Joint Ventures: The Power Of Partnership
When two people join forces, there's a certain synergy that
takes place, that's why many ebusiness folks are seeking out
joint ventures. What IS a joint venture (JV for short) you ask?
Basically it's when you agree to form a partnership and jointly
promote someone.
== BENEFITS OF JV == Here are some benefits you can realize from
forming joint venture.
1. EXPOSURE: You can instantly "double" the exposure of your
products and services by tapping into each other's built-in
audiences, business relationships, and mail lists.
2. MENTORING: As partners, you'll form a powerful relationship
and learn from one another. As you create plans together, each
partner's specialties and knowledge will complement the others.
3. FORM A DYNAMIC DUO: Being associated with other highly
successful business people enhances your image and reputation.
Look at the fantastic relationships that Jim Daniels, Rick
Beneteau and other successful marketers have built. They are
examples of people who truly are putting the power of
partnerships to work!
== TIPS FOR BUILDING A SUCCESSFUL RELATIONSHIP == Are two heads
better than one? Well YES and no... You see, relationships can
be sweet or they can quickly turn sour. Like a good marriage, a
joint venture relationship needs to be built on a solid
foundation of trust and friendship. Partnerships need nurturing,
loyalty, and faithfulness from both parties. It's not a one way
street. Partner's need to genuinely care about and trust each
other.
1. BE HONEST AND SINCERE: It all starts with the proposal. If
you don't write a strong proposal, the future of your JV will
quickly be decided with a "click". An impersonal, hard sell
letter will turn your prospect off. Instead, write a
personalized proposal including what you both could bring to the
project and what you both can expect of a joint venture
partnership.
2. KNOW YOUR POTENTIAL PARTNER: Take time to get familiar with
their business, their web site, and ezine. This way can tell
your partner what you like about their business and how you
foresee them working together. You may even consider making a
phone call to say hello and "meet" each other first. The few
joint venture letters I actually consider are from folks who
take time to know me and my business, and speak honestly about
WHY and HOW we could work together.
3. WHAT's IN IT FOR ME? Explain up front how working together
would be mutually beneficial to both of you. If a joint venture
proposal screams "ME, ME, ME" then why would you consider it?
Instead, take time to think about how YOU could help your
potential partner. Clearly state the potential benefits to your
partner. Will they gain instant access to 40,000 extra
subscribers? Will you endorse your partner's products? How can
you grow your partner's business?
4. RESPECT YOUR PARTNER: What you do reflects on the reputation
of your partner. Conduct yourself with integrity and
professionalism. If I am promoting "Joe Schmo's" product, I
expect Joe to treat my customers with respect and offer
outstanding customer service. If Joe doesn't answer his emails,
offers bad customer support, or his product doesn't "work" -
then that reflects badly on his partner's reputation.
== WAYS TO WORK TOGETHER == Here are a few ideas on how partners
can work together to promote each other.
1. CROSS PROMOTION: When you endorse each other's products, it's
important that you TRY and BELIEVE in the product. A personal
testimonial is a powerful sales tool. Partner's can agree to
swap ads or articles in each other's ezines or send promotional
endorsements to each other's email lists.
2. BUNDLING: Another JV idea is to bundle your packages
together. Bundling works best when the product complements
yours. But, be careful that their product doesn't overshadow
yours. Also, don't pile on so many bonuses that the offer
becomes unbelievable. An offer too good to be true may raise
doubts in the consumer's mind.
3. PRODUCT SWAP: Agree to "swap" products with your partner and
offer them as a prize. Give the prize away in a contest or do a
random drawing to one lucky subscriber.
4. JOIN FORCES AS A VIRTUAL COMPANY: Partner with companies who
offer services related to yours. Your customers will enjoy the
convenience of one-stop-shopping. By cross promoting each other,
you'll BOTH gain new customers. Don't limit yourself to partners
who are close to you geographically. With fax and email your
associates can be located anywhere in the world.
== IN SUMMARY == Take a minute to look up from your busy desktop
and dream about WHO you would like to work with! Open up your
mind to the possibilities. The INTERNET makes the world a small
place. You could potentially partner with ANYONE, ANYWHERE! Get
to work writing a smashing proposal and YOU TOO could be tapping
into the power of partnerships to promote your business.