| You may have heard of joint venture marketing, It's | | | | expensive directory to buy, but ask your library if |
| used frequently by savvy entrepreneurs to increase | | | | they have a copy. |
| profits and add loads of prospects to their customer | | | | YOU MUST BE ENDORSED The most important thing |
| list. | | | | is you must have your fellow entrepreneur include a |
| So what is joint venture marketing (or j/v)? | | | | letter of endorsement. |
| Speaking at the Information Marketing Boot Camp ( | | | | He has already established a relationship with his |
| Joint venture expert and entrepreneur John Alanis | | | | customers. You haven't. If his customers are satisfied |
| describes it as "a mutually beneficial agreement to sell | | | | with his product, then they'll much more open to |
| similar products or services to customers or | | | | receiving information from him about other products. |
| prospects." | | | | Without the endorsement, the customer response |
| You approach another entrepreneur and ask them if | | | | will drop significantly. |
| they'll endorse your product and allow you to mail to | | | | You can also ghost write the endorsement letter for |
| their customer list. | | | | your j/v partner and then have him sign it. |
| In exchange, you give the entrepreneur a cut of the | | | | APPROACHING A J/V PARTNER The best way to |
| gross profits, usually anywhere from 5 to 25 percent. | | | | approach a potential joint venture partner is to send |
| Or you could arrange a list swap. | | | | a letter and then follow up by phone. Be prepared to |
| J/V marketing allows you to quickly add hundreds or | | | | phone at least a couple of times before your partner |
| thousands of names to your customer list. | | | | agrees. |
| The first step is to find a suitable joint venture | | | | When sending out the letter proposing a joint |
| partner. | | | | venture partnership, be sure to do the following: |
| Where do you look? | | | | Offer to do all the work. You'll handle all the mailing, |
| Try your own customers first. Send out a letter or | | | | marketing documents, and product fulfilment. |
| email announcing you're looking for a j/v partner. Be | | | | Collect the customer money yourself and then send |
| sure to tell them you're looking for a partner who | | | | your j/v partner his cut for each sale. |
| sells similar products to your own. And ask how | | | | Stress the fact that your partner will be "getting |
| many customers they have on their list. Obviously, | | | | money for no work." This is a strong incentive for an |
| the more, the better. | | | | entrepreneur to become your j/v partner. |
| Another way of to find j/v partners is in trade | | | | You will deduct your mailing costs and other |
| publications. Look at the advertisers. You'll probably | | | | expenses first and then split the balance with the |
| find a few that sell similar products to your own. | | | | partner. |
| Contact them by phone or letter and explain you'd | | | | Always get your j/v partner to sign your letter |
| like to create a joint venture with them. | | | | agreeing to your terms. |
| Also look in the Standard Rate and Data Service | | | | Include an "exit clause." This allows you to cancel the |
| (SRDS) ( This directory has every commercially | | | | j/v agreement if you find your partner is a headache |
| available mailing list, the list owner, etc. Most larger | | | | to deal with. |
| libraries will have a copy of SRDS, although it may be | | | | By following these steps to a joint venture, you'll be |
| a year or two out of date. | | | | able to quickly add hundreds or thousands of |
| As well, check out the Oxbridge Directory of | | | | potential customers to your database that normally |
| Newsletters ( It's an excellent source for potential | | | | would take years to accumulate. |
| customers from newsletter subscriptions. It's an | | | | And, most importantly, you'll increase your sales. |