Jump Starting your Business
Training Series # 5
As the basis of any marketing too is to draw as such traffic as possible to an intended site with as little cost incurred as possible choosing to use the joint venture tool is both wise and definitely beneficial. As its title suggests the style of marketing is simply a way of acquiring more market share of visitors who could evolve into becoming customers.
IVD Mastery For Massive Traffic
Ways to Expand Business With Joint Venture
- Joint Venture Basics
- The Benefits Of Joint Venture
- How To Use Joint Venture Correctly
- Making Money With Joint Venture
- Communication For JV
- What To Avoid
- Wrapping Up
- Terms and Conditions
Joint Venture Basics
It should be noted that this is not and should not be perceived as a quick and easy way to enhance traffic flow, on the contrary some careful research must be done before choosing the most appropriate partner to joint venture with.
At IVD we encourage joint ventures as a way to generate revenue at the onset of your business, as a way to offset expenses that you will incur.
These partnerships must be mutually beneficial if not more beneficial to the individual rather than the other party.
InternetVisionsDefined.com, in our members area, we specialize in connecting our members for mutually beneficial joint ventures.
Joint venture partnerships do not necessarily have to be made within the similar or related fields. There can also be liaisons between parties that have complimenting services or product rather than similar ones. This way there will not be any need to be weary of the partners undermining the efforts of each other.
Working with companies that can offer added benefits in terms of products or services that would further enhance the original item would not only be useful to the end user but would also create the platform for advertising all the items together within the joint venture frame.
Besides the cost savings, the advertisement would be more interesting for the viewer as it cater to a wider audience with different needs.
Forming joint venture with successful sales forces is also another interesting feature that is encouraged when using the tool.
With a good sales team in the joint venture the success of the product or service being sold is elevated. This is especially if the individual’s forte is not in sales.
The Benefits Of Joint Venture
Using the joint venture as a marketing tool is one way of being able to take an existing or new business to the next level of success. As this is always the aim of any business seriously considering the tool for use would be an advantage not to be passed up.
The most basic advantage of a joint venture would be from the cost saving angle. By forming a joint venture with a supplier there are a lot of positive advantages to be gained such as the possible willingness of the supplier to share the cost of a sales team, promotions for the product or service, mailing facilities and many others.
This is mainly due to the fact that the supplier understands that the more sales garnered the most demand for the product of service in needed which then translates into revenue for those involved in the joint venture.
Another joint venture that can be beneficial is the one between non competitors where a complementary or similar product can be offered in return for the same target market by sharing the cost of the mailing and other miscellaneous functions both parties can keep the cost incurred to a minimum and thus be able to have more money to spend on other areas of the business.
This can also apply to tagging on other already existing advertising campaigns whereby banner ads can be interchanged alongside the existing material, all of which contributes to the cost saving benefit. Even venturing into hosting seminar or launches together is another way a joint venture can prove to be cost effective.
Another benefit that can be seen is in the consulting possibilities. Doing a joint venture with parties selling static books or courses can not only create the adequate exposure for the individual but can also lend credibility to both parties within the exercise.
How To Use Joint Venture Correctly
Effectiveness is the key to the success of any business tool. When choosing to use joint ventures as a marketing tool one needs to know how to make use of this tool to optimize the possible benefits.
Do It Right
Using the joint venture tool to create a successful marketing campaign is what most start up product launches need. There is always the need to form a partnership with a company which has the expertise and experience in promoting products and services.
A good product or service that does not or is unable to reach the customer is of no use at all. A joint venture between parties with different elements brought into the liaison will always be beneficial and effective in furthering the income earned possibilities.
Using affiliate programs to form successful joint venture is one effective way to get the products to the attention on the customer. The commissions can be earned almost immediately and without much processes or procedures involved.
The affiliates list can be used to introduce the product or service much more easily than having to randomly advertise to reach customers mainly because of the element of being able to target a niche audience effectively.
Joint ventures are only as successful as the revenue possibilities earned, thus being able to track and assess the progress of the business direction is the only way to gauge the effectiveness of the joint venture. These tracking softwares can also help each partner to monitor the progress and different aspects of the business venture.
Profits and problems can be easily detected and changed to ensure the effectiveness of the joint venture ensure better results in the future.
Forming joint ventures where there is an opportunity of tagged one’s own product or services as an added value to the other parties’ items is also another effective way of ensure sales and revenue.
This is mainly because there is no direct competition for the sale but instead it becomes vital to include each partner’s product to form a more attractive package for the customer.
Making Money With Joint Venture
Joint venture as its name depicts is the added value of having combined forces working toward a similar goal, which in this case is to bring in as much revenue as possible to a business venture. Using another source of expertise, time, customer lists, or traffic draws is one way of leveraging against a successful partnership.
Forming a joint venture with another party which can provide a complimenting service for the end use of the product or service without having to share in the costs is one way of ensuring more percentage of the revenue earned is kept within the individual’s share of the partnership.
