I have recently been writing about some of the common marketing strategies used to increase traffic to blogs and websites. I thought I should now look at a comparatively less popular form of marketing called Joint Venture. If implemented correctly, joint venture marketing can be effective in driving traffic to a site.
A joint venture is an agreement between two or more persons or businesses with the purpose of forming one entity. In its basic form, joint venture marketing can be as simple as swapping ads with another person or business.
How Could Joint Venture Marketing Benefit You?
By joining forces with another marketer, you instantly leverage existing resources. Many of the things you need already exist – for example, if you desire a source of targeted traffic, you could go into partnership with an established marketer. You could use their reputation alone to increase your list of subscribers. Alternatively, you could create an e-book, and split the profits with your partner. Obviously, you have to provide your partner with an incentive for them to collaborate with you. However, if the venture is to create an e-book, be mindful that you’re likely to do a majority of the writing, because sales will be made solely on your partner’s reputation. Essentially, everyone wins in a collaborative venture. Also, collaboration with your competitors can be profitable:
- The income of 20% of large corporations such as Sony comes from joint ventures, and 50% of that is based solely on collaborations with their competitors.
- As a small business owner, you’re less likely to fail in joint ventures. So don’t be reticent about collaborating with your competitor.
- The chances are you’ll have spare time to devote to other areas of your business.
How to Setup Joint Venture Partnerships
Identify successful and reputable marketers in your niche. Contact them and suggest a joint venture deal by offering a complementary product or service – It provides both of you additional sources of income so the venture will ultimately benefit both of you.
Here are some examples of joint venture deals you can consider:
- You could, for instance, write an e-book on how to decorate a home on a small budget, and strike a deal with a website owner of a furniture store, and collaborate with them to promote your e-book in return for a percentage of every e-book sold on their site.
- If you have a great product but you do not have many visitors to your site, you could approach someone in your niche who has a substantial list of subscribers and enter into a joint venture with them and get them to promote your product on their list in exchange for a share of your profit.
- If you have a specialised knowledge of a particular product but lack the ability to create a product, you could approach someone with great creative skills, and ask them to create a video or an e-book. Again, make an agreement on fixed percentage of earnings.
- Another example is to collaborate with e-zine publishers, with the aim of building a list of subscribers: when a visitor to your site subscribes to your newsletter, you could redirect them to a “thank you” page on which you could have the details of your partner.
Where to Find Joint Venture Marketers
Potential joint venture partners can be found through the following sources:
- Forums such as Warrior are a great source. Join and search through their websites for products or services that are in your niche. Contact the owners and propose a partnership.
- Many sites offer referral contest. Identify the top ranking promoters and ask them to promote your product. You would be required to provide them with promotional tools.
- Social media networks are also a great source of finding partners.
- Directories and joint venture networks.
- Use Google and other search engines to identify products in your niche and contact the site administrator.
Well, I hope I have given you some insight into what is joint venture.
Wishing you every success!