Maximize Your Profits With Joint Ventures
You have probably heard the term ‘Joint Venture’ on more than one occasion. You may even have a vague idea of what a joint venture is. The technical definition of a joint venture is ‘an agreement between two or more businesses to mutually accomplish a business objective.’ That definition is definitely correct, but it doesn’t fully explain what a joint venture is, or what it entails.
A joint venture is exactly what it sounds like. It is a venture that two or more people or businesses undertake to reach a common goal. However, the goal isn’t always the same for all parties in the venture.
Joint Ventures do not always have monetary outcomes. The goals of a venture can also include recognition, providing needed information to the public, building a list of subscribers, or even as a lead in to another product or business venture that will result in monetary gain. Joint Ventures can even be used to grow a mailing list.
Joint Ventures are not always even business related. Two individuals can go into a joint venture for a variety of reasons. Also, Joint Ventures can involve more than two people or businesses. You might have a joint venture that involves many people.
If you have the product, but no marketing skills, you could partner with someone who does have marketing skills. The marketer may not have great writing skills, so they could bring a writer into the venture. The marketer may not be able to reach all of the necessary audiences, so they might bring another marketer into the deal that can reach those other audiences, and so on and so forth. Often, it takes a whole group of people to meet one objective. I think you get the picture.
Remember that joint ventures are a no-cost way of achieving almost any goal you have for your business. And Joint Ventures are not just for giant companies either. Entrepreneurs and small businesses can benefit from joint ventures as well. Here are just a few of the reasons you should start organizing Joint Ventures of any kind:
1. JVs cost nothing! It costs you nothing to set up a joint venture. You only have to pay when sales are made.
2. There’s Zero Risk in a JV! If the joint venture doesn’t work out, you’ve lost nothing, so who cares? If the joint venture is successful, you’ll reap great rewards (usually in the form of profits but this will vary depending on the goals of the JV).
3. Everyone Can Use Joint Ventures! Right now, there are thousands of people that you can setup a joint venture with. All you need to do is find them.
4. Joint Ventures Require Little Time! You can set up and start a joint venture in a few days to a few weeks.
5. Joint Ventures Quickly Produce Profits! After implementing a joint venture, it starts producing traffic and sales quickly. So, you don’t have to wait around for long periods of time to reap the benefits of your efforts.
And these are just a few of the benefits of Joint Ventures. You can even make money with Joint Ventures if you are dead broke and have no experience and no resources at all.
Let’s say you’re asking yourself the question: ‘How can I start my own business?’ The answer is that you must first start with a product. Without a product, you’ll have nothing to sell. You then ask yourself, “But I don't have my own products what can I sell?”
Well, the simple answer is if you don't have your own product you're going to have a hard time selling anything, online or offline. There's so much raw promotion power that comes with having your own products. Look at it this way, without your own product, you can't joint venture, you can't have an army of affiliates promoting for you, you can't control the sales process and gain new knowledge through your research, you can't build up your resources for future promotion, in fact, there isn't much good to come out of not having your own product.
So what can you do? You can make your own product. If you really have no idea of where to start in creating a product, take a look at “Abundant Info Products: How To Make Big Bucks On Info Products … FAST!” at
http://www.AbundantInfoProducts.com where you’ll learn, step by step how to create your own info product as well as how to maximize your profitability from info products by using Public Domain products, Private Label Rights Products, Resale Rights Products, and Affiliate Programs.
Remember that when it comes to creating a product, you don't have to create a piece of furniture or something physical. You can create something as simple as information contained within your head that people will want to buy, or a piece of software, that also generally has a low overhead. And here’s the best part of it … You can even pay someone else to create that product for you and concentrate your efforts on selling it!
Have you ever considered forming a joint venture to create your product in the first place? Well it’s not only possible it may even make your product that much better! As I said a moment ago, a joint venture is “an agreement between two or more people or businesses to mutually accomplish a specific objective.” That specific objective could even be to create an info product!
Let me give you an example. Say you don’t have the money to hire a ghostwriter and you’re not a great writer to start with. You go out and find a ghostwriter to take your idea and write an info product. But you’ll have to pay the ghostwriter in some way, right? Instead of paying a flat fee, create a joint venture with the ghostwriter and share in the sales instead!
