Joint ventures are a very good way to increase your opt-in list, gain visibility and attract new clients. A joint venture takes place when any two people come together to create a class, product or promotion for their mutual benefit.
Example: Your Product + Jane’s Teleseminar. You have an information product that sells for $97. Jane agrees to interview you on a teleseminar program that introduces you and your product to a new audience.
You win because you sell more copies of your information product, so you get more revenue. Your name also gets introduced to a new audience. Jane joins your affiliate program and gets 50% of all the revenue. She also benefits because her fans see that she attracts interesting guests who bring them information they couldn’t get otherwise.
Example: Sam’s Product + Your List. Sam has an information product. You agree to send a mailing to your list, presenting the product. You get 50% of the proceeds and Sam gets access to a new market as well as revenue he would not have obtained otherwise.
How do you know if Jane and Sam are the best joint venture partners?
Experienced joint venture marketers move carefully when choosing partners. You can get burned when you choose a partner who is less than honorable, delivers inferior products or services or even just does a lame job of presenting at a teleseminar. My rule of thumb: I won’t invite someone till I’ve heard them on someone else’s call (or their own call). I recommend resources only when I’ve made purchases from the seller myself, and when I know they’ll honor guarantees and keep promises. I got burned once and now I’m *extra* careful.
Additionally, you need to make sure they are aligned with your brand and your values, For instance, I listened to a call where the “expert” kept saying things like, “You have to have video. Audio is so yesterday …”
Forget it. My own brand message doesn’t include “following trends.” I’m into doing what makes you look good. This host would not be a good chose for me as a JV partner. His audiences would have different expectations and they’d blow me off. My audience would ask, “What the hell is she doing this time?”
Just as some fashions won’t work with your shape and size, some marketing promises will clash with your brand personality and style.