In this final post in the “Think You’re Ready to Create Information Products” series, I’m giving you a crash course in the different types of joint ventures and how they can help you make your brilliance bankable.[box title=”This is part 5 in my series: Think You’re Ready to Create an Infoproduct?” box_color=”#6623a1″ radius=”4″]
Joint ventures are a great way to promote your product without having to spend a lot of money up front on traffic. You can leverage your own resources to multiply your own promotional efforts, and you can benefit others by helping them with their own promotions.
At the core, joint ventures are reciprocity relationships between promotional partners. You agree to promote something for a promotional partner and in return they agree to promote something for you. It could be an event, product, opt-in offer, crowd funding project – anything that is mutually agreed upon.
Being a JV partner is similar to being an affiliate, except instead of promoting someone else’s product in exchange for cash, you are compensated by having your own product/offering promoted in return.
The golden rule of a profitable JV is that it must be equally beneficial to all parties. If the benefits are uneven your JV partner could feel exploited. The ultimate goal is to build relationships, not just your profits!
There are many different ways to develop mutually-beneficial joint ventures. We’re going to look at a few of the ways you can build the most effective joint ventures.
When you release a product, you can form a partnership with someone who has a product that complements your product well. Let’s say your information product is a video series that teaches coaches how to create signature coaching programs. You could do a cross promotion with someone who specializes in helping coaches create authentic sales copy. They could promote your program as an opportunity for their clients to increase their passive income, and you could promote services as a way to increase sales of their information product.
This is the most common type of joint venture. In an email joint venture, promotional partners with email lists of similar sizes agree to send a targeted message to their own lists for each other. Let’s say you have an email list of about 4,800 people and you have a colleague with a list of around 6,000 people. It’s likely that a most of the subscribers on your list will not be on their list and vice versa. By sending emails out for each other each, you could both reach lots of new people. As long as lists are within about 50% of each other email joint ventures work well. If one partner has over 50% more subscribers, it may not be a win-win. While you can JV with anyone who agrees to partner with you, it’s a good idea to make sure your JVs are mutually-beneficial to preserve the relationship.
Don’t worry if you don’t have an email list. You can do a traffic exchange. Typical traffic exchanges are about hosting a banner or sidebar ad on your website or blog. If you have a large reach on social media you can also exchange posts on those platforms as well. Traffic exchanges work best with partners that serve the same audience as you, in a related but different niche of course, and that have similar traffic. Keep in mind that the traffic you send your JV partner may not be exactly the same as what they send you. Even if you both have the same amount of traffic and following on social media, there is no guarantee that visitors will respond to the offers. The key is to make sure both parties understand from the start of the partnership that there is no way to guarantee equal response.
For all joint ventures, all partners need to understand that the response they receive or the money they make may not be a 100% match to the other party’s outcome. There is no way to ensure a perfectly even reciprocation, but even effort is from both partners will satisfy the arrangement. If you focus on making your joint venture partners happy, you will reap the sweet reward of more traffic and more sales of your information products.
Tai Goodwin on a mission to help 10,000 women entrepreneurs create more joy and wealth in their life and business. She's the CEO of Aligned + Bankable and creator of the Bankable Brilliance Course. An intuitive business growth strategist and teacher, her specialty is helping clients create bankable business models that allow them to increase their impact and income without burning out. Tai is a former corporate trainer with a master's degree in instructional design and over 20 years of experience designing course, training programs, and certifications. She is also the author of Girlfriend, It's Your Time and founder of Brilliant Business Girlfriends.