You can even take this one step further and ask a copywriter to join you so that you’ll have the sales letter for your website. You could ask a graphic artist to join you to create the graphics for your website. And finally, you can ask a web designer to join you to create the website. That would give you 5 different people all participating in the same venture. That doesn’t, however, mean that you each necessarily have to receive 20% of the profits. You can assign different percentages to the different roles depending on the amount of time required of each of them. The graphics guy has less work than the copywriter so maybe he only gets a 5% share. The copywriter has less work to do than the ghostwriter so maybe he gets a 10% share. Do you get the idea?
This is just one way that you could use a joint venture to get your product created in the first place. If you wanted to create a piece of software instead of an info product, maybe you could enter into a joint venture with a programmer and have the programmer take a share of the sales. Simply use your imagination to create an endless number of joint ventures to obtain a product to sell.
Whatever you do though, don't skip over the product creation stage. Don't say “Ah well, I'll just promote other peoples stuff”, because you'll find yourself in the same position this time next year going about things like that. Profiting from your own business is all about creating products that allow you to build your resources, and starting out not creating your own, is out of the question.
The point of this report is not to show you how to create products, though. In this report you’ll learn how to use joint ventures to increase your profitability. That means using joint ventures to create products AND using joint ventures to market those products. Without stalling any further, let’s jump right in and explore Joint Ventures further and look at some other examples of joint ventures, how you can find joint ventures, why they work, and how you organize them.
Introduction to Joint VenturesJoint venturing is a very simple process and a very powerful marketing tool. Yet, less than 5% of all business owners use Joint Ventures properly and most don’t use them at all. Joint Ventures are not usually very complicated. They are successful because of the old business rule that says: “People like to buy from someone they know and trust.”
The relationship between a business owner and his/her customers is the most valuable asset that a business has. This asset isn’t measured in dollars. But, if you know how to leverage it, it’s as good as gold. In fact, when a business is sold, this asset is valued on the balance sheet.
You may not have realized it, but it can cost SIX TIMES AS MUCH to sell to a new buyer than to resell an existing buyer. And, it costs less and less every single time a client buys from the same vendor again. Eventually, when they buy from the same vendor enough, all of the money earned is practically pure profit.
On the flip side, using other people’s mailing lists allows you to use their assets without paying for them. This way your acquisition cost is ZERO dollars. More of the profit is yours because you don’t have to pay for advertising expenses to earn them.
Most people understand the idea of working with others as opposed to working strictly by themselves. You probably do it all the time yourself. You meet someone who has the resources that you need, and you have something that they’re interested in using. You get together and, subconsciously, you say “Hey! Let’s do a deal!” Well, a Joint Venture was just born.
I’m sure that you get the basic idea. The really important thing to understand is that there are many different types of joint ventures and all of them can increase your profits.
So, let’s take a look at some different types of Joint Ventures.
1. Packaging. Going to a business owner whose product or service is synergistic with yours and adding totally fresh, unrecognized avenues of ongoing business (sales of your product or service, using your unutilized production or personnel capacity, etc.) or a new profit center, that you operate in concert with the business owner.
2. Resale Rights. You can buy the rights to someone’s product, process, or system, and market it to other competitors who will pay a licensing fee or royalty to you. You can do this with a company’s techniques, technology, products, marketing, resources, people, etc. Practically anything can be used!
3. Distributor agreements. You let others be distributors for your products and services. Affiliate programs are one type of distributor arrangement. You can also approach other companies and distribute their products in your business (i.e. you can join their affiliate program).
4. Partnerships. You can have a full-blown partnership agreement with someone where they invest assets into the partnership along with you. You both own a part of the company. Just remember …. Both partners are liable for each other’s actions so you’ll want to check with a lawyer before setting up a full blown partnership.
5. Consulting. Do you have some unique knowledge that might be useful to other companies? If so, you can work as a consultant and get a piece of the improved profits generated from the information you gave the company. In many cases, you can end up owning a share of the company. Yes, even this is a form of a joint venture, at least in the beginning stages.
6. Co-Authoring Agreements. Do you have an idea for a book or a manual but you don’t know everything there is to know on the subject? You can partner up with someone who does know this information and form a co-authoring agreement. This, too, is a form of a joint venture.
Joint Ventures are examples of “Win-Win-Win-Win” situations. In other words, joint ventures provide a benefit to the product/service owner, to the list owner, to the buyer, and to the organizer as well.
