Takes notes of the things you think you'll do and at the end, plan it out and take action. The gold is there waiting for you to take it.
A joint venture is working together with another party so that both sides can benefit from the combined effort. Normally the project is for a set period of time or even long term in some circumstances.
For example, you can offer a well-known business an opportunity to promote your product. For every copy of your product they sell, they can receive let's say 70% of the commission. That's a lot more than you.
However, you benefit by having more customer leads, plus you still get 25% of the sales which you would have never have gotten. With these new customer leads, you can market other products to them and profit in the
future. This is why Joint Ventures are a WIN-WIN situation.
10 Advantages of Joint Ventures
1. You get to be more well known among your market and also have relationships with well known businesses which in effect will help you immensely in the future.
2. There is no cost associated with Joint Ventures. Just an email to the business you want to joint venture with and some phone calls to follow up with.
3. You can gain new customers and leads which are interested in your products but have not bought from you. With this database you can market to them continuously in the future and profit. It is always said that
the gold is in the list.
4. With a joint venture, you will make be able to compete against the top businesses which you would have otherwise thought was impossible.
5. You will save a lot of time. To get the leads you have by doing it on your own will take a lot more time and money marketing.
6. You will get free and low cost advertising. Save money on the Pay Per Click campaigns and solo ads you need to send out. You have shared the costs with your joint venture partner.
7. Your business will be able to expand and grow out your own expectations.
8. You can increase the opt-in list for your ezine (if you have one) and save money on the email leads you buy which are low in quality compared with the joint venture leads you have.
9. You can test the marketability of your product at no cost. Your joint venture partner's success will tell you if your product is good or simply trash.
10. You can easily get the well known joint venture partner to give you a testimonial for your business. This will increase the sales conversion for your product as testimonials increase trust between the prospect and
your business.
So after going throught the list and realising all the benefits a joint venture can give you, what are you waiting for? Hasn't that list of benefits defused the fear in you of asking for joint ventures with other businesses or marketers?
With your list of actions and ideas that you have gotten when you read through the list, go and take action now. When you've done one joint venture you will do lots more.
To start you off on joint ventures, you can visit http://www.onlinemoneymachine.com/jvsecrets where you will get an MP3 recording of 2 well known marketers and how they do joint ventures to increase their business sales.
Don't worry. The recording doesn't cost anything. Learn from the experts and do what they do and you'll achieve the same results they get.
How To Use A Joint Roller
Here are just a few of the ways an online service provider can benefit from a joint venture partnership:
1. Ad swaps. Most online service providers - whether they are virtual assistants, copywriters, designers, professional or personal coaches, bookkeepers, transcriptionist etc., have a website. Chances are they have an ezine too. One potential partnership might include the swapping of advertising space with a relevant business. This can be particularly helpful if you're on a budget and looking for new clients.
For example, a business coach could swap ad space on a website or in an ezine with a virtual assistant. Many people using a business coach are often looking for ways to optimize their time, and a virtual assistant may be exactly what they're looking for. Likewise, people using a virtual assistant might be able to benefit from the services of a business coach, particularly if they're looking for ways to grow their business.
2. Email and promotions. If you have an opt in list, or at least a list of customers, you can promote the services of a relevant business in your communications, or even as part of your next business promotions. Likewise, your partner can do the same for you. One idea to consider is not merely swapping, but placing an ad in your regular email communications with the agreement that you receive a small percentage of the profits. You were going to send out the email anyway - now you can make a little bit of money with it.
3. Guest bloggers. Blogging on your own site connects you with your customers. Blogging on another site connects you with their customers who may become your customers. Blogging is an excellent way to establish not only a rapport with prospects; you can also demonstrate your skills and knowledge, thereby increasing your credibility as a service provider. You can swap guest blogs or you can share any profits that come your way by virtue of the blog, or you can make some other arrangement that works well for the both of you.
4. Ezine content writer. Like blogs, swapping ezine content is something that will help build your exposure and credibility. Additionally, ezines are easily shared with others and archived for lasting stickiness.
5. Product creation. Many service providers also offer information products like ebooks to give away with a newsletter subscription, or even books or audios to sell. Partnering with another business owner to create a product can be a tremendous opportunity. Create a promotional product to give away for free, distribute it to both of your lists, and include advertisements and offers in the book for both of your businesses. OR sell the ebook to both of your lists.
6. Swap services. What tasks have you considered outsourcing? Administrative tasks? Copywriting? Bookkeeping? Graphic design? As a service provider you can offer your services in exchange for a partner's services. For example, a copywriter may be excellent at writing copy but horrible at designing a website. Trade a comparable amount of copywriting projects for a complete website overhaul and you've both benefited tremendously from the deal.
7. Cross-sell. This is a fun one that many service businesses forget about. Consider cross-selling. For example, as a virtual assistant you could promote and offer copywriting services to your clients as a partnership. Your copywriting partner could advertise that they also provide transcription, web updating and other tasks the virtual assistant handles. This way you're bringing in business for each other.
The opportunities for service providers to benefit from online joint venture partnerships is tremendous. How are you going to leverage a partnership and build your business?
Both Simmi 1 & Robert Williams are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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