Today's home business tip is on how to create successful joint ventures. This can be useful in many business. I hope you find it beneficial.
5 Steps To Successful Joint Ventures
by: Raam Anand
Most Internet Marketing related ezines have carried at least one article on Joint Ventures; probably many.
JV's are THE MOST preferred and fastest way to increase sales and cash flows.
It's no longer a secret!
Everyone knows a good JV is the master key to online success.
But... why many people are failing to use this master key? Why so many website owners are not able to make use of this powerful strategy?
Here are some reasons:-
1) Other marketers are NOT WAITING for your JV offer. Before sending your JV offer, make sure to address the question "What's in it for the JV Partner?". Unless you give a compelling reason, most partners are not looking forward to your offer. No, it won't work that way...like, you offer one of your products for free and your partner will gladly endorse it to her list. No, it won't.
It takes time to craft an irresistible offer. The offer should be beneficial to your potential partner and her customers/subscribers.
Take it from me... I told you it takes time... but it's definitely possible.
2) Many JV offers are passed onto the "recycle bin" with even being read (I told you... they are NOT waiting)
Some leading marketers get about 200 JV proposals every week! May be more. Most of these JV offers doesn't catch the attention of the busy marketer.
Some are lost due to SPAM email filters.
Follow-up is the key. If you consistently follow-up, your chances of getting the attention of your potential JV partner is very high. Usually a second email will get the response.
A mixed-mode follow-up is sure to get higher success rates. An initial email followed by another email reminder and a phone call should normally get you going.
3) Another strong de-motivating factor is NOT sending personalized JV offers. If your proposal does not "speak" directly to your partner, it's chances of succeeding are very thin.
That's why I told you earlier, it takes time to create your JV proposal. You need to visit your partner's website, subscribe to their newsletter, study their online content and read their publications and articles before you attempt to draft your proposal.
Your JV proposal should address your potential partner directly, using their name. Mentioning a few things about their website, products, ezines or articles in your offer will surely catch their attention.
4) JV partners are not your affiliates. Differentiate your resellers with your strategic JV partner. To drastically raise the success rate of your proposal, offer a higher commission than your affiliates.
For example, if you are offering a 50% commission for your affiliates, your JV partner should be offered 60% or more.
5) Targeting a large corporation for your JV is a surefire way to failure. First, try and do several JV's with businesses similar or smaller than your own and build a track record. Then you can approach bigger businesses with a record of your successes.
Large businesses have large problems everyday to tackle. They have struggled hard to build their enterprise. They have their own range of products to sell and keep their customers happy.
However, if you have a compelling story to tell, along with factual proof of your claims, it will definitely bring you windfall profits.
I'm not discouraging you to keep away from these giants. I'm just telling you the right way to approach.
You see friend, I've revealed to you some key tips on Joint Ventures. Now, it's up to you. Follow these rules and create a compelling offer and I'm sure you will succeed in making highly profitable Joint Ventures.
About The Author
Copyright (C) 2004 Raam Anand With Raam's Joint Venture Manager, you could make 10.. 20.. even 30-times more money! Click to learn more about JV Manager: http://www.infoYOGIS.com/track.cgi?1