Joint ventures are partnerships in which two or more businesses join forces to work together in promoting each other’s business. Both parties agree to endorse each others service or products on their website, in their newsletters or mailings.
Webmasters that participate in joint ventures look for targeted markets (businesses that are in close relationship to theirs). The concept here is to create a business partnership with someone who has the same type of customer base as you have. This ensures that the other businesses audience will have an interest in your service or products.
Internet marketers participate in joint ventures to gain added exposure to their products or services. They recognize this marketing technique as an excellent way to grow their online business. In fact, there are some marketers who claim that this is the easiest and fastest way to make additional income.
Some of the benefits for this type of cross promotion are:
Easy to set up, most webmasters or publishers are very open to a joint venture partnership.
This is a very targeted form of marketing, so you capture a selective audience.
Increase your income potential and profit margins dramatically.
Depending on the type of joint venture, most cost you nothing.
People have a tendency to respond better to endorsements, rather than buying a product outright.
Build credibility from other successful marketers and establish new business relationships.
You can endorse products on your website or newsletter and receive a percentage of the sale.
If you are doing a joint venture in ones newsletter, you are not paying for the ad, shipping or printing.
When you do a joint venture on other business websites, you are gaining link popularity.
To Form A Joint Venture:
Look for businesses that have established solid relationships with their subscribers, mail list, customers, etc.
Below is a list of a few ways to form a joint venture:
1.) A good place to start is to try networking in discussion groups/forums. This is a great way to get your name out there and get recognized as a major player. You can build relationships with other business associates and learn about their business and what they offer.
2.) Ezine (Newsletter) directories are another great resource to finding joint venture partnerships. Most newsletter publishers will welcome the opportunity of a joint venture providing it coincides with their business and your approach is professional.
3.) You can also perform a search with the major search engines to find potential joint ventures. Just implement your targeted keywords and visit the websites. When you find ones that you would consider, look for the contact information for the Webmaster and contact them.
4.) You can search for sites that promote link exchanges, cross promotion forums and ezine exchanges. Many of these types of sites are interested in joint venture partnerships.
Key Points:
When searching for a joint venture, capture as much contact information as possible, including the phone number if given.
Be professional and precise when sending your proposal; always check for any misspellings or grammar errors.
After you have formed a joint venture and worked out all the details, its good business sense to build on your new relationship.
Always make sure that the products your partner will be promoting for you are all in working order.
Pay your partner the proper commission that you both agreed upon and that he/she gets paid on time.
Always treat your business partner with respect and professionalism, be honest and upfront at all times. Remember in a joint venture you are instilling trust with one another. If you agree to promote your partner’s products or service, make sure you follow through on your commitment.
Final Note:
As the above paragraphs may seem like it pertains to you, keep in mind, this is a two way street. You should always expect the same from your business partner, anything less than that you should look elsewhere.