How To Skyrocket Your Business with a Joint Venture
In the internet marketing world, a “joint venture” (commonly referred to as a JV) is the process of coordinating a promotion.
What exactly is a joint venture in the digital marketing space?
One party has a list or audience of a certain market that they deliver high-quality content to, and the other party has a product that complements the message from the first party.
The party that has the audience will email their list, inviting access to free training and upon completion, an offer is made for a deeper dive product, delivered by the other party… Both parties then share revenue from the promotion together.
The benefit of joint ventures, and in particular a webinar is the fastest way to grow your list with no upfront cost.
You only pay commissions on products when they’re sold.
Joint venture marketing provides you with brand new audiences and lists, so you can promote your product more often without the extra costs. Plus, you can offer your own growing audience new things that compliment your primary product without spending days or weeks creating a new product yourself.
Finding Ideal Partners And Establishing A Joint Venture
Let’s say, for example, that you have specific training that delivers the desired end result to a marketing agency.
If you don’t have a big audience of marketing agencies to approach with your training it can be beneficial to form a joint venture with a business that does have that audience.
If you know who your ideal customer is, then you should also look for people who are serving those audiences to be your partner.
Look at people who have courses or training or are coaching others in your specific niche, and follow where they go to start building those relationships.
Where, specifically, can you find potential partners?
Start with Facebook or LinkedIn groups, and find people who are sharing valuable content.
Building these relationships can start off with something as simple as commenting on a shared blog post or participating in an online discussion.
Keep in mind that while these people might be considered leaders in their domain, that doesn’t mean they are leaders in every aspect.
You can provide value to people no matter who you are and who they are it’s just a matter of knowing how your skills and knowledge complement each other. Demonstrating your ability to add value to another person or business is key to forming these relationships.
Once you have built up a level of familiarity through online interactions, you can ask to “meet up” over Zoom to meet and talk.
Ask them about what they’re working on and what they’re excited about. If they mention something you believe you could help with, you could either offer your services or names of other people who can also be of assistance.
Keep in mind that every person and every partnership is different. Some form quickly and naturally, while others take a bit more time to develop. If you are able to meet people in person at live events, you will likely find it easier to form natural partnerships with people. It might even take no more than a single conversation to get a partnership going.
The Core Elements Of Joint Ventures
At the simplest level, joint ventures begin when one party has a product and the other has an audience, with both parties standing to gain something through joint promotion.
Sometimes your partner will want you to promote their product as well as them promoting yours.
Carefully consider this type of cross-promotion before engaging in it.
You must, for example, be able to recognise if their product is a good fit for your audience as it currently exists.
Once you have agreed on what your partnership will look like, you will pick a date for the promotion and create a promotion schedule.
When will the emails be going out? What will the character of the campaign be?
Based on your discussions with your partner, you can begin building the backend of the promotion. This means scheduling a webinar, building a landing page that has the functionality to get visitor emails, and building a JV kit. This kit should contain email swipes, a summary of your promotion, and affiliate links.
Make the process as simple as possible for them. This will make it more likely that they will continue to partner with you in the future if you have promotions that would benefit from a joint venture.
Driving Traffic To Your Joint Venture Landing Page
Once you have built the relationship with your partner and established the backend elements of your promotion, it’s time to start driving traffic.
There are two main types of traffic strategies for joint venture promotions: cold and warm traffic.
Warm traffic comes in from trusted sources. These are blogs or websites that have authority and audiences of their own, who are more likely to be interested in your promotion.
Ensuring Success Through Follow-Up Messages
Remember“the fortune is in the follow-up.”
When no one follows up with potential partners, nothing will happen.
If you get someone’s information, set reminders for yourself to follow up with them and keep touching base. You will completely stand out by being the person who actually followed through on the conversation you had with them at an event.
By being proactive about following up with your partner after a promotion, not only do you keep the relationship open for another potential partnership down the road, but you also open up possibilities for your partner to make new introductions to other potential partners. In this way, a successful joint venture can lead to new business opportunities down the road.
Make Joint Ventures A Priority
Be proactive about putting yourself out there, both online and in-person, and finding situations in which you can create new relationships and find ideal partners.
Listen first, then begin adding value.
You’ll be amazed at what you can accomplish just by engaging in genuine discussions and putting in the effort to build a relationship.
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