Attracting the right joint venture partners.
Author: Dr. B B Gupta
Date Created: Aug 8, 2008 - 1:11:22 AM
To find people to Joint Venture with, start with your MasterMind group. If they work in your niche, discuss ways you can work together to build your respective businesses. Whether they work in your niche or not, they have contacts that you don't. They may be able to put you in touch with a valuable partner. Or know someone who can put you in touch with a good partner.
After you ask those you already know within your personal network, research your competition. Look for people in your market whose products would complement yours and your products would complement theirs. By the way, partnering with people outside your niche is futile. If you sell information about gardening, you'll have poor response rates and angry customers if you start promoting information from a JV partner about Internet marketing.
Remember, the overriding goal is to provide the greatest value possible to your customers. Finding other quality products and letting your customers know about it shows them you care.
Think about it this way. Since they are in your market, they could find your competition on their own. But then you wouldn't be able to make any money off that deal, your competitor wouldn't be grateful to you for bringing them a new customer and your customer won't be grateful to you for telling them about this other product. So the best way to beat your competition is to join them.
Contacting possible partners is as simple as sending an email, a letter or making a phone call. The point is to simply ask. If you never ask anyone to work with you and instead wait for them to approach you, you'll be waiting a long time. In other words, take the initiative. Not everyone will have the time or inclination to work with you, but you need to develop the resolve to keep asking even if some people turn down your request. If you ask enough people, you'll get the positive responses you're seeking. You can increase the chances of people saying yes by doing two things:
1. Make the process simple. Do everything you can to make the process easy and painless. Sign them up for your affiliate program, write the sales copy for them and provide them with a checklist of things to do in order to maximize the profitability of the JV. The less work they have to do, the more willing they will be to promote you.
2. Focus on the benefits your partner will receive. Contacting them and asking if they can refer you to their list without the promise of receiving something in return kills the deal before it begins. But if you start by showing what's in it for them and how they win through the arrangement, you are more likely to gain a JV partner.
All in all, the best way to find great Joint Venture partners is to be a great partner. Think about what you have to offer and get busy helping people. The more you give, the more you'll get. Don't wait to get or you may never succeed.
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