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Joint Venture Success Formula

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#1 – Invest in Yourself

“Put your money where your mouth is” is an old saying that is used to challenge a person to bet on himself and on what he believes he thinks he can accomplish.  A great idea has no more value than a wisp of smoke until it is backed up with an investment of hard work and money and brought to fruition.

Until you have invested your own time, effort, energy and, yes, money into your idea, it’s a pretty good bet that nobody else is going to invest anything in it either. Maybe you have an idea for a product or service that you are certain will sell like crazy in a certain niche on the Internet…and maybe you do. However, in order to ever get that product or service sold you are going to have to invest in yourself and your idea.

You will need to do the required research to determine if the idea is feasible and if there is, in fact, a market for the product or service you want to sell. You may need to purchase software or info-products to help you get your product or service into being. Creating a product or service can take a huge investment of time, effort and energy, as well.

When you approach an established Internet Marketer with your idea and a joint venture plan, he will first look to see how much you have invested in its creation. If you don’t believe it yourself and your product or service, he won’t either. He will look to see how much of your own time, effort, energy and money you have invested before he decides how much of his own he is willing to invest.

Invest in yourself so others will be willing to invest in you, too!


#2 – Understand that Your JV Partners Are Really Busy People

It happens all the time. A novice Internet Marketer approached an established Internet Marketer with a joint venture proposal only to be told, “Sorry, but I’m just too busy right now”. The novice marketer fells like he just got blown off and that the well established marketer didn’t even take the time to hear him out. That wasn’t, however, the most likely case. Successful and established Internet Marketers are very VERY busy people. They probably work more hours in one day than others work in two or even three days.

These successful men and women don’t have a starting time or a quitting time built into their days and nights. They probably dream about their projects when they do sleep. When one of them is approached with a joint venture proposal they are certainly interested… joint ventures are their bread and butter but they only have twenty four hours in a day just like everybody else and when they have twenty of those hours spoken for they really can’t take on another project at that time. It doesn’t mean they can’t or won’t take it on at a later date.

As a new Internet Marketer, it would be wise to approach an established and successful Internet Marketer with a joint venture proposal that they can plainly see will make them money and not require hours and hours of their valuable time. You need to have done all of the research regarding your product or services’ marketability. You need to show that there is, in fact, a market for your product or service as it relates to their lists. Your proposal needs to be short and simple and your sales letter needs to be top drawer.

The main thing to remember is that successful Internet Marketers really are busy people and ‘I don’t have time’ doesn’t mean ‘I will never have time’.


#3 – The 3 Things a JV Partner Often Look in Your Offer

A joint venture partnership with an established Internet Marketer is the quickest avenue to success for the novice Internet Marketer or for an individual who has created a product or service but has never done any Internet marketing. Partnering with an established marketer gives a newbie instant credibility and access to the best market for his product, service or idea.

When approaching an established Internet Marketer with a joint venture proposal, an individual should realize that there are three main things that the marketer will evaluate when determining whether to accept your joint venture proposal.

First: Product Quality will be considered and looked at very carefully and from every angle. The successful Internet Marketer is not going to recommend an inferior product or service to the members of his list. He has put a great deal of time and effort into establishing himself as a reliable and dependable provider of information…an inferior product or service could undo all of his hard work. Check what you are offering to make sure it is of highest quality possible and that it delivers what is promised.

Second: Market and demand for the product or service has been well established. You must have done your research and be able to prove to him that there is a market as well as a demand for the product or service you are selling. No matter how great your new buggy whip might be, there just won’t be a market for it and no demand either. What you are selling needs to be relevant to today’s market place.

Third: How persuasive your sales letter is written will be the final determining factor. Even is you have a high quality product or service for which you have established that there is a market and a demand, if you sales letter is weak, the established Internet Marketer will not bother with you.


#4 – Recruiting JV Partners – a Numbers Game You Can Control

Recruiting joint venture partners really is a numbers game but it is one that you can have at least a little control over. It is a common misconception that joint ventures are games played by the ‘big dogs’ of Internet marketing. Nothing could be further from the truth. Joint ventures are for us ‘little dogs’, too but it’s a numbers game that you need to learn to play to your greatest advantage.

Once you have developed your product or service and have all of the bugs worked out, have determined that there is a market and a demand for what you have and have written a killer sales letter, you are ready to start hunting for joint venture partners that can help you launch your product or service.

