By definition, a joint venture (aka JV) is where two people work together on some kind of project for the mutual benefit of both parties. It is “joint” as it involves more than one person, and it is usually the members launching out into new territory – or introducing a new product – that is the “venture.”
Often in a joint venture arrangement, one partner has the new idea or product, and another member has the capital or assets required to get the project off the ground. It may happen that several funding partners are collaborating to get a project launched.
If you have the product, the things your joint venture partner may bring to your relationship could be a mailing list, a website or a forum to promote your venture. They may also have the monetary resources that you need to continue your project. Whatever it is you need in a joint venture partner, you would have better chances of finding them as you build relationships with people in your field.
Finding JV Partners
The types of people you want to be joint venture partners are those who are involved in your niche, or those whose products or services compliment yours. Always have your eyes and ears open for those potential partners that are all around you, especially on the Internet.
Some strategies to find JV partners involve direct correspondence with people who publish well-read newsletters. Newsletters that you find value in reading would probably have an audience that is interested in your product.
You may also choose to join various membership sites that give you a contact point for affiliate promoters.
Another way is to browse the search results you get on Google, looking for web sites that are apparently a good match for the product being promoted.
An example of using Google to look for a joint venture partner would go something like this: You have created a new video game and need money to launch the sales of your software. You would search Google by typing in ‘video game development’ or ‘gamers newsletters’. Go to the websites that have posted Google ads for the keywords you have searched.
These businesses are paying money to get these ads posted in this niche. This tells you that they are more determined and serious about being profitable. Sponsored links indicate potential partners. Examine their websites; and join the message boards, forums or lists that are connected to them. Websites with a thriving community indicates that they are on the right track and are possibly ideal partners for you.
Optional: Once you have pinpointed a potential JV partner, find out if they are attending conferences and seminars in the field. Attend the same seminars and you will have a chance for personal contact and networking.
A better way to locate JV partners is to rent a booth at the event, instead of just being an attendee. You have the opportunity to form joint ventures with other booth people or with featured speakers. That is a big boost to your visibility and credibility.
Contacting Or Meeting JV Partners
When meeting up with potential JV partners, you could exchange business cards or contact details.
If you’ve found them online and you won’t have any chance of meeting them face to face, search for the “Contact Us” information in their sites. There are also other websites that could help you search out contact information if you cannot find what you need. You could do a Whois search, or use Google or Yahoo yellow pages to find their contact data.
Making A Good First Impression And Building Relationships With JV Partners
Your approach to a potential JV Partner may make or break the deal. Use some of the following ideas below for a successful initial discussion.
Like all other times where you want to make an excellent first impression, your research into the background of your prospective partner can be vital.
Learn all about what they do, and read anything they have published. Sign up to their memberships sites and become acquainted with the type of people who subscribe. Make sure that your product is a good match for their existing customer base.
When attending marketing seminars and networking, go out and meet as many potential JV partners as you can. You never can tell when a drink in a hotel bar or at a casual dinner at a seminar can lead to a successful joint venture.
JV partners are beneficial to your online business, but you have to answer the question: “What is in it for them?” It would certainly mean that you give them a fair and generous share in the profits of your product. It may all be worth it, as you have the potential to see a massive sales increase due to their promotion.
It is also a matter of explaining your similar interests to them. Offer to be of assistance to them and they would likely reciprocate. Continue to build and strengthen mutually beneficial relationships.
Your JV partners can boost your traffic and earnings. With the right moves and strategies, making those highly profitable partnership connections is very achievable.
To Your Success!
Warm Regards,
Jeremy Gislason
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