Hello,
This week I want to talk to you about a very powerful marketing
tool that's especially useful to those who might not have much
of a marketing budget or are just starting out in business.
It's the Joint Venture.
What is a joint venture? It's pretty simple. A joint venture
occurs when you team up with someone else to sell your products.
Why would you do this?
Well, if you are just starting out and don't have a marketing
budget, or haven't made a name for yourself as a credible
business person, a joint venture may be just the thing for you.
Old, established Internet business people all eventually run
into the same problem. After a while, they simply run out of
original items to sell.
They've been in business for a while, have a well established name,
full list of past customers many of which are hungry for new
products, and they've probably got a well established mailing list
of potential customers or newsletter subscribers.
What they need are new original products to sell their newsletter
subscribers and backend past customers.
That's why they are approachable by you, someone who happens
to have a new original product to sell!
Enter the Joint Venture.
You agree to sell them your products, they agree to promote the
product to their own past customers and newsletter subscribers,
and you agree to split the profits 50/50.
Overnight, with just a few joint venture agreements, you can go
from no profits to more money than you know what to do with, all
at no cost (and no risk) to you whatsoever.
You need to do your research first in order to find people in
your own field. You wouldn't JV a marketing book you wrote to
a person who owns a gardening web site.
JV's (joint ventures) tend to work better with higher priced
products where the potential profit per sale is larger since
you'll be splitting the profits. A $9 dollar ebook probably
isn't worth it to a potential JV'er whereas a $99 ebook would
be.
And don't get discouraged if the first people you approach
turn you down, many will. But keep at it, offer a higher
cut to your JV partner (60/40 or 70/30 - what do you care as
long as your costs are covered by your cut and you make SOME
profit).
That's all for this week. See you next Monday!
