Joint Ventures = Success

4 Golden Principles of Joint Ventures (JVs): The Life Line of Internet Marketers

There is no single niche that is completely unique in the Internet Marketing world. No matter what your chosen niche is, there are already thousands of people in it; all vying for a small portion of the market pie. Competition is not bad as it compels us to do better, but this article is not about how you can overcome competition – it is about how you can co-opt your competitors in a mutually beneficial way. Welcome to the world of JVs (Joint Ventures), the proven formula that all successful IM’ers use.

Here are the 4 golden principles of a successful joint ventures

  1. Target new customer acquisition

2. Contribute your individual expertise to the JV

3. Plan for activities that do not overlap personal interests and domains

4. Share rewards and failures equally

Combine Your Efforts and Explode Your Business!

Combine Your Efforts and Explode Your Business!

When you combine forces with a fellow marketer, there is an instant advantage for both of you in terms of expertise and resources. Both of you can easily identify your own strengths and areas of improvement and fill each other’s void mutually. Joint venture is not a new business concept but its relevance to internet marketing is only now beginning to take shape. But how does this work? Won’t you be intruding into each other’s space? The answer is no, because your combined effort is not to cut into each other’s pie but to jointly take a bite on another portion of the market.

The rules mentioned above are essential for the success of any JV. Always target new customers (fresh market), which will prevent you from cutting into each other’s domains. You must also understand each other’s strengths and work out ways to utilize those. For example, Your expertise could be content creation and your partner’s could be promotions. Both of you can apply your individual skills to create a good integrated content process. When you start seeing results, you must share the revenues and also the customer bases equally, thereby increasing your own individual market shares.

Joint ventures are done by all internet marketers, in various domains. In fact, there are also marketers who thrive on cross niche JVs(unrelated niches), to get new customer bases. If you are new to internet marketing, a joint venture would be a great way to start. The trick is to identify marketers who are your peers and avoid the more experienced ones in the beginning. Experienced marketers do bring in a lot of contribution to any JV, so, unless you have equal skills (or money) to match, stick to your peers.

Joint Venture is a strategic marketing technique that can bring in results that would not have been possible when done individually. It is estimated that about 55% of internet marketers adopt these techniques regularly. The best part is, more than 90% of joint ventures succeed in achieving their goals. You can never get these kind of odds from any other business endeavor. So, try to identify segments within your blog niche for a joint venture with a likeminded peer and reap the rewards.

 

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