A lot of business owners are so busy trying to build their businesses by themselves that they often overlook the opportunity to have someone else help take their business to another level. The idea of working with another business (an affiliate) in order to grow both businesses is not new. It has been happening for a long time offline and more recently the Internet Marketing community has taken it to another level. Even to the point where ‘super affiliates’ (a person with a large suitable list and the ability to drive lots of traffic) sometimes earn 100 to 125% of the first-time order. The reason behind this is clearly the customer is worth far more than the initial purchase to someone that understands how to ‘monetize data’.
A traditional J.V. is simply a relationship that two businesses have for purposes of mutual benefit. Joint Ventures are normally created in order to financially benefit both parties and are often formed in order to share assets, intellectual property or to provide improved economies of scale. The best way to begin to formulate a J.V. relationship is to start to look at whom else is currently selling other, non-competing products or services to the same people who buy a product or service from you. Joint venturing is normally the single most important aspect of driving traffic and generating sales on a money-generating website.
Here's how the relationship works. Think of referrals on hyper-steroids. You in effect are hiring a biz development/salesperson that has a lot of relationships that trust their advice and more importantly, act upon it. The J.V. suggests to their community to buy your product or use your service in exchange for a commission. Both businesses win! They are leveraging their list to make both of you money. The ‘carrot’ to the J.V. is that you must pay them a large enough commission to be worth them sharing you to their list and your offering should be something that their list would want or need. The benefit to you is the lifetime value of the new customer and your own list building. A list of ideal potential customers can be worth 10-100X what you pay the J.V. partner in commission.
Where do you find J.V. Partners? Look to business influencers that are 1 to 3 levels above or near you. They are more likely to take your call and consider the relationship. They must have your ideal customer on a regular marketing email and have a relationship with that list. Their list can be 500 deeply committed followers or even 50,000 engaged followers. The important part of their email or social list must be engaged regularly. You can have multiple J.V. Partners because no one gets paid until the lead becomes a customer. Why not build a big team of J.V. Partners? It’s a cost-effective way to have a bigger sales team without the employee headache.
Marcia Riner is a business growth strategist and the CEO of Trajectory Consulting. Small Business Owners come to Marcia looking to 2X - 3X their revenue and profitability without spending an additional dollar on marketing or advertising.
She uses proprietary software that helps her to find more than $100,000 in increased revenue and profits in as little as an hour. In fact, she is able to show prospective clients a clear ROI to working with her before they decide to hire her.
With this powerful information, she is able to help her clients by using several of her 50+ business growth and profit acceleration strategies to rapidly impact their company and their bottom line. Check out her website @ www.TrajectoryBiz.com
Marcia hosts a weekly podcast with videos on YouTube @ www.Youtube.com/profitwithaplan and audio @ www.profitwithaplan.com. She is constantly sharing business growth tips on all of her social channels @marciariner
In her 2nd book The Profit Accelerator, she provides 12 Ways To Dramatically Increase
Your Revenue, Profit, And Value. Download her book for FREE at https://www.TrajectoryProfits.com/book-download
Comments