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Joint Venture Marketing

Joint Venture Marketing
Copyright © Craig Warren
http://www.careerfromhome.org

Joint ventures are one of the most effective ways to grow
your business. Yet, like many of the most effective
marketing strategies, when done improperly, your results
may often be poor.

When you try to sell your product, you use all sorts of
conversion tactics such as building a relationship,
getting your benefit across, using deadlines, exclusivity
and call to actions.

So it would make sense to follow the same guidelines
when trying to attract joint venture partners right?
Your main goal is trying to get people to take the
action you want them to. People are all the same.
They respond to the same triggers. It doesn’t matter
if they have years of experience in guerilla marketing
or if they’re a newbie.

Let’s examine some of the trigger points that will
increase your success in landing joint ventures:

Building A Relationship

People are more likely to work with someone they’ve worked
with before. They’re also more likely to buy from someone
they’ve bought from before. That’s because trust is the
most important key of any relationship. If you approach
me and I have no clue who you are, then I automatically
don’t trust you until you do something to build that
trust.

You can build trust in a variety of ways. One way is to
refer to a mutual business partner. Let’s say I’ve done
business with your friend Jeff. I trust Jeff because we
had a good business dealing. If Jeff endorses you, then
you’ve automatically gained my trust. So go contact Jeff
and have him contact me. All you have to do is ask Jeff.

Perhaps you don’t know anybody in the business. That’s
when you use the law of reciprocity in your favor. This
law states that whenever you do something nice for
someone, they’re more likely to reciprocate. For example,
if you provide good information to prospects for free,
then they feel like they owe you something.

You can do a variety of things for potential JV partners
like create marketing material that they can use for
their affiliate program. You can create screencam video
tutorials of their products for them so they can give
away to their customers.

It will take more work to do this than simply sending out
an email. If you’ve researched your potential JV partner
thoroughly, then you’ll know the volume of business you’ll
gain will be worth your effort. Even if this JV prospect
doesn’t work with you, he’ll more than likely refer you to
his other heavy hitter friends.

Obviously, what I’ve outlined above may seem like a lot of
work. You may just be happy send form letters to as many
people as possible asking them to promote for product for
a split of the profit. You may get a few interested people
based on the volume of emails you send out. If you use
the brute force tactic, you’ll surely run out of prospects
to email eventually.

Now that you understand the importance of building a
relationship, let’s look at the second trigger.

Exclusivity

People like to feel like they belong to a special group. If
you tell them that they were specifically selected based on
some criteria, they’ll feel special and will more likely
respond positively. Stroke their ego a little.

Here is an example of this method:

Dear potential JV partner,

I read your article on “xyz site” and thought it was very
informative. I like how you pointed out blah blah blah. Based
on your article, I felt you were an authority on “xyz topic”.
I have a product related to this niche and I’m seeking experts
in the field to promote my product for a split of the profits.

Or

Dear potential JV partner,

I’m contacting you because you were recently featured as a top
affiliate for ‘xyz product’. I have an exclusive invitation only
affiliate program and I’d like to invite heavy hitters such as
yourself to join. I’m only accepting about a dozen partners at
this time so that you have the benefit of less competing
partners.

Perks

Many people do not know the difference between an affiliate and
a JV partner. This difference should be noted because a JV partner
can bring you so much more business than an affiliate.

When you have an affiliate program, your affiliates are commissioned
employees. In a sales organization, people who make more sales
volume per given month are elevated to a higher commission level.
People with spectacular selling skills are highly coveted. They are
an asset. If they’re not valued then they will jump to another
opportunity. Why should they work for you when they get more benefit
for the same amount of work elsewhere?

Your joint venture partners should get perks such as higher commissions,
exclusive marketing tools, a head start etc.

Giving away your product to a potential JV partner for review is the
least you should do. That’s the bare minimum. I still get joint venture
emails where people do not even offer to provide the product for review.
It means they have not done proper research on me.

What I’ve listed are three ideas to keep in mind when contacting joint
venture partners. There are many more triggers you can use to increase
response to your proposal. Just look at the same triggers you use when
trying to sell your product.

As I’ve mentioned before, people all respond the same way to certain
emotional triggers. Utilize them every chance you get to obtain a
higher response from your marketing efforts.

Resource Box:
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