When considering doing joint ventures, it is extremely important to remember that joint ventures are formed for mutual benefit. Your promotions must be innovative. Rather than selling space in your newsletter or blog advertising, ask your associates to promote you instead. The important thing is not to be competitors in the same line of business. Joint Ventures are a wonderful way to build lists and expand your customer list while getting great exposure. Some online marketers join hands with similar sites and exchange links and content; they even sign up with each other’s affiliate programs, promoting each other while making money in the process.
Joint ventures can apply to your blog and newsletter too.
Just imagine: here you are, running an ezine and a blog to a targeted audience. You have got a massive readership. This makes you a very attractive business proposition for other online marketers. Why? Because if they tie up with you, they can build their lists through your traffic too, without competing with you. That’s why ezines and blogs are like valuable property. What do you do when people are interested in partnering with you? Exchange links, grow your profits and build your lists at absolutely no extra cost.
Getting The Right Kind Of Partner
The most critical factor to consider, if you want your joint venture to be highly beneficial is the kind of partner you select. This means, your partner must be someone whose business is complementary to yours. Without being direct competitors, your businesses must be related. Your visitors must find both of you attractive. If you subscribe to newsletters that are related to your business, you will probably be able to start building your lists right from there. You can check the ranking of a site and then decide whether to partner with it. When you choose your JOINT VENTURE partner, check whether their strengths influence your products positively.
Types Of Joint Ventures
Your joint venture could be a joint subscription – an ezine Joint Venture. This is how that happens – you get a user on your site who signs up for your ezine. You send them a thank you message and invite them to join other ezines of interest to them. These other ezines are your JOINT VENTURE partners. They do the same for your ezines. You promote each other. When you let them advertise on your site, you get to advertise on theirs. It is a good idea to have a simple message for your user but remember to focus it on the kind of users you want.
These days exit pop-ups are being used very effectively by online marketers to partner with similar sites on the Internet. You will be incurring a cost for each visitor who clicks through your site while only a few will actually make a purchase. It does not matter whether you got them through an advertisement or a search engine, you are paying in some way. The solution is to make them all yield a return for what you are spending. As soon as a visitor leaves your site, exit pop-ups show them another site. What is clever about this is the fact that your visitors are through with browsing your site when the exit pop up opens in a new window. Suppose your visitor becomes a customer by buying something from you, and then they need not see the pop up. If they don’t, you can trigger the pop up when they exit your site.
How about making use of your email list to let your contacts know about your joint venture partner’s offers? Your list will hear it from a reliable source – you. You should get the partner to do the same for you. Joint ventures and their success depends on how complementary the services of the two partners is.
Your Joint Venture Should Be A Long-Term Arrangement
One tactic that works is to give your visitors something exclusive, not commonly found elsewhere. This could be someone else’s services also, but should make your visitors feel that they are getting something special through your site. Your partner should also offer something of equal value to your visitors.
Keeping Track Of Your Progress
Any business activity must be tracked to see how successful or effective it is. In online marketing, it is vital to keep track of your advertising’s results. Make sure your joint venture partner sends you as much traffic as you send them. It makes no sense to send 5000 visitors when you are getting only 50 in return. So keep track of your sales as you share visitors. The greatest thing about joint ventures is that you not only have access to the visitors on your partner’s site, but you also have full access to their buyers. Its much easier to make an existing customer consider your product compared to the effort to make a new prospect buy from you.
If done correctly, joint ventures are one of the most effective tools for building your lists.