The product owner benefits because she gets to sell her product to many more people than she would have otherwise. This can be done at virtually no expense.
The list owner benefits because she basically gets free money. By endorsing the product/service, she gets to utilize her business’ hidden asset – its customer list.
The buyers also win because they get to learn about new products and services that they wouldn’t have heard of before. They may even get the product or service at a better price than anywhere else.
And, the organizer of the joint venture (also called a joint venture broker, but more on this in the last chapter of this report) also wins because she now has two new people in her network (the product owner and the list owner) and she has made a nice profit on the deal.
Joint Ventures become very profitable, especially when you understand the lifetime value of a customer. When the product or service is really great and it serves the customer beyond his or her expectations, he or she will buy again and again from that business.
The real profits aren’t those that are made on the first sale. The real profits come from the 2nd, 3rd, 4th, sale etc. It’s really exciting when you think that there are zero expenses involved in acquiring the customer through a joint venture, because they have already been recovered by the first sale.
So, by doing Joint Ventures, the money that is generated is virtually all profit. Either the list owner has already paid the expenses associated with generating a customer or you are the list owner and this is the second time that you are selling to the same list.
By carefully creating a killer sales letter and then renting a list of names and addresses from a list broker, your letter might pull in a 1% to 3% response. According to the mail order industry standards, 1%-3% is a very effective direct mail offer. That means that if you mail to 10,000, you should get 100 responses.
With numbers like that you may or may not make money. You don’t make much profit on the first sale to a customer. You make real profits on the backend product you sell to a customer in the future.
However, sending a killer letter through a joint venture endorsement can change these numbers completely. The list owner just has to write about how great the product owner is, how great the product owner’s service is, the high quality of the product, etc. and how she considers this opportunity to be valuable. The sales usually just start rolling in!
An endorsed letter like this can sell 10 times better than the same letter sent through an unendorsed mailing. That means, the same offer which just pulled a 1% to 3% response can now generate 10% to 30% or more!
Why does this happen? Because the buyers on the list trust the list owner. They have done business with her in the past and are willing to buy again based on her recommendations and endorsements.
Your profits are even increased further if you use the internet. Joint Ventures work very well in the brick-and-mortar world, but they have an even greater chance of success online. The reason is that the cost of sending letters through direct mail (snail mail can add up to hundreds of dollars really fast.
Online, though, the email is free. With no printing costs, no envelope stuffing, and no postage expense, the product being offered can have a lower price and it can still generate greater profits.
Joint venture opportunities are all over the place. Just keep an open eye and an open mind. To find them, ask yourself the following:
1. Who do I know or do business with that has buyers who would be interested in, and can benefit from, my product or service?
2. What products and/or services can I offer to my buyers that they would benefit from the most? Make a list of these items and contact key people in those types of companies and start cutting deals.
3. Do I know of a great product and some other business that has a large list of buyers? How can I partner them together?
Now that you understand a little more about what Joint Ventures are, let’s take a look at why they work.
1. Zero Advertising Expense. You only pay for results the joint venture brings.
2. Power of Relationships. You are getting/giving an endorsement to a client list that has a good relationship with the owner, so the response to the offer goes up dramatically. Because of the strong relationship between the list owner and the clients, usually you can make one step sales with an endorsed mailing.
3. There is very little cost involved. By putting the endorsement in an email or newsletter, there are no costs for printing and shipping.
4. You can make more money from all backend sales. This is where the real profit is made. You could even give the list owner 100% of the up front sales and then keep all sales on the back end sales. This is very common.
5. Power of Endorsements. Clients/subscribers pay attention to and respond to endorsements much more than they pay attention to the list owner selling his or her own products. When sending an offer for her own products, the list owner will typically make 25% fewer sales than when sending an endorsed ad for someone else’s product.
6. Industry Leaders. In almost every industry there’s at least one magazine, newsletter, website, ezine, etc. that could be a prospective joint venture partner. Contacting at least one of these publications is a very simple way to put together a joint venture. Many small businesses are very receptive to joint venture offers and actually welcome the invitation.
Why Are Joint Ventures So Successful?The number one reason why so many online marketers out there are making huge monthly sums of cash that most could only dream of earning in a whole year is because they use the power of joint ventures. Let me explain why joint ventures increase profits.
