Developing Joint Ventures
I remember when I first learned the concept of joint ventures. It was sometime in the seventies, or about two decades before the internet appeared, and about three decades before I became an internet marketer.
I was then studying the types of business organizations that successful construction companies were forming to handle large development projects.
I first wonder how anyone could sacrifice their autonomy to form a new entity that had to learn to yield and adapt to the requirements of the other also well-established business.
But back then I was still a rebellious young whipper snapper that was more interested in establishing my own autonomy than in achieving great goals. Those were still somewhere in the future for me.
At the other extreme, I saw many friends that had graduated with me and were trying to form their own construction companies. They could only do small residential work since they could not get the financing or even the insurance coverage to bid on commercial projects. It is not that they were not able to handle the projects, it was just that they could not gain entry into that competitive arena.
One For All And All For One
Joint ventures are born out of a need to achieve something that you can not achieve on your own, for whatever reason. It could be that you cannot the financing to do the project, or that you dont have enough of a work force to do it, or that you need complementary services, such as design and engineering.
Joint ventures offline usually involve only two or three businesses, but online it could involve a dozen or two dozen marketers that join forces to push a product or service.
Online joint ventures are most commonly formed out of need to have greater penetration in the marketplace. But joint ventures can be much more than achieving greater reach, they can also be a true division of duties, where two or more joint venture partners divide the work to be done for a particular project. Each marketer maintains autonomy in his personal marketing activities, but shares resposibility in the joint venture.
Looking For Joint Venture Partners
The best place to look for joint venture partners is at business associations to which you already belong, such as mentorship groups, masterminds, and business conferences. Build relationships with people you already know and trust.
Unfortunately, people always want the popular gurus to be their joint venture partners and that can be a hard nut to crack. Most successful internet marketers get joint venture requests every single day from people they dont even know and most of the time they dont even look at the product, though the product may have great merits.
You have to develp a relationship with anyone you want to have as a partner. If you want a guru to be your joint venture partner, why dont you firts hire him as your mentor, then you would have a relationship that he would be very likely to respect and honor.
Using Joint Venture Brokers
If you have no relationship with any likely joint venture partners, or if you have a product that you know will be a great success upon launching, you should consider using a joint venture broker.
A joint venture broker has established relationships with successful marketers and he will be your representative in making contact with them and establishing the joint venture. He will typically charge you a flat fee to engage him and become familiar with the product, and percentage of the sales. Rates and percentages vary from broker to broker.
If you are just now coming out with your first product, or if you are trying to develop more partnerships, consider using a joint venture broker. They can make a significant difference in your product launchs and help you break the entry barrier into the joint venture business.
The Secret To Joint Venture Marketing Success
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