Copyright 2006 Chonticha Marijne
Once you've found an Internet marketer who is interested in partnering with you, you can give them access to the product for their review and lay out the rest of the plan. The split should be 50-50, after deduction of payment processor fees. Unless you own the product or it can't be found readily elsewhere, you should offer it at a significant discount. The list owner should send out the initial email and any follow up messages. As an experienced marketer, they will know how write an endorsement that is more editorial in style rather than blatant sales copy. The key is to offer the target audience help in solving a genuine problem, rather than trying to sell them a product outright. The people on the mailing list know and trust the list owner, so there are no spam issues to contend with and the JV partner does not have to disclose their valuable list to you. If you agree to offer the product at a reduced price, then it is highly recommended that you set up a separate web page so that you do not lose any orders at the regular price on any existing web pages.
Trust is required between the joint venture partners. To keep things above board, make sure that you provide proof of earnings, for instance by sending your JV partner a screenshot of your sales. If you select PayPal as your payment processor, then you should ensure that you use a separate email address that is unique to your JV to track your earnings. You can also set up a counter on the JV sales page to give your partner a rough idea of the number of visitors and possible earnings and you should also track the clickthroughs to the site with an ad tracking tool. When you've transfered your JV partner their share of the earnings, please make sure that they provide you with a receipt for your income tax return purposes.
If you're not yet convinced of the power of the joint venture, let's take a look at the most obvious benefits:
*A JV can be the start of a long lasting business relationship.
*A JV can increase your credibility if you choose your partner wisely.
*A JV is a low-cost, low-risk method to increase sales.
*A JV can lead to new customers, new leads, new subscribers.
*A JV can net you quick profits within a short time frame.
*A JV can offer you a new distribution channel.
Be sure to treat your joint venture partner as a valued equal and always think long-term. Satisfied partners are more willing to repeat the collaboration in future and good business relationships are invaluable! Provided you do it right, a joint venture will boost your online earnings with a vengeance. Once you realize how profitable and easy it is to set up a joint venture, you will want to replicate the experience over and over again. |
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