How many people out there do you speak to on a regular basis, that tell you that they can't seem to pull in enough business to keep them afloat or to make them enough money? Or maybe you’ve heard others asking why they haven’t made big bucks when they've bought all the guides, and have this wealth of knowledge that's been passed onto them.
The big thing that you'll find most of the people asking these questions are missing is leverage and man-power. The next time you hear someone asking these questions, ask the person how they are promoting their products now. I’m sure the reply will be that they’re using things like e-zine advertising, guaranteed hits, hit exchanges, lead purchases, and the like. This isn't the way of the knowledgeable online marketer. The experienced marketer knows better.
It doesn't take a genius to realize that twenty people promoting your product with the same efficiency as you, being paid fifty percent commissions will still bring you in ten times the amount of sales than you would have made on your own. In addition, you’ll have ten times less expenses, not to mention that you’ll be saving tons of time when you don’t have to do the job of ten people.
Having a number of affiliates behind you, backed by a number of joint ventures, each joint venture having its own promotion paying the affiliates half the sales is a good deal for you as a product creator. Spreading your efforts like this makes it far more likely that you'll succeed just because of the sheer number of people promoting for you, and the circulation your site will get.
To position yourself to take advantage of joint ventures, you’ll need to set up your sales and tracking system, and have in place an affiliate system, a means of list building, and a method of keeping in touch with customers and long term customers. By doing so, you’ll be able to benefit from the power of leverage. When you implement such a system and start putting your feelers out, making contacts with and pulling in affiliates, you're creating a heck of a lot of promotion power in terms of the number of people promoting for you.
So if you were to ask, how are big marketers making so much cash every month? The answer is simple. It's that they have hundreds upon hundreds of people promoting their products as affiliates or through joint ventures. This gives them a ton of promotion power themselves. The amount of people you have behind you and promoting as affiliates and joint venture partners is the key to reaching seemingly impossible heights. This is called “Leverage”.
Just because you own your own business, doesn't mean you're the only one who’s going to promote it. That is how the big guys make so much money. When mathematically looking at it from a sole proprietor’s point of view, bringing in huge sums of money each month seems almost impossible. I assure you it's not. Understand this and you'll start to see why, and more importantly how, you can apply this to your business.
What Are The Key Elements of a Successful Joint Venture?Although there are many elements involved in a successful joint venture, there are only 3 “keys” to a successful joint venture. The key elements are:
1. A great product or service;
2. An even better Unique Selling Position (USP);
3. A package to tie #1 and #2 together. This package consists of the website, the marketing plan, and the promotional material.
Of course, there are elements other than the “big 3” needed to create a successful joint venture, but these are the starting points. If you have these 3 “big 3” ingredients, as I call them, then every joint venture will be successful and getting joint venture partners will be a piece of cake. Let’s take a look at each element in further detail.
First, take a look at your product or your idea. Is it good? Well, there may be varying opinions on that… so ask yourself the question in a different way. Is the product or service needed? Is there a market for it? Where? If after really studying the potential market for your product or service you determine that it is indeed a good product or service, you need to determine the absolute highest price that you think people would be willing to pay, as well as the lowest price you could accept.
Remember, it is all about joint venturing, in which case others may be getting a piece of your pie at some point. Make sure that you set your price high enough so that when your piece of the pie is reduced, there is enough to make it worth your while. This must be done without pricing your product or service too high.
After you’ve determined the highest and lowest price you can charge for your product or service, you must determine what your USP is. Your unique selling proposition is what will set you apart from your competition. It is also what will attract Joint Venture Partners that you need. What is it about your product or service that sets it apart from the competition? Can it be used as a vehicle for sales of related products or services? How?
To find your USP, think about your product or service from every angle. Take a look at your competition. How does your product or service differ? If it doesn’t differ at all, can you make it different? Why would someone choose your product or service over your competition? If you can’t find a reason, you need to go back to the drawing board and look deeper for a reason why your product or service is superior.
Your USP is your “hook”. A USP is not the same as your slogan, although the two are integrally related. Another way to look at the USP is it is the “theme” for your promotion. It should be stated in two or three short sentences.
