Online promotion is a basic consideration for the success of any business. A considerable part of this success mainly depends on the business partners, in other words, the people you establish partnerships with. Co-operation represents one of the most important aspects because, as you know, two heads are always better than one to work together for the main goal of any business. On the Internet, such type of co-operation is called Joint Venture (or in short JV) whose main purpose is to increase everyone's income by establishing partnerships and different types of collaboration.
There are three main types of joint ventures on the Internet:
- JV for co-registration: It mainly applies to email marketing. Involving two or more business owners, this type of partnership supposes advertising each other's mailing lists so the total number of new subscribers is definitely higher as compared to individual jobs. Simply put, a valid and updated mailing list is the gold mine to increase sales and revenue.
- JV for sales: Let's say a website sells the product X and another site sells the product Y. This strategy supposes the business owners to collaborate in selling both X and Y products as a single package. The advantages are multiple, worth mentioning easier sales management and overall more sales. The final income will be shared between the two partners. The JV for sales applies for at least two businesses but might be extended to tens or hundreds of online businesses looking to sell products under a single brand name or package.
- JV for cross-advertising: This strategy is usually working with mailing lists or product sales. Business men advertise each other's e-zine in their newsletters so they can double or triple the number of followers for their mailing lists. This is a good method to grow the mailing list fast. Regarding product sales, business owners can advertise each other's products on different parts of their websites like user profiles or thank you pages. The sales for the respective products may of course potentially double or triple.
These are the basic types of joint ventures.
Although finding new partners is not an easy task, you must approach them with something that is hard to resist to, like a revolutionary idea or something that makes them curious and would want to give it a try. After all, your interest is to earn money but they have to find your offer attractive as well. You must present other business owners with the current resources you have available, for example a big and updated mailing list or a sales page with a high conversion rate.
Once you found new business partners, keep them. You can do this by creating a separate mailing list containing your JV partners so you can keep in touch with them. Even though you don't have anything to say, a simple "hello" or "how are you?" are enough to maintain good business relationships with your partners, especially those who are really important. Having to deal with a lot of people and different types of individuals, your PR and social communication skills are put to the test with JVs. You have to communicate according to each individual's requirements-either he/she is an e-zine publisher, a webmaster or another internet marketer like you.
My advice is to never be afraid to contact potential partners in the same niche or business as your success greatly depends on establishing business relationships with other marketers in your industry.