One of the best ways to realise a greater profit with your online marketing efforts is to make it a Joint Venture. With more than one person working on marketing and driving traffic to sell your service or product, you should expect to see a quicker increase in the amount of money you can potentially make.
Simply put, a joint venture is a business that has at least two stakeholders – partners who are involved financially and each of whom have a stake in the success of the business.
This provides more than one benefit. Not only do you have additional financial resources to rely on, but you can combine your promotion efforts and marketing tools, such as customer databases.
Where To Find Your JV Partner
Of course, before you begin your joint venture, you first have to find a willing partner. Perhaps the easiest way is to rely on search engine giant, Google.
Start by doing a search based on your niche market keywords. Google does a great job of coming up with competitors who are focused on your same market. Along the right side of the results page Google will list its paid placement customers.
These are the companies you will want to contact. After all, they have demonstrated they have a budget for advertising and marketing since they are paying Google for placement. And since they already have this budget in place, it is quite possible they are open to utilising their capital on a Joint Venture.
Perhaps you already have someone in mind. Now it’s a matter of approaching them and winning them over.
How To Approach A Potential Partner
Contact information for the target partner should be easy to find. After all, it is an ecommerce website and they do not want to make it hard for their customers to contact them. You may want to start with an email message to a principal in the business, but if you can phone them, then do so, since that is a more direct route to who you want to reach.
But what should you say to attract their attention? First, you have to realise that as a business owner, these people are probably inundated with people calling and asking for money or wanting help with mentoring. So that is not a good approach.
You must sell yourself to this potential joint venture partner on the basis of the fact that when you make money, so will he or she. Point out your strengths. Be prepared to back up your claims with facts, i.e., you were the number one affiliate for a particular month with one merchant. You have to show the benefit of this venture.
Just as you sell your products or services on the internet, so will you need to sell yourself and your abilities to a partner – and do so in a professional manner.
Include in your correspondence a business proposal that focuses on sales projections (profit potential, increased conversion rate, etc.) for your Joint Venture team. Be sure you have included all forms of contact information.
Do not get discouraged if you do not immediately get a positive response. You are going to have to be persistent, without being an annoyance. Remember that you are a salesman in this regard. Get your foot in the door and do what you can to keep it open.
A joint business venture can be just the thing you need to boost your sales even higher and realise an even greater profit. Don’t be shy about promoting you and your business to another e-commerce firm. You may be amazed at where it leads.
About Sean Rasmussen
Thanks for the tips Sean. I was wondering how to go about it after reading the earlier article
Hi Sean,
I’ll have to think about doing this. I have a few possibilities in mind.
Hi Sean
As usual your article is fantastic and full of lot’s of great ideas.
To be honest, I am not sure if I want to find joint venture partners and if I did, I would make sure that it would be with someone or a group of people that I know.
I have had a few heartaches in joint business ventures in a couple of offline businesses and for the extra bit of profit I don’t know if it is worth the stress.
Hi Elly,
I know what you’re saying and you make some great points. I guess I see internet marketing as a team sport. I think we need other people to succeed in this business.
I’m going to start small with this. Just some small ventures that will help me work out if the business partner I choose is suitable. There are good people out there. We only have to find them.
I like the idea of Joint Ventures – all things being equal. It is a good way to expand and sometimes also learn.
However, I agree with Elly, it needs to be with someone you know and trust. That is, someone who is interested in you, and not just themselves and what they can get out of you.
Mind you, I don’t have a lot to offer in the way of list, so finding a good JV partner is probably wishful thinking at this stage of my online growth
Some great tips here on how to find a joint venture partner which I think will come in useful in the not too distant future so have bookmarked this one.
With any business venture that you are entering with someone else I think it is paramount that you know and trust the person. I think it’s also a good idea that their ideals and forward direction is the same as yours but also that they have some strengths that are different to yours.
Other places that are good for joint venture opportunities are warriorforum.com , safeswaps.com , jvme.com , imadswaps.com and marketcrush.com … but do your homework first as you would with any joint venture business
I need joint venture on Transit Company in 1-5 phases.
example: phase I:Starts with 1-50 Min-Buses/Hiaces Transport system.
phase II:starts with 1-5 Buses service
phase III: starts with 6-10 Buses service and others.For more information to see the executive project summery e-mail me at the above mentioned e-mail.
we plan to estabulish large scale pulp and paper share campany in Ethiopia.The factory costs around 10b birr.It is government lead trad organized by the regional government.Now we need investors who can work as joint venture with us.So would you please find intersted investors working with us?
“with best regard”
Abebe Baye