HOW TO STRUCTURE AN ONLINE JOINT VENTURE FOR MAXIMUM BENEFIT
When you are getting started online, one of the first things that you need to build is a customer base. ?Of course, that is difficult to do if you are new and no one knows about you or your products. ?To overcome this you will have to grow your following using SEO, PR and social media.
However, one thing that you can do to jump start the building of your customer base is to leverage the following of someone who has already established themselves in the niche you are entering. ?Many online marketers have participated in?a joint venture?with a marketer who has already developed his?own customer base and seen impressive results.
In a joint venture you are working with another marketer to create and deliver a new product for the marketplace. ?This works well for new marketers when they have an innovative product or service to sell to the niche, but do not necessarily have a solid customer base. Therefore the established marketer is lending her?name, market power and customer database to the project.
When you are looking for potential joint venture partners, a prudent way to make your case to them?is to purchase their product (if possible). ?This will typically give you contact information that the established marketer doesn?t share with non business partners. ?Another factor to keep in mind is that these individuals will have likely received joint venture requests before yours. ?Most of the requests they receive will be hastily crafted emails, which the marketer will find easy to turn down. ?Your approach should be different (consider sending a letter instead of an email) and professional, so that it stands out from the rest.
To create a well run joint venture, the parties typically set up a formal agreement?of some kind once they have decided on the various responsibilities they need to take to bring their product to market. ?When you are first starting, it is typical to accept less than 50% of the profits, as well as doing more than 50% of the work. ?The joint venture benefits you a great deal because not only will you be gaining new customers, but you will also be building your customer database.
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