Your “package” is your website, your marketing plan, and your promotional material. You should actually take the time to write out your marketing plan, even if it just some notes scribbled on some paper. How will you create a sense of urgency in your buyers? Why should they buy your product now? Is there any way to develop a sense of scarcity i.e. if they don’t buy now, they can’t get it later or they can’t get the same price later? How will the sales process work? Will you have a one-time-offer (OTO)?
Once you have the “big 3”, you want to make sure that you tie them all together. Weave your USP into all of your marketing materials including your website. Make sure that your sales letter is strong and will convert well. In “Abundant Info Products: How To Make Big Bucks On Info Products … FAST!” you’ll find an overview of all of the steps that you’ll need to take to create a great package and implement it in your website. You’ll even get a variety of products to help you do just that!
So how does this relate to joint ventures? Well, when you’re planning to sell your product through a joint venture, you essentially need to create two separate marketing campaigns: one to sell the product or service to the end user and one to sell you and the product to the joint venture partner.
Think of your prospective joint venture partner as the most discerning critic of your product or service. If you can’t sell the joint venture partner, there’s no way that you’ll ever sell the product to the end user!
Setting Up Your Joint VenturesMany people unfortunately misunderstand the concept of organizing joint ventures. If you're having trouble pulling in the deals that you need to get your business off the ground, the first thing you need to carefully look at is, who are you contacting about these joint ventures?
Many people seem to think that the answer to all their problems is to joint venture with a big “guru”. But that’s actually the problem. Put the shoe on the other foot, so to speak, so that you can understand why this is a problem.
Imagine you were earning $20,000 a month, releasing your own products, and that you have a nice sized list of customers, and a large affiliate base, and that that you and your products and your affiliate program are widely known. Many people will think you're the answer to their poor sales, and that the list and people you're in contact with are the answer to their problems. Can you imagine how many joint venture requests you'll receive every week? Many people will think that if they get access to your list, they'll earn a ton of cash like you.
When we talk about joint ventures, you should not go out there, find every big earner available, contact them and try to get an ad to their list. Not only will you have a very poor chance of getting them to do this, but you’ll probably have a poor chance of getting their attention at all. Unless you have a successful product under your belt already, it's not going to be easy to prove that you're going to be worthwhile as a principal to promote. And at the end of the day, that’s what we're all doing including me.
Each time you contact someone for a joint venture, you’re in a position where you have to sell yourself and your product to them, proving that it's going to be worth their while. As you can imagine, once you have a few successful products under your belt already, it is going to be far easier to do this, especially to the big names. Until then,, though, don’t focus so much on the “gurus” and the “super affiliates”. There are still plenty of great prospective joint venture partners available and many of them will even outsell a guru.
One of the first steps to getting a joint venture partner is to locate people who already are selling to people in your target market. How can you do this? Well, you can use a “super affiliate finder” such as this great tool that you’ll find by Clicking Here. When using that tool, you’ll complete a two step process. First enter key words related to your product. This will give you a list of websites that are prospective joint venture partners. Next, use Whois.sc to locate the name, email address, and phone number of the person who owns the website. Pay particular attention to the website’s Alexa Ranking, Google page rang, and the number of links to the website. The closer the Alexa Rank is to 1, the more popular a site is, and the better the chance of the owner making a great joint venture partner.
Once you have a nice sized list assembled, you’ll want to subscribe to each person’s newsletter list. Remember, we’re not just talking about subscribing to the list of the biggest names that you know. Rather, focus on those who are in your target market already who you’re more likely to get a response from and who are more apt to notice you.
Understand that this doesn’t mean you're settling for second best, far from it. It might surprise you to find out that at least ninety five percent of your top affiliates will be people you’ve heard of before. They're not big names, but they sure bring in as much cash as the big names. Don't for a moment think that your resources are limited to the ten or so big names you know, because there are thousands and thousands of people out there that are doing really well, even though they haven't achieved this almost celebrity status within your particular circle of marketers.
Don't feel trapped or constrained by being fooled into thinking you have to compete with hundreds of others for a single joint venture partner. That's not to say you shouldn't contact big famous names at all, or ever, but be advised, many others are doing the same. One joint venture with a relatively unknown can be far more successful than joint ventures with the well known. If I could give you one tip about joint venturing, and one tip only, it would be to widen your search, and don't just stick to those that you've heard about.
