Joint venture was one of the big buzzwords (phrases) of 2005, and since I tried it for myself, I can now understand why. Previous to doing my first Joint venture (or JV as us marketers like to call them) I looked at anyone who was selling anything online as competition, someone to beat to the sale.
Joint ventures for increased profits...
It was a revelation for me to come to the conclusionthat not all marketers online are my competition.It was a 180 degree shift in thinking which promptedme to join up with another marketer and work togetherto improve both of our profits.
Joint venture was one of the big buzzwords (phrases)of 2005, and since I tried it for myself, I can nowunderstand why. Previous to doing my first Jointventure (or JV as us marketers like to call them) Ilooked at anyone who was selling anything online ascompetition, someone to beat to the sale.
It was a few months ago, Joe Hebert asked me to workwith him on a project, and when we got talking, his idea was one which I had already started butput on the backburner, namely a membership site.
Joe had a lot of resources which I'd needed,including a great webhosting deal, and loads ofinformation products to put into a membershipsite. I had a domain name (monthlyinfoproducts.com)and all the site layout, and graphics ready to go.The reason I hadn't gone further is because I didn'thave the capital to add what I thought would be enough products to the site, which my new partnerdid. I also didn't have the time to upload allthe products, my new Joint venture partner did.
My JV partner didn't have an email list to promotea new venture to, and didn't have the knowledge toget the scripts running to make the site automated.I had those skills, and resources, so we teamed up.
In just a few days we had a new membership site at http://www.monthlyinfoproducts.com , upand running and taking orders. Joe took care of thehosting and products, I took care of the design andpromoting to a warm prospect list. Together we aremaking it work, where singly we had both struggled.
Now look at your own marketing, and online activitiesand see if you have some way in which a joint venturewith someone could benefit your business.Maybe you need someone who can setup a script, or website, or you have some ideas which need a particular talent you don't have, you can barterwith someone else who has what you need to make aprofitable partnership which works for both of youwithout paying out hard cash for it.
Don't make the mistake I made, see everyone as a potential partner in profit, instead of an opponentto defeat. Start doing some joint ventures, youwon't necessarily halve your profits, and you maywell make more by sharing the work with someone.
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