There are some companies and individuals who are interested in lending their expertise for a small share in the profits simply because their customer base is huge and thus even a small percentage of the profits are considered lucrative enough to seek out joint ventures.
This of course is also cost effective for the party that has only the product to contribute to the partnership and nothing else.
On the other hand joint ventures are also formed by consulting companies who have no products to offer and just bank upon their expertise in being able to offer good promotional services to ensure the target audience is reached and sales are made. Thus here too exists the element of making money without actually having a product to sell.
Using affiliates there is also a way to make money with the joint venture tool. As these affiliates already have an existing list of subscribers or members is would be much easier to reach the niche target audience directly without having to invest in costly advertising campaigns. This would also benefit the affiliates in the joint venture as their members or subscribers would then be privy to new product and services directly without having the bother of spasm as the products would be directed to a niche audience only.
Communication For JV
The first step in producing a marketing campaign that likely buyers are sure to note is to remember that marketing is little more than communicating your products and services to a target audience. Rather than a conversation, you’re presenting your message in a visual format, commonly someplace on the internet where potential buyers are most likely to discover you.
Once you think of marketing as a different form of communication, it tends to alter your perspective on the best way to get hold of your audience. Rather than merely attempting to “sell” them a product, you’re now relaying data that will help them make the most beneficial decision for their needs.
When you communicate with others, you don’t spend all your time discussing yourself, right? If you did, you’d likely find few flocking to you for conversation after a time period.
The best interpersonal communicators understand how to turn the conversation focus onto the other individual by asking open-ended questions that arouse interaction.
Marketing may be thought of in a like manner. Rather than telling your buyer everything your product or service may do, center on what your product or service may accomplish for him.
This procedure first involves identifying your buyers need, which is frequently much easier in a joint venture when you have 2 or more businesses partnering together to muster up an answer.
Talk about the particular needs of your buyers and how this JV may help meet those needs. If your buyers require additional info about particular aspects of your business, compose articles on those topics and distribute them around the internet or publish them on your partner’s site.
When business owners start to think of marketing as a means to schooling their buyers about the most beneficial ways to meet their needs, the procedure transforms from a necessary evil to one that’s filled with possibilities.
Rather than attempting to outdo your rivalry in terms of flash and catchy slogans, you merely let potential customers know how you may better their quality of life in some manner. Because most individuals like to help other people, this process comes to many business owners much more naturally than your stock marketing technique.
When you know how to meet the needs of your buyers, you and your JV partner may work together to discover the most beneficial marketing techniques to communicate your resolutions to a targeted audience. Once you approach your JV in this fashion, you’re much more likely to see success in building your buyer base and advancing your bottom line.
What To Avoid
Learning to avoid making certain mistakes that can be costly is definite worth the time and trouble as some of these mistakes definitely contribute to problems and less than anticipated revenue earnings.
This is the reason we at IVD formed the vetting process among members, to ensure you are connected to reputable partners.
Randomly choosing partner to joint venture with may not benefit you. Avoid partnerships that don’t bring added value with the liaison. When a joint venture is sought one should always consider what the other party has that can positively contribute to the enhancement of the individual’s revenue earnings.
Research must to done to ensure the partner has market proven records, credibility, the desired amount of links, members lists and many other relevant elements.
Avoid partnerships that have commitment issues. Poor commitments to fostering the success of the business partnership will not only dampen the chances of making any real money it will also be quite exhausting and exasperating.
Having proper and clearly defined roles within the partnership is also very important. Avoid guessing what the other party in contributing to the liaison.
Communication is also vital in ensuring the smoothness of the partnership. Creating a simple and easy to follow check list is encouraged to help all parties to monitor the business development at a glance.
Avoid being stingy with commissions given out. To ensure the optimum contribution on the part of the joint venture partners this is one area where there should not be any compromise.
Paying well will work as an incentive to the other parties to bring in as much business to the venture as possible, as their earnings also depend on the amount of successful sales realized. Realize that more money is made on the back end for you.
Avoid disrespecting the partnership by downplaying the importance of the liaison. Ensure the relevant details displayed on each post are accurate and designed to be informative and encouraging. Simple details like names, email contact and such should be accurate and clearly displayed.
Joint venture marketing can really help you to boost your sales as well as your traffic. Make sure you do it right and hopefully this book has given you insights to get a good start. So get going today!
Internet Visions Defined has strived to be as accurate and complete as possible in the creation of this report, notwithstanding the fact that he does not warrant or represent at any time that the contents within are accurate due to the rapidly changing nature of the Internet.
While all attempts have been made to verify information provided in this publication, the Publisher assumes no responsibility for errors, omissions, or contrary interpretation of the subject matter herein. Any perceived slights of specific persons, peoples, or organizations are unintentional.
In practical advice books, like anything else in life, there are no guarantees of income made. Readers are cautioned to reply on their own judgment about their individual circumstances to act accordingly.
This book is not intended for use as a source of legal, business, accounting or financial advice. All readers are advised to seek services of competent professionals in legal, business, accounting and finance fields.
You are encouraged to print this book for easy reading.
IVD Training Series # 4