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Crucial Steps to Success for Online JV's:
1. Be
Personal and different - most successful marketers get propositioned
on a daily basis.
2. Find
major players in your industry (well-known product creators,
service providers, website owners, list owners etc..) and get
to know them a little (join their newsletter, read their information,
buy a product or 2 from them) and if possible speak to them
in person or via the phone.
Note:
I've bought products from several well known marketers just
to get some free mentoring or telephone consultancy from them.
Not because I wanted or needed their product, but just to
speak to them in person.
These
people should be the focus of your efforts as it only takes
one or two to take up a partnership with you and you'll be well
on the way to great results.
3. Contact
related webmasters, ezine-owners with a good amount of traffic
or readers and do the same as above, these might not be
well known people, but they have what you want and they may
be useful partners. (Again, be as personal as possible).
4. Bare
in mind the 'Pareto Principle' (80% of your results come
from 20% of your efforts) it's likely that very few small scale
individuals will be able to produce great results and you've
probably read that online over 90% of affiliates do nothing
once they sign up. So don't waste a lot of time trying to get
just anyone to deal with you, or it'll cost you more in time
and effort than it's worth.
5. Remember
that for good JV partners, they're likely to have more to offer
you than you have to offer them, so make sure you factor
in the value of what they can offer (i.e the lifetime value
of any new customers you gain from your deal - not just the
one-time sale value) and give them a respectable percentage
of the profit (Clickbank allow up to 75%). If you're a beginner
then don't expect to be able to make good deals with a low percentage
offering on a small product.
Show your
partners that you understand and appreciate the value they offer.
6. Start
as high up the food chain as you can (Biggest potential
partners first) as this will increase the speed and penetration
of your campaign.
7. Try
and build your partnership in a way that ensures you get consistant
sales/traffic (i.e arrange for an advert/banner on their
site) where possible.
8. Be
Prepared! - this is a vital point. If your JVs turn out
to be successful then you'd better make the most of it and have
everything in place or you'll lose money that you could've captured.
I mean things
like having an autoresponder
setup to keep track of (and follow up with) all of your customers
(if you're letting your JV partner deliver the product then
try and agree to share purchaser names).
Make
sure your payment system is working and that any affiliate
links you've provided work and that the right affiliate will
get their money.
9. Affiliate
Sales material - If you're intending to provide support
and sales material (this is worth doing as it makes your partners
job much simpler and hence gives them less obstacles to working
with you) make sure this is in place BEFORE you set them off
promoting your product.
10. Learn
from the process - make sure that you learn as much as you can
from your venture. For example if you're getting a lot more
traffic than normal it might be much easier to spot where you
could improve
your sales copy or sales process. If you enter
a joint venture that flops, you'll have a much harder time getting
that partner to work with you again. Try and test everything
BEFORE you make the deal (Using a short Adwords/Overture
campaign to buy traffic and test your sales page is a great
way to do this!)
11. Make
sure that your proposals
are unique (I've already seen the standard letter provided
with a product I have rights to land in my own inbox, and it
makes me think that person won't spend the time to be personal)
and let the partner know that you understand the value
in their list/traffic and that your offer is a unique one
that no-one else will also be offering them.
12. Don't
be sloppy - Spelling mistakes and poor grammar will kill
your proposal for some people.
13. Samples
- I like to provide the product to my partners whenever possible.
The impact of this shouldn't be underestimated. If you want
them to endorse
a product for you then they should have at least
had access to it. For offline high-ticket items it goes one
step further and shows that you take your relationship with
them seriously and also gives them a reason to want their customers
to have it if it's a great product.
14. Don't
use template emails. Nothing takes the shine off of a relationship
like seeing the same 'personal' email they got from someone
else.
15. Measure
everything - If you're not providing your partner with the
facility to measure
the results, make sure you let them know how
things are going and tell them if you think something needs
to change. Don't just leave them to it and hope it all goes
OK or ignore them if it doesn't work out.
One thing
that can make a difference is for them not to necessarily
use a pre-writtent endorsement as their readers/customers
are likely to have become accustomed to their style and prefer
that.
16. Follow-up.
If you don't get a response right away, allow a few days and
then gently follow up with a reminder. You probably know
that most people are busy and one email is easily overlooked.
Don't take it personally, just send a short reminder of the
fact that you made and offer and leave it at that.
17. When
the deal is done, be sure to thank them and keep in touch.
18. If
you have historical information or facts about the success/conversion
rate etc. of previous campaigns and JVs, provide these and let
them know that anyone they send will be well looked after.
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Joint Ventures
are one of the most effective and rewarding methods of
marketing online, not only do they build your business and make
you money, but they result in friendships and long-lasting business
contacts.
Don't
struggle alone, make friends to help you enjoy the journey.
- Andy
Henry
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Andy
Henry is An Experienced Internet Marketing Coach Helping
Online Businesses Get The Customers and Visitors They Desire.
Find
Andy at http://www.turntoandy.com
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