What is a joint venture?
Joint ventures aka partnerships involve using the resources of you and someone else for a common outcome. A good example of this would be FedEx Kinkos or Dunkin’ Donuts and Baskin Robbins.
You won’t be dealing with any companies of that size, but you get the idea.
The MLM concept
The whole point of Mulit-Level Marketing (MLM) is for you to build a downline organization with a volume or product sold and sponsor new distributors. This is how you can create a passive income month after month. Residual income aka the ‘holy grail’, is what most newcomers to MLM are hoping to attain.
How joint ventures make this easier
Joint venturing makes building your MLM organization much easier. You use the resources of another established marketer or advertiser to promote your message to their members with an incentive for them.
The important thing to remember with a joint venture is to always make it a win/win situation for both parties. You have to always put yourself in the other person’s shoes. What will they get out of the joint venture? How will it benefit them? Is your offer going to conflict with their objectives? Does your joint venture proposal have a positive effect on their customers and followers?
How to propose a joint venture
Before you propose anything you have to get your ducks in a row. Think about what you are trying to do. You want to sponsor more members into your down line and get more product sold right? Yes. So how will you propose this to a joint venture prospect?
You have two options:
1. You will pay this prospect for them to promote your message
or
2. You will pay a commission or percentage to them for each sale you make. This is commonly referred to as per inquiry (P.I.).
When proposing your joint ventures always remember that you are trying to benefit your prospective partner. You want access to their resources and they know that. You have to make them an offer that is good for the both of you.
So…
Where to find joint venture prospects
Since you are going to do this primarily online let’s look at some options:
1. Forums- find forums that deal with your niche market. (it’s as simple as going on a search engine and typing in your niche market and the word ‘forum’) More than likely you will have people posting in the forums that are looking for joint venture deals. The important thing to remember in these forums is to provide value and content before you present your joint venture deals. The forum administrators, as well as members, absolutely hate spam. Do not spam!
2. Type in keyword terms in search engines to find people who match your target market. Subscribe to them or their newsletters and find out through their emails if they would be a good fit to partner with.
3. Engage in social network communities (Facebook, MySpace, etc..) to find people who you can possibly joint venture with. These communities typically have forums and group discussions where you can find potential prospects.
4. Check out classified web sites
5. Radio (non internet). You can shoot deals to radio stations. For every sale you make you pay a percentage to the station.
6. Go to Alexa.com and type in your target market in the upper search bar. A list of web sites will come up that relate to your search. Browse the sites and see if any of them are a good fit. Most of the time you see advertising info on the top right hand site or bottom right hand side of the web site.
Important guidelines to follow
1. Keep your joint ventures professional and to the point.
2. Always think about the benefit your joint venture partner will be receiving first.
3. Be consistent. Joint ventures are the easiest way to build you MLM business, but they do require some work in the beginning. Once you build some momentum you will see a flurry of partnerships available to you.
4. Treat your MLM business like a business. From your joint venture proposals and other marketing methods it is important to think and act like a business person. Only in this way will you get the results you desire. Keep in mind also, that if you don’t come off as being business oriented or serious, then how can your joint venture prospects take your seriously?
The best thing about joint ventures in MLM
Joint ventures are absolutely free!
But you will never get them to work unless you follow the guidelines outlined in this article. So take heed to the advice given, practice and good luck!
Yours In Success,
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