How To Incorporate Joint Ventures Into Your Marketing Arsenal
Are you looking to incorporate joint venture marketing into your arsenal of marketing methods? If not, then you should. Joint ventures are a free way to increase your sales and profits, without spending alot of money to get your message across. And in the offline world of business, people are starting joint ventures left and right.
Now even though joint ventures are a beautiful thing, there are still some risks involved with doing them. For example, one thing that you risk when you do a joint venture is your reputation. You see if you have a huge customer list and you introduce them to another business's product, you have to ensure that the product that you're recommending is worth its weight in gold.
Otherwise if the product is bad or just so-so, your customers will start to look at you in a different light. They will be hesitant to take you up on your recommendations, and it could be a downfall for you when you offer them products in the future. So you have to be very careful about who you recommend to your customers.
But if you have seen and demoed the product and have determined that it is exceedingly good, then by all means proceed with the joint venture. Nobody wants to be left with a shoddy product, so do what you can to ensure that the product that you're offering is very good.
Another thing that you have to take a look at when doing joint ventures is whether or not the price is high enough that you'll earn a significant bit of money from the deal. If you're offering $10 products, you will more than likely get sales but you won't make alot of money from it. On the other hand if the product you're promoting is worth $100 or more, then this is something that you should consider pursuing.
Me personally, I don't like to deal with a product or marketing campaign that doesn't pay huge dividends. Low priced products will take forever to make a nice profit, but with a high priced product, you can retire sooner rather than later.
The last thing that you should consider with your joint venture deal is the size of the commission that your partner will get. Typically you should offer them no lower than 50% of the profits. You have to make this partnership worthwhile, so you should consider offering them a 60% commission on every sale made.
While all of these things could make your joint venture a hit, it's important that you implement a bit of tracking in your campaigns. Typically in the offline customer database that you will mail to, your partner will include a random name in the list just to ensure that you're not abusing your power. If you mail out to their list more times than you-two agreed upon, you more than likely will lose a potential partner and some legal action may have to take place.
Only mail their list for the agreed upon number of times. Hopefully it will be a success, because if it is, they may consider letting you mail to their list again for additional profits on the table.
Take these tips and use them to implement joint venture marketing in your business.
Good luck with having success within your business.
Now even though joint ventures are a beautiful thing, there are still some risks involved with doing them. For example, one thing that you risk when you do a joint venture is your reputation. You see if you have a huge customer list and you introduce them to another business's product, you have to ensure that the product that you're recommending is worth its weight in gold.
Otherwise if the product is bad or just so-so, your customers will start to look at you in a different light. They will be hesitant to take you up on your recommendations, and it could be a downfall for you when you offer them products in the future. So you have to be very careful about who you recommend to your customers.
But if you have seen and demoed the product and have determined that it is exceedingly good, then by all means proceed with the joint venture. Nobody wants to be left with a shoddy product, so do what you can to ensure that the product that you're offering is very good.
Another thing that you have to take a look at when doing joint ventures is whether or not the price is high enough that you'll earn a significant bit of money from the deal. If you're offering $10 products, you will more than likely get sales but you won't make alot of money from it. On the other hand if the product you're promoting is worth $100 or more, then this is something that you should consider pursuing.
Me personally, I don't like to deal with a product or marketing campaign that doesn't pay huge dividends. Low priced products will take forever to make a nice profit, but with a high priced product, you can retire sooner rather than later.
The last thing that you should consider with your joint venture deal is the size of the commission that your partner will get. Typically you should offer them no lower than 50% of the profits. You have to make this partnership worthwhile, so you should consider offering them a 60% commission on every sale made.
While all of these things could make your joint venture a hit, it's important that you implement a bit of tracking in your campaigns. Typically in the offline customer database that you will mail to, your partner will include a random name in the list just to ensure that you're not abusing your power. If you mail out to their list more times than you-two agreed upon, you more than likely will lose a potential partner and some legal action may have to take place.
Only mail their list for the agreed upon number of times. Hopefully it will be a success, because if it is, they may consider letting you mail to their list again for additional profits on the table.
Take these tips and use them to implement joint venture marketing in your business.
Good luck with having success within your business.