Authored by Douglas Mefford in Business Management
Published on 07-24-2009
Even in business, “no man is an island”. Being totally independent in your business ventures can have its advantages for maintaining complete control of all aspects of your product presentation. There are, however, many advantages to seeking occasional joint venture partnerships with other entrepreneurs.
The concept of joint venture is especially useful in Internet marketing. As an example, a person who has a new product may not have a very large opt-in mailing list to present their product to. On the other hand, there may be an Internet marketer working a similar niche who could have a massive list of contacts but no new product to offer his customers. By combining their efforts, this joint venture could provide great benefits through more sales and greater exposure.
Joint ventures can help the cooperating businessmen through lowered costs for advertising, as the overhead involved will be shared. By joining with another successful marketer, you can offer discounts that can help familiarize people with your offerings and build reputation for future sales.
For the beginning Internet marketer, the joining with more experienced marketers can provide many valuable gains. A joint venture of this sort will get you much needed exposure and name recognition. Your partner may allow you to capture email addresses during the promotion so you can quickly build your own opt-in list of satisfied customers. The value of learning from your more experienced partner can give you insights into the process that can save you massive amounts of time and money in future endeavors.
The joint venture “giveaway” event is a very popular joint venture system currently on the rise across the World Wide Web. Giving a useful product or informational report in return for signing up to one’s mailing list helps everyone involved. The new customer gets a useful freebie and you can offer them more products for sale in the future. With joint venture partnerships like this being promoted and advertised by dozens of marketers, the opportunity to promote yourself is incredible.
There are some down sides to joint venture marketing. Investigating the reputation and reliability of the marketers you may wish to partner with is crucial. If you begin a joint venture with someone who has previously been know to scam or lie to people or perform other poor business practices, you may acquire some of the same bad reputation just by association. It is not hard to search the various forums to find out who is reputable and who has been know to do people wrong.
You will need to have a detailed plan for just which parts of any joint venture each party is responsible for. You would not be saving money if you somehow ended up carrying the full cost of the venture. You must make sure that you partner with people of the same or similar niche. Working outside your area will often leave all your efforts wasted as they are targeted to people who are not interested in what you have to offer.