Joint Ventures – The Good, The Bad, And the Ugly

joint venturesWhat’s the fastest way to make money in your business?

This is an easy one. It’s joint ventures.

What is the fastest way of building your opt-in email list?

Another easy one. Joint ventures win again.

What about creating your first product?

I’ll bet you can guess this one. Joint ventures win the grand prize.

A joint venture in simple terms is where two or more people/businesses combine their assets to create a better result.

If you have a product, you find another business which has a targeted customer list ready to buy what you’re offering.

If you have knowledge, you combine that knowledge with someone with the expertise for creating products and marketing them.

If you want to grow your list quicker, you share free content and value with someone who already has your audience on their list or visiting their site (such as doing guest blog posts).

Good joint ventures are always about figuring out what asset you have and who can help you complete the total connection you need for everyone to win (the end customers, your partner, and you).

After my own list…built over years of time…it’s always joint ventures with other business owners that produces the best results in a short period of time for all the above.

But here’s where the danger occurs…

You don’t want to partner with everybody.

You most definitely don’t want to sell every product that comes down the tubes. Not all of them are right for your audience.

In fact, in the “internet marketing” field this has made me stop looking for new joint venture partners in many cases.

In THIS market people has the idea that every mailing should be a trade mailing…meaning if they mail for my product offer then I’m required to mail for the theirs.

But what if I don’t like their product…or feel it isn’t right for my list? Too bad in their opinion. Promote it anyway.

NO WAY!

That’s the wrong attitude. Not only do you want to promote products to your list they can actually benefit from, but you also only want to promote your product to the right lists.

I have a friend in this business where we thought about a possible JV. After discussing it, I agreed with him that I didn’t want him to promote my product because his audience WASN’T who I was looking for as customers.

That’s right I willingly said no to a brand new group of customers, because although we could make sales they weren’t the right customers.

They likely wouldn’t be happy with what I offer, and I wouldn’t be happy with them as customers.

I’ll bet you’ve never heard that in any of the joint venture courses yet!

In addition, I don’t know how many jv requests I get where they don’t even offer to show you the product being sold. They may say, “Well it’s in development.” Response…let me see what’s done or let me see it when it is close to ready before we promote it.

That’s another negative of the big product launch phenoneom. How can you promote something that isn’t finished yet? Sure, you could receive an advance copy before its available, but many people claim “it’s a coaching” program that will be done as it goes.

If I don’t know you, how in the world am I supposed to judge the quality of your upcoming product that doesn’t exist yet? And even if I do know you, how do I know this product is the right information for my customers?

So what does this all boil down to?

It means you want to work on not just developing one shot joint ventures, but build relationships with longer term partners. For example, how many times have you seen me mention Glenn Livingston? Quite a few. We’re working together on another upcoming product.

A key element of these relationships is you want to develop them with people who have the same attitude and goals you do. If you care about your customers while they just care about the money, you’re going to have problems. It’s only a matter of time.

Develop real solid connections you can build your business on. Get on your potential partner’s lists. Read their blog post. Comment or contact them through social media. Talk to them on the phone.

Create long-term deals where everybody wins. Joint ventures are the quickest way to make money in your business. They can also be one of the longest term methods…if you’re careful and discerning about who you partner with.

If you own an affiliate program, you know it’s not about signing up thousands of affiliates. It’s about finding the RIGHT affiliates to promote and partner with. Click here now to find out how you can recruit top selling affiliates in your market…and let them do the heavy lifting for you.

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About The Author

Terry Dean

Terry Dean has been in full-time internet business since 1996 and has helped thousands of entrepreneurs get started online through his articles and products. He lives in Dunnellon, Florida with his wife and 2 dogs. Find out more about how the Monthly Mentor Club can help you today.