn’t have to be 50/50, and it doesn’t have to be “fair” in terms of responsibilities.
- For example, a “sweat equity” partner may do most of the work.
Technically no, you don’t need one. I work with people I trust, and our word is our bond.
I recommend always having at least an informal written agreement via email!
Lawyers would probably recommend always having a contract, and there are situations where you should definitely have a contract. (See video for details)
- See lesson #86 for Affiliate recruitment, and data-mining skills
- Existing relationships (friends)
- Friends of friends (personal referrals)
- Affiliates and other business associates
- Social Media
- Networking at Seminars and Conferences
Don’t be tempted into putting short term financial gain before your good name and good standing in the marketplace.
1) Decide what area of your business would be ideal for a JV.
Think about your areas of weakness that someone else could help you with, and think about your greatest areas of strength that you can bring to the table.
2) Find a trustworthy JV partner through networking and relationships.
In the next lesson we’ll begin to uncover how I put together effective product launches.
As always, you are welcome to post your questions and comments below
Have a great day!