Internet marketers are used to being lone soldiers when it comes to working hard and generating income for themselves. But many times, to kick up their output or their incomes, or both, to a higher level, they find themselves joint venturing on projects with other like-minded folks.
The ability to spread out effort and risk, while increasing
returns, is a bigger temptation than even the most guarded of
Internet marketers can resist. But after it’s said and done,
should events prove fruitful, that previously hermitic Internet
marketer has made a new friend and maybe even developed a
permanent working relationship.
As with any worthwhile pursuit there are some core basics and
guiding principles that joint venture participants should
practice when seeking partners and executing a plan.
Before becoming engaged, it’s essential to know what a joint
venture is. A “JV” is an agreement between two parties each
seeking to cooperatively leverage the assets of each other, be it
a skill, a product, a trade secret, or a customer or prospect
list. In the case of Internet marketer, the agreement usually
involves one marketer mailing to the other’s mailing list.
Once it’s been determined that a joint venture will be undertaken there are some fundamentals that should be followed to assure the best outcome.
Assessing your partner is a critical first step when forming a
joint venture. Analyzing each other’s strengths and weaknesses
and discerning each other’s agenda beforehand will serve to
lessen negative surprises later.
Strategy Development is an initial activity where both
participants assess the viability of their effort and any
potential obstacles to the outcomes they plan to achieve.
Concurrently, the partners can set milestones and financial
agreements during this period. A 50-50 profit split is most
common. In some cases, a newer marketer may forego some of the proceeds in order to establish a presence in their market.
Once these tasks are found to be suitably addressed, the new
associates can move on to carrying out the campaign. Of course, this is not a static operation. If time and duration allows, testing and improvement should be ongoing as the campaign proceeds to its conclusion.
Finally, the hopefully happy and prosperous end is reached and
various goals realized. It’s important to note that any end-defining milestones should have been during the assessment
and strategy sessions. This will prevent misunderstandings and
promote further collaboration.
Another pointer is to shoot for the top. Sure rejection may be
the first response, but perseverance rules the day and a big
player could be the tipping point to reaching a critical mass of
success and security.
Lastly, always operate with a win-win mentality while following
the sequence. Do it right, and it will be the first of many join
ventures...or the last one you'll ever need.