Internet marketing is an easy business to get into but creating a consistent income and sustainable business requires planning, patience and a long-term point of view. One of the key ingredients is identifying like-minded people who share your values and are committed to helping you grow your business as you help them grow theirs. When people come together to co-develop a product, enter into a marketing agreement or co-op advertise, tremendous leverage takes place and everyone especially your customers benefit in the long-term.
These types of relationships are often identified as “Joint Ventures” or JVs and I love them having utilized them to make quantum leaps in my business over the years. Effective joint venture partnerships when done properly can be more powerful than list building, paid advertising, social media and many other non-personal types of marketing.
I want to give you a few key points to consider when creating joint ventures in addition to a few mistakes you should avoid to ensure your joint ventures produce the results you are seeking. Follow these guidelines and you too will be empowered to develop lifelong friendships, high trust partnerships, deliver tremendous value to your customers, and advance your business to the next level.
Develop the Correct Mindset
1. Create a set of standards and guidelines to qualify your joint venture opportunities. As I became more well known in the Internet Marketing niche, I consistently received request to promote new launches as established programs. I could easily see how people can become enticed to jump on board of every new and exciting launch that came along, so I decided to write a set of guidelines to ensure that I remain true to my brand while delivering value to my customers and followers. I recommend that you do this immediately, regardless of your level of experience or standing in the industry.
You can see my JV Guidelines Here: Joint Venture with James Holmes
2. Make Sure each joint venture adds value to your customers with consistency. One sure way to determine if a joint venture is in your best interest is to use the “value test,” which will ensure that the partnership is congruent with your brand, customer’s expectations, your mission and long-term objectives. Ask yourself if the partnership will result in short term gain such as a cash grab or if it will lead to long-term value for everyone involved. Treat your customers, subscribers and social media followers with respect and you will rarely have to apologize.
3. Follow through and deliver on your promises. Successful joint ventures are always equitable, so be sure to negotiate the expectations and rewards that are to be derived from all parties. Once you have agreed to the terms or accepted the terms put forth by both parties, simply do what you promised to do and fulfill your part of the agreement. Not only will this ensure a successful venture, but it will also add to your reputation and inspire others to work with you.
Know the Pitfalls to Avoid
1. Forget about get rich quick schemes. Avoid cash grabs, which are programs that provide no true value and are designed to be short lived. These programs provide maximum profits for the program owners and promoters, but do little to benefit those who purchase the product or program. Look for programs that are evergreen and designed for the long term growth.
2. Don’t lose site of your business model. Always promote products and programs that are an extension of your established niche(s) and brand. You don not have to limit the number of programs you promote as long as each one passes the value test and represents a natural extension of your brand.
3. Don’t promote anything that you do not believe in 100%! I have a long standing policy which states that I will not promote any program that I have not a.) Made money with b.) Used or currently use in my business or c.) Establish a high trust relationship with the program owner. These are non-negotiable and although they may result in my earning less money on “launch day,” I know that I am remaining true to my brand by following these principles.
Creating successful joint ventures is a very deep subject and this short post certainly doesn’t cover every aspect that you should take into consideration. However, if you follow the six key points provided here you will be well on your way to many successful ventures and avoid harming your customer’s loyalty or the value of your brand.
I would love to read your comments on joint venture relationships. What have you done that has worked and what tips would you offer my readers to make the best of their JV opportunities?
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(c) Copyright 2008-2011 James A. Holmes. All Rights Reserved.
James Holmes, Global Team Builder, Coach and Trainer, combining online and offline techniques to help you grow your business. To request a free 30 minute consultation contact James by phone at 303-523-9503 or email at james@AskJamesHolmes.com
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