Now once you’ve created and launched your own product, and managed to pull in a few joint venture partners, you can snowball your sales by getting referrals. You meet person one, who introduces you to person two, three and four, and so on preventing the need to go out and look for new joint venture partners for each and every product you create. You simply don't have to do it.
Once your promotion is over, don't neglect the people you've done joint ventures with. You want to focus on building a relationship with your joint venture partners. You’ll want to work with them again, look at their joint venture proposals, listen to their ideas, listen to what they have to say, and you'll find that once you have your first few joint venture partners you don't need to go out and get new ones for each promotion. You’ll simply create one big circle of marketers that promote each others products and joint venture with each other over and over again.
In addition, after you’ve had your first few successful product launches using joint ventures, you’ll become a pretty hot joint venture partner yourself. People will begin coming to you with their joint venture proposals. This gives you an opportunity to profit from being an affiliate instead of selling your own products.
So you’ll only have to build a group of joint venture partners once or twice, because after this you’ll be able to go to the same group time and again. If you put in the hard work now, and set up everything properly, and build your resources at the same time, you may not be a millionaire in six months, but you're going to have a mighty good base of resources to start moving toward achieving your goals for your life and for your business.
Your focus is not on making a small profit as quickly as possible, but on building your resources as quickly and as effectively as you can, making your life of promotion a simple case of four e-mails and a few conversations for each product you launch. Of course the catch is that in order for this to happen, you’ll need to do a lot of leg work now. The effect doesn't have to be slow, it doesn't have to be hard, boring or expensive, but it will require effort. Trust me when I say, the result is worth it.
How Do You Start Profiting From Joint Ventures?With regard to marketing online, no matter where niche you’re in, the starting place is always the same. All successful businesses start with five things:
• An idea and a desire to develop that idea;
• The tools you need to do so;
• A budget;
• The preparation and groundwork to make it all possible; and
• A market for your product.
Without an idea you're going nowhere. With a good idea, on the other hand, you're on your way to multiple products that you can create and sell at different prices that will no doubt spawn other ideas. If you want to take things further, you need to keep your mind open, and always look at ways of developing and evolving that original idea into the best possible form for the people who are going to be buying it and spawning more ideas from your original plan.
Before you get started you're also going to need the tools that will form the basis of your business. These tools include a domain name, hosting for your website, a merchant account to process your payments, a system to run your affiliate program, access to tracking tools, and autoresponders to maintain your list. The costs for these tools should be minimal, especially since you won’t need to shell out for promotion on top of that. This is why you’ll need a budget, but it doesn't have to be huge.
Once those tools are set up, most of your preparation and groundwork is done. You’ll also want to start building a network of prospective joint venture partners at some point too. You can probably do this as soon as you have an idea. To build your network of prospective joint venture partners, use the Super Affiliate Finder, locate the owners of those websites in Whois.sc, subscribe to their newsletters, and send each one an individual email (not through your autoresponder) introducing yourself and starting a conversation about their website. At this stage it’s all about networking. The more you can do now to start a dialogue the more likely they’ll be to help promote your products later.
Finally, you need a target market. Your target market consists of the people you will sell your products to. Ideally, you’ll want your product to target a readily defined group of people. This means that unless you're super brainy and come up with a totally original idea, it's likely there are other products out there already trying to solve the same problems for customers.
Do some research to check out the competition, but don't be overwhelmed by it all. There's plenty of space for everyone. And hey, competition for your brand new idea is a good thing, because this means there's already a market for your product, and people with access to the customers that you need to be getting in touch with to sell it. This should put your mind at ease straight away.
In my new ebook, “Abundant Info Products: How To Make Big Bucks On Info Products … FAST!”, I walk you through the formula I use for determining whether a target market exists. In fact, the biggest reason that products fail, especially on the internet, is because people think they have a great idea but they fail to determine ... ahead of time … whether anyone else will like the idea. That’s right. They just create the product and think that swarms of people will come to buy it. That may have been the case ten years ago when the internet was brand new and there were only a handful of sites to visit in the first place. But now, that simply isn’t true. Today you really have to target a specific market in order to become successful.
In fact, selecting the right target market in the first place will even help increase your success from joint ventures later. Let me tell you why. The more focused your target market is, the more likely you will be to find other websites targeting the same market. These are your prospective joint venture partners.
