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Boost Your Online Profits With Joint Ventures

By Larry Lim - MarketingSphere

One of the fastest and most profitable way to skyrocket your online sales and boost your profits is to create alliances through joint ventures. The reason this is so is that joint venture utilizes the powerful marketing concept known as "leverage".

What Is A Joint Venture?

Joint venture, also commonly known as host-beneficiary relationship, or strategic alliance, is a form of marketing that involves you entering into a form of loose partnership with another company to help each other make extra profits.

This form of marketing utilizes the existing strong bonded relationships and goodwill that other companies have already established with people who're your potential customers. It allows you and your joint venture partner to leverage each other's assets and resources for the benefit of both parties.

You promote your joint venture partner's products/services to your customers, and/or your joint venture partner promotes your products/services to his customers in exchange for a portion of profits from the resulting sales.

Joint venture is ideal when you've a specific group of people whom you want to target, and there're other companies already dealing with them. Cutting joint venture deals doesn't necessarily need to be confined to only non-competitors. You can cut deals with your competitors too, and increase profits for both parties -- an example where this type of joint venture partnership is ideal is when you're selling products such as CDs, books and other how-to information products.

Benefits of Joint Venture

  1. Joint venture is one of the most effective ways of enhancing your relationship with your subscribers and customers. It'll reflect positively on you if you're able to find a quality product and/or service at an excellent value to offer them.

    For this to be effective, your subscribers and customers must think that you're offering increased value to them. They must believe that you've gone out of your way to find the offer and pass it on to them. As a result, they're more likely to take up the offer because they feel obligated to do so.

    On the other hand, if the products/services you offer them is substandard and don't add value, it'll backfire on you because they'll think that you're out to make a fast buck out of them.

  2. You can increase the size of your opt-in and ultimately your customer list very quickly. It's not uncommon to add hundreds of new subscribers to your list within minutes of launching your joint venture.

  3. You can gain instant credibility by leveraging on your joint venture partner's good name. If your joint venture partner is reputable, and commands the trust of his subscribers and customers, this goodwill will be passed on to you.

    The fact that your joint venture partner is endorsing your products/services makes his subscribers and customers think you're credible as well. This is called gaining credibility and goodwill through association.

  4. You're guaranteed of increased response because your sales message is certain to be read by your joint venture partner's subscribers and customers. This is third party endorsement at play here. Your joint venture partner has already established a relationship with his subscribers and customers and they're likely to trust his endorsement as opposed to you trying to sell your products/services to them yourself.

  5. Joint venture is a great way to acquire new subscribers and customers with practically no costs. It allows you to leverage your joint venture partner's traffic, existing subscribers and customers. You don't have to incur expenses in acquiring new traffic and you can be pretty certain that the traffic you get from your joint venture partner is targeted and therefore likely to be profitable.

  6. Another benefit is that it allows you to offer new products to your existing subscriber and customer base if you don't have any products to sell, or you don't want to incur the expense of developing new products.

    You could do an endorsement of your joint venture partner's products to your existing subscriber and customer base. This can be extremely profitable because your subscribers and customers will think that it's a valuable product otherwise you wouldn't have endorsed it, especially if you've a good reputation with them. They're unlikely to think that you're trying to make a fast buck out of them.

Here's How To Cut A Joint Venture Deal

Find out who is selling to your target market, what products and/or services they're selling, and who your target market trusts and has good relationship with. You'll then want to contact them to cut joint venture deals by offering them complementary products and/or services. This is a win-win proposition because it adds another profit stream to both parties. If you're a reputable company that offers high quality products/services, it should be really easy for you to find other companies to partner with.

Here are some examples of Joint Venture deals that you can go into:

  1. If you sell accounting software to small businesses, you could contact those who sell computer hardware to small businesses to cut a joint venture deal. In this case, both you and your potential joint venture partner are serving the same small business market. Furthermore, both your products are complementary which makes it ideal to enter into a partnership.

    You can promote computer hardware to your accounting software customers and prospects, and your joint venture partner can do the same by promoting your accounting software to their existing customers and prospects.

  2. If you've a great product but don't have a big subscriber and customer list, and website traffic, you could approach those who've a great list or a high traffic website to cut joint venture deals with. Your joint venture partners can promote your great product to their list in exchange for a percentage of profits from the resulting sales.

  3. Another example is the co-development of products. You might have specialised knowledge with high demand but you lack product creation skills. You can easily approach someone who's good at creating products, such as, ebooks, tapes and videos, to strike a joint venture deal. You can provide the specialised knowledge whilst your joint venture partner can be responsible for creating the products.

  4. You can also enter into a list building joint venture with ezine publishers where all partners promote each other's ezine at the subscription thank you page. After someone has subscribed to your ezine, you'll redirect them to the subscription thank you page where you display your joint venture partners' ezines.

    Likewise, after someone has subscribed to your joint venture partners' ezines, he'll also be redirected to their thank you pages where your ezine is displayed.

    In this way, all of you can build your list much faster as all the partners are leveraging on each other's resources.

The above are just some examples of joint venture deals that you can enter into. The main draw of joint venture is that it benefits all parties; it's truly a win-win business proposition. You win, your joint venture partners win, and your customers and subscribers win.

Furthermore, it's extremely low cost and low risk, and is one of the fastest way of bringing your product to market by using other people's resources.

Do it right, joint ventures can literally explode your online sales and profits in short order.

About the Author

Copyright 2005 by Larry Lim,

Larry Lim is a marketing strategist and tactician who dishes out highly effective marketing strategies and tactics that will enable you to successfully start and grow your business on the Internet.

Check out his Internet Marketing Strategy website that is jam-packed with internet marketing secrets and softwares that will skyrocket your sales, and shoot your profits through the roof.

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