A joint venture (JV) is a long-established undertaking in the business world, but online, it has commonly come to represent an agreement between two parties to reciprocally promote a product or service. Typically, both parties will operate in the same industry — usually not as direct competitors — and have an audience they can reach. Each party will promote the other to their audience, earning affiliate commissions and growing their user base. The following five-step technique should vastly increase the chances of a successful pitch.
Why Choose a JV or Joint Venture?
With all the available marketing techniques, why would a business choose a JV? Almost all marketing techniques are expensive and time-consuming. Paid traffic comes with an immediate cost, while search and social marketing cost you your time. All of these marketing techniques should be integrated into your business, with the aim of finding customers and growing your business.
With a core audience developed, you now have leverage when it comes to finding JV partners. Ideally, both parties have products that compliment each other well, so you can promote each other in a highly targeted fashion, costing you next to nothing. Even if your audience is small, a number of motivated JV partners can help take each other to a new level. Conversion rates are often very high, with instant social proof gained from a trusted source.
Personalize Your Contact
If your message feels canned and generic, expect to get few responses. People can usually tell if you have sent out the same message to everyone, so try to find a way to personalize it. Look for the appropriate contact names on the official website and LinkedIn pages, rather than sending your contact directly to the support desk. For even better results, try to meet your targets in person at an industry conference. Most industries have frequent events, with networking being a major part of each one.
Focus on What’s in It for Them
It is understandable that a business owner will be enthusiastic and passionate about their product, but approaching a potential JV partner by focusing on yourself is a mistake. Instead, try to think from their perspective, considering what they might want to get from the arrangement. You will want to explain your business and product to them, but this can wait until they have already shown some interest.
Don’t Pitch Immediately
While direct pitches can sometimes work, you can expect better results when you have built a relationship with the potential partner. You don’t need to have developed a long-term relationship yet, but it helps if they are aware of you in some way. A few simple methods include contributing quality comments on their blog, writing a guest blog post, correcting an error on their site, and purchasing their product and writing a testimonial.
Stick to the Facts
Marketers typically employ various tactics to garner interest in their products. Appealing to desires can often gain better results than focusing on facts, so it is common to take this approach in all areas. However, fellow business owners will be aware of these tactics, with too much hype being particularly off-putting. Make sure you are conscious of conversion rates, email subscriber figures, and any other figure that relates to your industry. Providing relevant facts and figures can assure JV partners that you are serious and detail-oriented.
Make Communication Easy
Business owners often have particular ways they like to communicate. Some people like to speak on the phone, whereas others prefer to stick to email. If your potential partner is active on social media, it can help to engage them in this way initially. Offer various ways to communicate with you, staying conscious of the other parties preferred method. Your aim is to make communication seamless and engaging, suggesting that your JV partnership will continue along similar lines.
JV partnerships offer a way to quickly build your audience, introduce your customers to quality products, and grow your business. A small number of quality JVs can be enough to sustain your business for a long time, with each partner contributing to a greater good. Sometimes JV partnerships can be so effective that you burn out your own audience with constant promotions, but as long as you are careful you can use JVs to establish your place within the industry.