If you have been marketing on the internet for very long, then you know that joint ventures have very popular among internet marketers. It amounts to a very efficient use of time resources, because joint venture partners can capitalize on email lists that have already been built by another marketer, instead of having to build a list from scratch.
But how do you select the right joint venture partner for you? If you are thinking about going into a joint venture online, there are several factors that you should consider when you are evaluating a potential partner.
First, you should consider the size of your joint venture partner’s email list. Obviously, the more subscribers a marketer has, the more sales you can make by partnering with this marketer. Generally, unless you are marketing to a very narrowly defined niche market, your potential joint venture partner should have at least 5,000 subscribers to make the venture worth your time. Of course, this is not a hard and fast rule – there will be times when a smaller list can yield sufficient sales to make the venture profitable.
The second thing you should consider when selecting a joint venture partner is the types of products that he or she already offers to subscribers. You will want these products to be at least somewhat related to your own. That way, it will be easy to uncover the needs of the list members, and demonstrate how your own products can meet those needs. For example, you may be selling bar ware (martini glasses, highball glasses, etc.) online – it would be logical to enter into a joint venture with a marketer who sells bar stools and home wet bars. People who are considering purchasing a bar to install in their homes would naturally want to have nice bar ware to go with it.
Of course, you would not want to select a joint venture partner that sells products so similar to yours that you would be duplicating your efforts.
The third thing to consider when selecting a joint venture partner is the responsiveness or the partner’s email list. How many subscribers open each email? How many click through to view the offers in those emails? How many purchase the items promoted in those messages? Are they repeat buyers, or do they just tend to buy a single product? All of these factors will help you determine how profitable your joint venture will be.
Finally, you should consider the overall reputation of your potential joint venture partner. Talk with other marketers that have partnered with that person in the past to see how successful a venture was. Was your potential joint venture partner honest about the conversion ratio? Did he or she promote the products with the same enthusiasm and effort as if they were his or her own?
Use these questions when selecting a joint venture partner, and you will have a good chance or finding a partner that can help you build an even more successful business.