|March 22, 2006||Volume 5 Number 12 Issue 99|
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Joint Venture Marketing Not a Country Club
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Today, I have a guest writer doing the honours. She is knowledgeable on the topic, and since her views are so closely parallel with my own, I thought that I would use her article to give me time to work on my web sites. I know that you will enjoy it.
Next week will be my one-hundredth newsletter. I can't believe that I started this back in 2002!
I'm revamping the look and feel of The Great Ideazine to bring it into the present. Look for the new format next week, along with a "One Hundredth Birthday Surprise."
Joint Venture Marketing Not a Country Club
by Bonnie Kotch
Joint Venture Marketing and business match-making web sites are beginning to pop up all over the Internet and the affiliate marketing arena is leading the pack.
New arrivals to the Internet marketing scene are reading the illustrious eBooks on Joint Venture Marketing and devouring the promises of instant credibility and overnight profits. However, what many find out when getting to the web site promoted in many of these eBooks, is yet another site filled with highly published names, but little substance.
Acceptance into the "Good Ole Boys" network charges fees that would rival many country clubs. But what do you get out of it? Is it worth $75.00 a month or more for the honor of rubbing elbows with top earners? Is there a service provided somewhere in all the hype?
As with anything you consider exchanging your dollars for, it's a buyers beware situation. And again, educating yourself before plunking down your dollars is critical to finding successful joint ventures without having your wallet needlessly eviscerated.
Joint Venture Marketing is the temporary partnering with another entity for the mutual benefit of participating parties. It is a delicate, intricate and sometimes labor intensive construction of a relationship that has to be based on an element of trust. This isn't done overnight, no matter what some eBooks tell you. It can be enormously profitable, but your profits are reflected by the groundwork you put into it.
A Joint Venture, in the Internet marketing arena, could vary in nature from something as simple as a link exchange, to a full blown agreement to promote a product to another party's consumers. Finding a business that can exchange ads, endorsements, offer a testimonial, or trade promotions of e-zine lists takes time and research.
Searching for joint venture marketing is akin to the singles dating scene for business. There is a matchmaking art to it that should be recognized and practiced. Below are some do's and don'ts for your foray into joint ventures:
Allow your potential partner to ask questions about your service as well as yourself. He is considering endorsing your product to a client base that he's worked hard to acquire. Therefore, he also needs to be able to trust you and your ability to deliver. Don't be offended. This is a positive sign! Reply with empathy.
If designed properly, a joint venture marketing deal can open many doors for you, not only in sales, but in building a business ally, acquiring new clients, expanding services and appeal for your potential partner, as well as saving you money in advertising costs.
Haphazardly diving into joint venture deals can also result in stolen ideas or a ruined reputation. All sides of the deal must do their homework on respective members of the deal, and the product being presented. A bad deal can cause backlash for both parties.
I have participated in partnerships that have netted me thousands in sales in a short amount of time. I have also been a victim of a bad deal that killed one of my affiliate programs. I could run a graph of the varying experiences I've had, but the bottom line is this---the reason Joint Venture Marketing is so appealing is because it works. If approached professionally and researched thoroughly, a joint venture deal can effectively launch your new business, obtain more sales in a shorter amount of time, and enhance your credibility while significantly reducing your advertising costs. Of all the methods of advertising and marketing on-line today, it is probably the least risky in terms of ROI (return on investment).
If you are unsure about how to approach a deal, then get some help. There are services on-line that will broker a deal for you, or match your particular product or service to other complementary businesses out there. If you are new to this, it is worth it to use these services. You will want to find a brokering service that will walk you through deals, so that you can learn and eventually find deals on your own. Do a search on "Business Matchmaking," "Joint Venture Brokers," or "Joint Venture Marketing Dealmakers." However, you will want to use the same due diligence in your approach before laying down your money.
Some business matchmaking services will charge you a monthly fee that usually runs about the same as a dating site. Other services will only charge you a small percentage of the profits generated. Others will charge you an up-front fee or all of the above.
Find what you need, email them and research any service. Ask for referrals. Inquire on their record. There are good services out there and it pays to use them if you feel you need some help getting started.
I highly advocate Joint Venture Marketing, if treated as a professional marketing technique and not a punch-line. It's not a country club for the self-exploited Internet marketers. It's a viable and highly profitable alternative to the ever-increasing cost of marketing your business. Handle it with care.
Keywords: joint venture marketing,business matchmaking,advertising,marketing,partnerships,Internet marketing
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Until next time…
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