Joint Venture in Internet Marketing03/09/2018
Joint Venture Explained
A Joint Venture or JV in short (in Internet Marketing term) is often defined as “A mutually beneficial cooperation between website owners”. Many times, Joint Ventures in Internet Marketing are entered into between a person who has developed a new and innovative product or service and an established Internet Marketer who has spent a huge amount of time developing his list and his reputation. This is the kind of agreement that can be described as a win-win situation.
The Joint Venture gives the developer of the new product or service access to potential customers that he would not otherwise have access to and the experienced Internet Marketer gains access to new product or service that the members of his list can benefit from. Both the product/service developer and the established Internet Marketer make a profit that neither of them would have made without the other… and that is the very essence of the Joint Venture.
By joining forces and pooling resources and talents, a Joint Venture allows all parties to accomplish more than any one of them could have accomplished alone. The fact is that the Joint Venture is one of the jealously guarded secrets of successful Internet Marketers. Joint Ventures are certainly not a new concept, however – they have been around since Internet Marketing began.
For any marketer, new or seasoned, the Joint Venture is the quickest way to making a profit on low-cost or in most cases, even FREE. Oftentimes, even very well established Internet Marketers will enter into a Joint Venture enterprise … even those who are in direct competition with one another (well, believe it!). Why would competitors ever agree to a Joint Venture? You may ask. The answer is simple: Joint Ventures are just simply good business and even competitors can both make a profit by using them. Neither marketer is entering into a Joint Venture for the purpose of helping his competition. He is entering into it to help himself. As the wise saying goes, “I eliminate my enemies by making friends”!
At first glance, the Joint Venture agreement looks a bit daunting but actually it is pretty simple. A Joint Venture just joins the customers, advertising, products, services, knowledge, skills, etc. of one website owner with those of another website owner for a specific project. Joint Venture agreements can be between two or more website owners.
Let’s say that an established Internet Marketer develops or acquires the rights to a product or service that would be beneficial to his own list of potential customers. He could sell that product or service only to his own list and make a nice little profit. However, by entering into a Joint Venture agreement with other website owners who have lists of potential customers that would be interested in the same product or service, he could multiply his sales many times over. The owners of the other websites get the opportunity to recommend the product to their own lists and make a profit as well. Everybody wins.
The Joint Venture works for established Internet Marketers, as well as for new comers to the Internet Marketing field. Established Internet Marketers are always on the lookout for new and innovative products and services that would help their customers. By approaching established Internet Marketers with a Joint Venture proposal, many new comers will have gotten their start.
Before Recruiting Joint Venture Partners
“Put your money where your mouth is”, is an old saying that is used to challenge a person to bet on himself and on what he believes he can accomplish. A great idea has no more value than a wisp of smoke until it is backed up with an investment of hard work and money and brought to fruition.
Until you have invested your own time, effort, energy and, yes, money into your idea, it’s a pretty good bet that nobody else is going to invest anything in it either. Maybe you have an idea for a product or service that you are certain will sell like crazy in a certain niche on the Internet…and maybe you do. However, in order to ever get that product or service sold you are going to have to invest in yourself and your idea.
You will need to do the required research to determine if the idea is feasible and if there is, in fact, a market for the product or service you want to sell. You may need to purchase software or information products to help you get your product or service into being. Creating a product or service can take a huge investment of time, effort and energy, as well.
When you approach an established Internet Marketer with your idea and a Joint Venture plan, he will first look to see how much you have invested in its creation. If you don’t believe in yourself and your product or service, he won’t either. He will look to see how much of your own time, effort, energy and money you have invested before he decides how much of his own he is willing to invest. Rule of thumb: invest in yourself so others will be willing to invest in you, too!
Many times, a novice Internet Marketer approaches an established Internet Marketer with a Joint Venture proposal only to be told, “Sorry, but I’m just too busy now”. The novice marketer often feels like he just got blown off and that the well-established marketer didn’t even take the time to hear him out. That isn’t, however, the most likely case. Successful and established Internet Marketers are very busy people. They probably work more hours in one day than others work in two or even three days.
These successful men and women don’t have a starting time or a quitting time built into their days and nights. They probably dream about their projects when they do sleep. When one of them is approached with a Joint Venture proposal, they are certainly interested… Joint Ventures are their bread and butter but they only have twenty-four hours in a day just like everybody else and when they have twenty of those hours spoken for they really can’t take on another project at that time. It doesn’t mean they can’t or won’t take it on at a later date.
As a new Internet Marketer, it would be wise to approach an established and successful Internet Marketer with a Joint Venture proposal that they can plainly see will make them money and not require hours and hours of their valuable time. You need to have done all of the research regarding your product or services’ marketability. You need to show that there is, in fact, a market for your product or service as it relates to their lists. Your proposal needs to be short and simple and your sales letter needs to be top drawer.
The main thing to remember is that successful Internet Marketers really are busy people and “I don’t have time” doesn’t mean, “I will never have time”. Another school of thought suggests that the same words can also mean “that’s not where my business is heading” or “your Joint Venture proposal isn’t important enough to be at the top of my priority list”.