With only a little effort on your part, you can find out who the top marketers are in the niche or niches where your product or service will be best received. For example; if you’ve developed new and innovative accounting software, the niches where it will be best received are in the business community. You should probably look for companies who sell hardware to small to medium sized businesses and try to get a joint venture agreement with them to include your software into their product.

The trick here, however, is not to approach just one potential joint venture partner but to approach as many as you can find. The more potential joint venture partners you can approach at the same time, the better your chances are for finding one or more who will be happy to partner with you. You need to be sure that all of the potential partners you approach are selling to the people who would be most likely to buy what you are selling.


#5 – It’s Really All About Finding the Right Partner

“He could sell iceboxes to Eskimos” is an analogy that implies that somebody is an excellent salesman. Just think how many more iceboxes this guy could sell in the tropics where iceboxes are actually wanted and needed.

The thing about finding a joint venture partner is that he or she needs to be the right partner… one who has a list of potential customers who actually will need and want the product or service you are selling. If for example, you have developed a new and innovative house cleaning chemical product, it won’t do you much good to approach a company who sells swimming pool chemicals. Both products may be chemicals but that’s where the similarities end and his customers aren’t going to be in the market for what you are selling. Rather, you should approach companies who sell house cleaning chemical products. They are the ones who already have the customers that would be in the market for yours.

The same is true for all Internet marketing. A marketer who has a list that he gives personal finance advice to won’t be interested in an e-book about dog care. Submitting such proposals is a waste of his time as well as your time. Look at the product or service that you have and determine the market where it would be best received then contact established Internet Marketers in that niche. If you have a wonderfully written and informative e-book written about dog care, the potential joint venture partners that you are most likely to find willing to join you will be selling closely related products. Their customers are the ones that are most likely to want to buy your e-book.

Joint venture partners are certainly worth seeking out but they need to be the right partners.


#6 – Use JVs to Make Sales and Build List… Nothing Else!

The sole purpose of having an Internet business is to make money… that is the bottom line. Build a list, make sales, and make money…that’s the way it is done.  That is what successful Internet Marketers do day in and day out. That is all they do…they aren’t in the business to pass out free advice or charity.

When you approach a successful Internet Marketer with a joint venture proposal, you know exactly what you want to get out of the deal. You want to gain access to his list of potential customers, build your own list, gain credibility by association, and, of course, sell your product or service and make money. It’s a good idea to give some thought as to what your potential joint venture partner expects to get out of the agreement. He wants something…everybody wants something.

What he wants is basically the same thing you want. He wants to build his list, make sales and make money… he already has credibility or you wouldn’t be approaching him.  Your potential joint venture partner is a busy person and you need to be prepared before you propose a joint venture with him.

What a successful Internet Marketer doesn’t want is to be asked to hand out charity to Internet Marketer wannabes with a half baked idea. Before you approach a successful Internet Marketer with a joint venture proposal, you need to make certain that you have all of the bugs worked out; that you have established the fact that there is a market and a demand for your product or service and that you have already written a killer sales letter. Until you have done all of the above, you will just be asking for charity and successful Internet Marketers simply do not have the time or energy left for that.

Best Wishes,

Zai Adi

 

3 Responses to Joint Venture Success Formula

  1. George January 17, 2013 at 10:37 pm #

    I feel that I failed to do the #1 and that is probably why the #2 happened to me on my first attempt to recruit JV partners. I tried to finish my first joint venture product as cheaply as I can, thinking that I should make the first experience about the experience itself and not how much sales I make, but boy was I wrong. The potential JV partners were not interested in my product and some of them didn’t even take the time to say no. It’s probably right that some of them were just too busy and I misunderstood it as being blown off. I get it now though. I’ll definitely make the proper investment before I ask someone else to do the same.

    • Zai Adi January 19, 2013 at 1:22 pm #

      Hey George,

      Thanks for sharing your experiences. You did a great job in reflecting what needs to be improved on the existing job.

      Yes it is a great challenge to be able to convince the ‘big guns’ to do JV deals with them. It is hard but indeed doable.

      Never give up and you’ll be on your way to success! 🙂

  2. Yvonne January 18, 2013 at 5:07 pm #

    Most people simply don’t know what to expect out of a JV partner especially if they are new to the game. Getting in this situation is tough especially after you have already put some work into it.

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