So, once you’ve found an idea for a product, consider what many people call “Nichifying” that idea. I know, that’s probably not a real word, but it fits what I’m trying to describe. Take a product such as an ebook on joint ventures. You could create an entirely new product, with very little work, by “nichifying” it. In other words, create several ebooks, each one for a different market, on the identical topic. You could have “Joint Ventures for the Internet Marketer”, “Joint Ventures for the Real Estate Professional”, “Joint Ventures for the Investment Professional”.
In each ebook, you would focus all of your examples on one specific niche. You would add in information that would boost the success of a joint venture in one certain niche. You could change your terminology to fit the words used by a given market. Get my point?
Although you’ve narrowed the number of people who will buy any individual product, since the product is more likely to provide a benefit or solve a problem for that market and hence, overall, the sales of products are likely to increase exponentially. It would be the rare case that this technique would decrease your sales.
The point, though, is that you MUST take the time BEFORE beginning on your product to make sure that a target market exists for that product. Then spend some time trying to “nichify” it. Then you’ll see how much your sales will increase and how much easier it is to find joint venture partners.
Lastly, and most importantly, wherever you decide to start in the process of using joint ventures to increase your profits, please do start. You’re learning all this information but you must do something with it. Ask yourself, in the last six months, how far has my business moved forward? Then ask yourself how far do you want to move forward in the next six months? Do you really want to repeat everything at the same speed, or could you knuckle down and get double, triple or even quadruple the amount of work done through eliminating distractions and focusing on the solution not the problem? That's totally in your hands now, but do start. Start today.
PROFITING AS A JOINT VENTURE BROKERLet me mention one other way that you can profit from joint ventures. You can also profit just from organizing joint ventures, without even being either a product creator or a list owner. Briefly, let me explain this very easy, profitable concept further.
People who organize joint ventures are known as Joint Venture Brokers. You’ll find the website of one of the brokers by Clicking Here. If you have no product or service, have no list, and have no desire to have either, you can earn a VERY nice living simply organizing joint ventures for other people. A joint venture broker is often the person responsible for the successful launch of a product. The broker is like a match-maker. They take the person who has the product or service and match them up with people to promote it. In return for their match-making services, brokers receive a percentage of the sales from the venture (usually 10%).
Why would you use a broker? Well, if you’ve never launched a product before you might use a broker because you don’t have the contacts necessary to organize a joint venture for yourself. But even if you’re an experienced marketer, you would benefit from using a broker for many reasons.
No matter how much vision you have, someone else will see the same vision in a different way – from a different angle. JV brokers will often see things that a product creator doesn’t see. Think of the JV Broker as a marketing consultant. A good JV Broker is exactly that … an outsourced marketing department. The JV Broker will make suggestions for improving both the product and the promotion. It is not uncommon for the broker to recommend changes to the sales letter, the web design, the graphics, etc. In fact, the JV Broker is most effective when given the opportunity to make changes to all facets of the product, promotion, website, and anything else involved in the venture.
Traditionally, the JV broker would earn 10% of all sales made by your JV partners. Some JV brokers will require an upfront fee, and others will wait to be paid after the sales are made. This varies from one broker to another, and is in no way an indication that the broker is good or bad.
The JV broker helps the product creator to put the “big 3” in place before going out to get joint venture partners. Remember the “big 3”? The killer product or service, the USP, and the package to tie them together. Once the “big 3” are in place, the JV broker than goes out and gets the prospective joint venture partners to promote the products.
As a JV broker, you’ll spend a lot of time on the phone networking. You’ll also need to attend seminars, meetings, trade shows, and just about anywhere else you can think of to meet both product creators (your potential clients) and people with lists and websites (your potential joint venture partners). You’ll meet people, talk to them, and most importantly, listen to them. Then, you’ll make suggestions. Your suggestions will form the basis of the joint ventures you organize.
Organizing a joint venture involves setting up the marketing plan too. You’ll want to work with the product creator to design and implement a system that maximizes sales. You’ll also want to put a system together for the affiliates to use for their sales. Remember to create special promotional materials for their use. Your goal as a joint venture broker is to create that “win-win-win-win” scenario where you, the product creator, the list owner, and the customer or end user each win. For your efforts, you’ll be rewarded with a percentage of the sales without ever having to create a product or develop a list.
Topic: Maximize Your Profits With Joint Ventures (Read 16912 times)