The dos and don’ts of Joint Venture marketing.
There is of course a second way of doing Joint Ventures which is to market your own product to other people’s customer lists and if you’re really clever you can help people sell their own products to their own list in return for a share of the extra profits that you help them make!
So, if you have a good list of loyal customers you should approach (email is fine) people with good products that you think your list will buy. Write a persuasive but short email that explains what’s in it for the person you’re writing to and why it will sell. Do all you can to make it easy for them to do the deal i.e. you need to offer to do all the work!
I would strongly recommend that you offer them at least 50% of the profits as most people will assume that to be fair, but will be mildly insulted by a lesser offer.
Similarly if you have a great product (that your proposed partner does not already have access to themselves) then email them with a suggestion to market it to their list and why this will work. Again 50/50 is the norm.
I would not try the idea of helping somebody to sell their own product to their own list until you have a lot of success and credibility to point to!
Normally it takes very little thinking on the part of the person you are suggesting a JV to realise that a proposal is good but often you will still not get an answer because it looks like it will take a lot of time to organise.
You can overcome some of this issue by demonstrating how much of the work is already done, include links to a sample website and sample sales letters to show you are serious and easy to deal with.
Lastly, since you need to build trust with your partner, unless it’s just too stupid to contemplate, go with whatever money collecting and order processing suggestions your partner wants as this can often make or break the deal.
The posts on JVs come courtesy of Tim Lowe.