There are a number of different ways to attract joint venture partners, however before you do. The first thing your need to understand is exactly what a joint venture partner is.
Joint Venture Partners Defined
A joint venture partner, or JVP, is somebody in your niche or industry, or a similar one, who is willing to work with you in a mutually beneficial relationship and split the profits equally or as agreed.
A JVP is not usually a direct competitor, but rather somebody who has items for sale which can help you round out your product line. This can help you ensure you have lots of happy customers without having to create products from scratch all the time. A JVP can therefore be a convenient and relatively risk-free way to increase your profits, provided you find the right JVPs to work with.
Where to Look for JVPs
One of the easiest places to look for a joint venture parner is in relation to your affiliate marketing. If you’ve been selling well for another business as an affiliate, consider proposing a joint venture partnership so you can get even better commissions and/or create all new content that will be just what your target audience is looking for. You could do this by creating exclusive custom offers and products that only you and your JVP will offer to your audience, but not make available to anyone else.
You might also create a special product or service to sell to each of your audiences – like an interview on an important topic in your niche, complete with a transcript and other bonus items.
If you have been selling online for a while, chances are you might already have your own affiliate program. Track your top 20 sellers and see if any of them might be a good fit for a JVP.
JVPs Approaching You
Over time, you might find that JVP requests start to come your way more and more often. This will usually be due to the fact that you are starting to build a name for yourself in your niche or industry and getting to the point where you are seen as an expert or someone worth paying attention to and working with. You can create your own expert status with:
- An excellent blog or website with great content
- A strong social media presence
- A strong email marketing list
- A great line of products
Your website should be packed full of interesting content and offers, be mobile friendly, and easy to use. A blog created in WordPress can help you create a great-looking site even if you’ve never made one before. It can also help you market your business on social networks with just a couple of clicks. You might get requests for JVPs through your site’s Contact Us page.
Your social media presence will also start to brand you as a thought leader in your niche or industry. You might get joint venture partners requests through the comments areas or instant messaging.
Your website will be like your storefront to show off all the products and services you have to offer. A free item will often help you grow a strong email marketing list. A strong list will mean more chances to build relationships and sell well to your target audience.
A good email marketing list is also one of the best tools for a successful trial run of a JVP to see how reliable the other person will be. Create an offer and give it to your JVP to email to their list. In turn, get an “ad” from them and present the offer to your list. Split the revenue 50/50 and be clear about who will be doing what follow-up to make sure all the customers are happy. If you sell well, great. If not, the JVP can dissolve.
Joint Venture Partners can be some of the most profitable ways to earn money online if you are careful and find the right people to work with to ensure your success.