Don't Make These 3 Joint Venture Errors
- By: Rob Selaney
Joint venture marketing can be seen as one of the fastest and the easiest ways to grow your business online. No matter what niche you're targeting, you can partner up with someone who has a business in the same niche, and create a joint venture that is profitable to you both. There are many reasons why joint ventures don't work out for many, but the majority of the times it's because you make a simple mistake that you could have avoided. We will cover three types of joint venture mistakes that must be avoided at all times.
If a potential joint venture partner has a weak offer, then you really should avoid committing to it because it can be dangerous for you. When dealing with mailing lists in JVs, it is imperative to success that the list is well-cultivated and responds to promotions. Doing a JV mailing with someone you know is best, but if not then you have to carefully evaluate the person's mailing list for good conversions. You will need to know how well that list converts to various offers before you proceed with the deal.
Both sides of the joint venture deal need to have a strong and good relationship with their email lists. Obviously if there is not a good working relationship with any email list, the results of any mailing will be poor. Your conversion rate when you market to a list where there is a weak relationship will always be below what it should be. That is why you really must be positive that the other half of the deal has a solid email list and everything else.
Finally, not targeting buyers is another huge mistake. Quite honestly, if you are setting up a joint venture, would it be a smart move to give your partner a list of buyers? Prospects will always be prospects, since they don't have a relationship with you. When someone buys something from you, the chances are great that they will make another purchase in the future. To get the most out of your joint venture, be certain that you set your sights on the buyers and not on the prospects. You will really get more responses in this manner.
All in all, from the above article we come to understand the importance of doing joint ventures the right way.
Do not worry if you are feeling intimidated at the thought of doing a joint venture. You have to just keep trying and eventually you will find the right joint venture partner. Joint ventures can be fun and exciting and there is nothing like seeing huge profits in a short time.
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