…. And Lure Partners Into Doing Business With You !
Here’s a very important fact to take on board: One of the biggest reasons some people don’t get the joint venture deals they want is because their offer just isn’t up to scratch! Look at it from the other side of the coin: Successful JV partners are already doing ‘very nicely thank you’. Why should they choose your proposal over the many hundreds of others?
Well there is a simple way to make them: Make your offer enticing. Make it alluring. Make it the very best it can be. And – above all – pack it with so many benefits that appeal to their self-interest!
Here’s not just one but FIVE great techniques to make your offer one prospective partners would be absolutely crazy not to take up:
1. Offer Your Product Or Service Free
Actions speak louder than words. So, when sending your proposal send a free copy of your product, or a free trial of your service. (If you want them to market your new e-book or other digitally delivered content give them a free download or access to your member’s area.) Apart from generating that lovely warm feeling of getting something for nothing your prospective partner is much more likely to do a deal if they can see the quality of your product for themselves. And if they actually find it useful it’ll be a done deal!
2. Offer A Free Trial, Or A Special Price ‘Just For You’
If your prospective partner has a large opt-in list and/or heavy traffic to their website then consider offering your product to their customers either free – or at a heavily reduced price – perhaps for an introductory period. (Find out why this can actually be a big profit- not a loss-maker in point ‘5’ below.) And here’s how to make this technique really irresistible: Tell your partner this special deal is ONLY for them …. that nobody else gets such fantastic terms. And massage their ego by telling them how impressed their customers will be that they negotiated this incredible deal just for them!
3. Give Away Great, Tested Marketing Tools
A few articles ago I told you how to create winning sales tools – like classified and display ads., articles, graphics, banners and endorsements – for your JV’s. So be sure to tell prospective partners from the outset that you have these great, tested, winning sales tools available …. tools they can just ‘cut and paste’ and benefit from with virtually no effort. And, keep them supplied with hot, new material on a regular basis.
4. Offer FREE Space In Your E-zine
If you publish an e-zine offer your potential partners free ad. space there if they sign up to your JV offer. And not just one ad. …. promise a series spread over a period of time to help cement a great business relationship. Remember, giving free advertising in an e-zine costs virtually nothing – and can also provide you with great free content too.
5. Offer Unbeatable Commissions
Money talks. So the very best way to entice JV partners is to offer them a higher commission than normal affiliates. Where normal affiliates might get 30% commission offer JV partners 50% …. or even 60% if they’re a respected name, have high website traffic or a great opt-in list.
Fifty-percent-plus might seem a lot …. but it can be money well spent. An endorsement from a respected name carries enormous marketing clout. Some endorsement deals have even pulled a 10%-15% response compared to 1%-3% from conventional advertising. And if your JV partner has a giant opt-in list (say 25,000 plus) – well – what more reason do you need?
You can still make fantastic profits even at high commission: If just 5% on a 25,000-strong list buy that’s still 1,250 sales. If your profit is £20 you’ll make £25,000. Give your partner 60% (£15,000) and you’ll still pocket a cool £10,000. Plus, you can bag 1,250 highly responsive customers for yourself too.
There may even be cases where you should give away 100% of the profits! You just keep enough from the sales to fulfil the orders. I don’t always recommend it, but it can still represent a great deal for you. How? By using the deal to build a strong customer database ‘for free‘ …. then really pull in the profits from future back end sales of new products.
This sort of strategy is all about aiming for long term mega-profits instead of short term small profits. There are a couple of conditions that apply: Firstly, one hundred percent deals are only viable where you have a JV partner who can sell large volumes of your product over and over, month after month – and in the process generate more new customers for your back end products. Secondly, with 100% deals, you must have a way to harvest customer e-mails during both the prospecting and ordering process, so you can add them to your own opt-in list.
Lastly, one tip: Don’t offer 100% up front, without prompting! Start at 50% or 60% and negotiate your way up. Play it cute and you might still be able to grab a great deal and keep 10% or 20% for yourself.
Conclusions: Remember that in order to recruit the top JV partners you’ll have to give up something. The secret is to do it in such a way that you benefit from anything you give away, as well as your partner. And if you can package what you give in an enticing, alluring way you’ll not only be in a much better position to seal the deal, you’ll stand to make a fortune too. It really is a win-in situation!