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Joint Venture's For Newbie's 3

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If you followed the advice of the previous article you should now have hundreds of potential JV partners sitting on your PC.  But why on earth would they deal with you?  What have you got to offer and how do you approach these big hitters?

These are all valid questions and you should be asking yourself these questions before you approach a potential JV partner.

Why Would A Big Hitter JV With You?

Before we go any further let me make it clear that even as a newbie you can JV with big hitters. 

I'm not saying it's easy but it happens all the time. So don't just go after small fry, the big bucks are with the guys with a huge list especially if they endorse your product.

Andrew Reynolds made over £3.9 million with JV's in one year.  To do this he JV'd with people who have big lists, you need to do the same.  And remember this could be someone else's product you have bought the resale licence for and rebranded, so don't worry if product ideas are not your strength.

So what would motivate someone to JV with you and how can we use this to our advantage?

Show Them The Money!

The most obvious reason someone would JV with you is for money.  Most of these big hitters are in it for the cash, it's a pure and simple fact.  So as a newbie how can we entice them to partner with us using profit as our leverage?

The only way anything will make real money is to have a quality product and quality sales copy.  So when you approach them you should give the benefits of the product and send them a free copy of the product and the sales copy to review.

The big hitter only wants to promote something that makes them good money, so they will want to know your offer converts.  If you have done some testing and can give them conversion rates this will show you are professional.

If you've not sold any product yet it would be worth setting up a small focused pay per click campaign focusing on conversions rather than cash.  Look at Google Ads made simple on the site to get help with this.

So if we can tell the big hitter your offer has been converting at 5% that is likely to get them excited.

To earn cash your partner will also want to know what the retail price of the product is, what percentage profit split your willing to give and what the costs of producing and delivering the product are.

The normal split on JV's is 50% after costs.  So let's assume your product is £197 and all costs come to £17, each party would receive £90.  But will this get you noticed as a newbie?  I don't think so.

When deciding on what to offer our JV partner it is important to remember what you are trying to achieve with your JV.  Obviously you want money that goes without saying but you also want a list of your own.  By JVing with a partner you will get a buyers list that you can market to again and again.

Bearing this in mind why not offer the real big hitters in your niche a really, really strong offer.  How about giving them 70% of the profits from each sale?  Would that get their attention?  Do you think this would make you stand out in the crowd? Damn right.

If we want to really get our JV partner excited you could offer them a percentage of any up sells their customers buy.  If you haven't thought about at an up sell, you need to, get this in place before you get your launch ready.

Depending on your market the up sell could be a DVD set, an audio programme or even a seminar.  Again you can purchase resale rights products if you don't want to create this yourself.

Giving your JV a percentage of the up sell will also make you stand out. 

This time give a lower percentage of the profits, I would suggest 40% to 50%.  Your JV partner will be delighted with this as up sells are usually more expensive than the original product.  So if your initial product is £197 you're up sell might be £497, this could net your JV partner another £200 per sale.

Lets take a look at the numbers for a moment.  Let's assume your big hitter has a 20,000 list and your offer gets a 1% response. 

With the £197 product we talked about earlier your JV partner would earn £25,200 (at 70% of the profits) from the initial offer.

You would make £10,800 pure profit and gain a list of 200 hot buyers.  And remember this is just one JV.

Lets assume 15% (which is reasonable) of the original buyers take your up sell at £497.  Each up sell creates £450 profit.  If you spilt this 50/50 you and your JV partner will earn another £6,750 each.

In total your JV partner has made almost £32,000 for almost no work.  Do you think they would like to work with you again?

Your first JV has earned you over £17,500.  All from one contact!  How cool would that be?

With these sorts of tactics you have a great chance of hooking one of the big fish in your niche.  But I would add a couple of other things to your proposal.

Firstly you need to mention when they will get paid.  Remember you must factor in refunds, so if you offer a 30 day money back guarantee you need to wait at least forty days before you're sending out a cheque.

Secondly you want to give them a way of tracking sales.  This can be done simply with affiliate tracking software.  I would personally recommend 1st Shopping Cart because it does everything from list management, auto responders and affiliate creation, reporting and tracking.  1st shopping Cart gives you everything you need for your internet business.

If you show your potential JV partner you have tracking in place, that is easily accessed it will give them comfort when dealing with you.  Again you look professional rather than like a newbie.

I think we have pretty much nailed the money motivation with our potential JV partner.  But what else would make them want to do business with us?

Make Them Look Good!


I've talked about over delivering to your subscribers many times and these big hitters understand this concept.  If you can help them over deliver to their subscribers they in turn get some reflective glory. 

Basically you make them look good with their customers.

You make your JV partner look good by giving their customers something special.  This something special has to be something that is ONLY available to that particular JV partner.

You could offer their customers a discounted price, although I personally don't like discounting.  If I am putting together a "special" JV offer I would offer extra bonuses. 

So in the sales copy you could say "Business Opportunities Mentor subscribers get a fantastic additional bonus package worth $395, these bonuses are only available to Business Opportunity Mentor subscribers, so act quickly".

Although the above copy is a little clumsy I'm sure you get the idea.

Offering special bonuses to your JV partners list will give you the best chance of JVing with a real authority in your niche.

And guess what happens if you do JV with one of the big boys?

Other people will come looking for you.  It becomes a snowball, success creates success.

Finally I would make it easy for your JV partner to press the button on your offer.  Have ready pre written emails that they can send to their list, this way they literally don't have to think about it.  They press a button and go.   Now most good internet marketers will do their own email but give them the option it shows your thinking of them.

If you put all these strategies together you will have an irresistible offer for a JV partner.  We have hit their two hot buttons, financial gain and giving added value to their subscribers.

We have:

  • Offered them a quality relevant product with good sales copy

  • Given them proven conversion rates

  • Offered them a massive % of the profits

  • Given them a slice of any up sells

  • Allowed them to track their sales

  • Given a very special offer for their subscribers ONLY

  • Prepared emails for them so they don't have any work to do themselves

If you hit all of these points in your JV pitch you will get results, you will blow the competition away.  And remember one JV partner can earn you thousands or even tens of thousands and build you a list on autopilot.

In part four I will give you an email you can use to send to your JV partners.

Until next time, be happy,

 

Joe



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