| If I had to begin my business again from scratch, I | | | | make a joint venture request, offer your JV partner |
| would look at forming strategic alliances and seeking | | | | the ability to reliably track his/her success with the |
| joint ventures partners much sooner in my business | | | | joint venture. |
| growth plan. Asking a more successful business | | | | 3. Worthwhile commissions. "I'll offer you $2 in |
| owner to help you promote your site or to form an | | | | commission for every sale that you make!" While this |
| alliance where you both benefit is one of the | | | | JV requester thinks this proposal should make me |
| quickest ways to turbocharge your success, provided | | | | stop in my tracks and hang onto his every word, a |
| it's done correctly. | | | | proposal this inconsequential just isn't worth my time. |
| However, therein lies the problem. Most joint venture | | | | Your product has to be priced high enough that the |
| requests are made with absolutely no planning and no | | | | commission option will be worthwhile for your JV |
| forethought. Since I've had an online business for | | | | partner to promote. To determine what this might |
| many years, I get emails every week requesting me | | | | be, take a look around potential JV partner sites. At |
| to promote or joint partner with someone in some | | | | what price ranges are their products offered? What |
| way. Almost all of the requests are immediately | | | | commissions are they offering to their affiliates? |
| deleted because the person making the request has | | | | I was in a teleclass recently with a well-known |
| simply not done his/her homework and presents me | | | | Internet marketer who said he wouldn't even |
| with, at best, a very ill-conceived plan. | | | | consider a JV partnership unless he received around |
| There are a few simple steps you should take | | | | $1000 per sale. In this case, the JV requester's |
| BEFORE seeking out any joint venture partners or | | | | product will need to be priced at least $2000 in order |
| strategic alliances. Here are 4 secrets to success in | | | | to award commissions of that magnitude. Can you |
| your joint venture partnership request: | | | | play at the level at which you're making your |
| 1. Product ties into target market. I'm always getting | | | | requests? A good JV partnership is born when the |
| joint venture requests from people who have | | | | requester and the partner offer similarly priced |
| products that make absolutely no sense for me to | | | | products and similar commission structures. Make it |
| promote. The most mismatched request I've gotten | | | | worthwhile for your JV partners to promote your |
| for a JV is with a portable shuffleboard game | | | | product. |
| business owner. No one has joined my list to hear | | | | 4. Conversion rates. The worst thing you can do is |
| about the latest in any type of game, and | | | | say, "I don't know" when your JV partner asks you |
| undoubtedly my list members would wonder what | | | | the question, "What is the conversion ratio of your |
| crazy pill I'd taken the day I send out an email to tell | | | | sales letter?" Your JV partner has no desire to be |
| them about this product. It's a complete mismatch | | | | your guinea pig and test the success of your sales |
| for my list. | | | | letter for you. You need to know your conversion |
| However, the promoter of this game just didn't get | | | | numbers before approaching anyone with a JV |
| it. He continued to insist that my list would benefit | | | | partnership offer. This means that you should know |
| because everyone needs relaxation time, and this | | | | that out of X number of visits to your site, Y |
| game would provide that. Wrong, wrong, wrong. His | | | | number buys your product, i.e. 1 out of every 100 or |
| interest in the JV was due to the fact that I have a | | | | 50 out of every 3000. The higher your conversion |
| large list. A large list doesn't matter if it contains the | | | | rate, the more likely someone will accept your offer |
| wrong target market. For successful joint ventures, | | | | to joint venture. |
| approach businesses who serve the same target | | | | If you don't know the conversion number, try some |
| market as you and who sell similar products. | | | | pay-per-click advertising or start first with JV |
| 2. Reliable tracking software. A second way to get | | | | partners with smaller lists. This will allow you to |
| shot down immediately in your joint venture request | | | | tweak and improve your sales letter page and thus |
| is to tell your prospect, "Oh, I'll manually track your | | | | increase your conversion ratio to better prepare you |
| affiliates when they write your name in the 'referred | | | | to make requests to more powerful JV partners. |
| by' box on my order form." Yeah, right. That NEVER | | | | Joint venture partnerships are a very effective way |
| works. The only way I'll joint venture with anyone is | | | | to rapidly increase your sales and grow your business. |
| if they are using reliable affiliate tracking software | | | | Do your homework and get your plan in the place |
| that provides me with a unique affiliate link that I can | | | | now so that you can add this strategy to your |
| use throughout any web pages I create or emails I | | | | marketing arsenal. |
| might send, as well as permits me to check on my | | | | Copyright (c) 2009 OnlineBizU. |
| affiliate commission sales at any time. To successfully | | | | |