Joint ventures can be an extremely powerful way to bring in a large flood of traffic, almost overnight. Imagine getting someone with a list of 50,000 people interested in exactly what you’re selling to promote your product. The result will be a payday unlike any you’ve ever experienced. Read on to learn more about how to create such joint ventures.
The Basics of JVs
A “joint venture” is basically when one person with a list of customers partners with someone who has a product to sell for a commission.
Let’s say you have an eBook about online dating for example. Someone else has a “dating tips” newsletter. You two could JV where he promotes your product in exchange for a 50% commission.
How do you structure such JVs? Read on.
Your Conversion Rate: The #1 Factor
The absolute most important factor in a JV is your conversion rate.
First of all, you should know your conversion rate. Nobody wants to test out your salesletter for you.
See how different these two examples sound:
- “I don’t really know if this will convert, but do you want to JV?”
- “My site converts at 1% upfront and 4% after 6 weeks of followup. If you send me 10,000 visitors, you can expect to make at least $2,000 upfront and an additional $6,000 in the next month and a half. In my experience JV traffic converts twice as well as cold traffic, so you could probably expect to make $16,000 instead of $8,000 total.”
Which is more professional and persuasive?
How Do They Know You?
Here’s something that’s not generally acknowledged: People do JVs with people they like.
If you have a personal friend who’s doing pretty well and you both think it would benefit everyone to do a JV, wouldn’t that be much more likely to happen than with a stranger?
Your best chance at getting a JV with someone with a big list is to meet them in person. Build a relationship with them. Get to know each other. Have them get to know what you’re offering.
Your second best chance is to build a bit of a reputation for yourself in your industry, then contact them by phone. Never, ever try to get a JV via email. List owners are contacted all the time by email. It’s totally impersonal and you’ll be ignored 99% of the time.
Either make the effort of going to conventions and events to meet potential JV partners or build a little bit of a reputation and contact list owners by phone.
How Good is Your Product?
List owners are usually protective of their lists. It’s their baby, their life’s work. If they’re going to promote your product to their list, they’ll want to know that you actually care about what you’re promoting as well.
Most list owners won’t JV with someone who just slapped together an eBook overnight. They want to know that you’re actually an expert with something to say. That you’re a person who genuinely cares about delivering value to his or her customers.
In Short …
In short, if you have a great product, you’re selling a product you care about, you have a great conversion rate, you’re liked by the person you’re proposing the JV to and you meet either in person or by phone, then you’re very likely to land that killer JV deal.