A joint venture checklist: are you ready?
A joint venture is without equivocation the most potent Internet marketing strategy ever conceived. If you are not doing JVs, you are probably wasting your money on exorbitant, money-sucking advertising schemes such as pay per click. The glory of JVs is that they do not cost you anything and can create instant cash flow when launching a new product.
So, what’s involved in a joint venture? Are you ready? What do you need to get started?
A JV is a simple, synergistic business relationship between two or more parties. Each party contributes a vital component to the arrangement resulting in an outcome that neither party alone could accomplish.
An online JV usually involves a situation where one party develops a product and need to market it but may lack the resources and expertise. The developing party would approach an experienced marketer who has built up a large list over time. The two parties reach an agreement on profit split. The list owner launches the campaign to his list. The product is launched, and the money starts rolling it.
It’s that simple. But, as the developer you have some work to do before you are ready to launch a marketing campaign. Creating the product is only half the battle. The other half is setting up all the components of a successful campaign.
Here are the essential ingredients of a joint venture proposal:
1. Obviously you need a product. Preferably it will be a digital product that can be delivered electronically without storage, shipping, and handling problems and expenses. It should be a product that solves a problem and fills a demonstrated need with a unique twist in the market place.
2. In 300 or fewer words, you should prepare a concise description of the product that clearly delineates the product’s benefits, how it solves a problem or set of problems, and demonstrates the market demand. Show how this product gives people what they want. This is different than giving people what they need. People need to have good grammar, but do they want it, and are they willing to pay for it?
3. Indicate if you have set up an affiliate program and with what company.
4. Is the affiliate program a one or two tier program? What are the commissions at each level?
5. Have you prepared a persuasive sales letter for the email marketing campaign? Aim at pre-selling the product before they even visit your site.
6. You should have developed a squeeze page that captures the visitor’s contact information and give permission to be put on your list.
7. You should have created a landing page or sales point with a persuasive sales letter the clinches the deal and links to the your fulfillment provider, e.g. Clickbank.
8. What further incentives are you prepared to offer? Give gifts to make your offer irresistible. There are plenty of rebrandable free ebooks available for this purpose. Are they ready to go?
9. Have you prepared a downsale page? Sometimes it is a good strategy to cut down on the incentives and reduce the price of your product to clinch the deal. Remember that you can sell to a satisfied customer over and over again.
10. Have you created a sidesale page offering ancillary products that the buyer may want?
11. Have you created an upsale page? You can add to the original product by offering additional applications that enhance the original product. Or, you can offer a membership to a club laden with benefits for a monthly fee giving you residual income.
12. Do you have an autoresponder account?
13. Have you prepared follow up emails and loaded them on your autoresponder that will eventually bring in the sale?
14. What is the gross sales price?
15. What is the commission split you propose?
16. When will you be ready to launch the project?
17. What size mailing would you like?
18. What questions do you have for the joint venture partner?
These are the questions I would ask anyone approaching me with a joint venture proposal. You may as well be prepared with the answers. To have a successful campaign, you really need to address each of these points and prepare your strategy accordingly.
By the way, if you don’t have your own product yet, you can still engage in joint ventures. I show you how in another article: How to do joint ventures without your own product
If you think you are ready to start a JV project, download my Joint Venture Proposal Form application, submit it, and let's talk.
Timothy S. Hillebrand, Ph.D. is a veteran Internet marketing entrepreneur who has one of the largest lists out there. He is always open to review proposals for new joint ventures. Here is a Joint Venture Proposal Form form you can download for that purpose.
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