01 Feb Partners: Fast-track to Success
You have heard stories about people earning $50,000 or more a day when they launch their product and they have a tiny list. Have you ever wondered how that is possible?
They most likely have a joint venture with someone or partnered with others to promote their product.
Doing joint ventures and having affiliate partners are fast ways to start making money as an internet marketer. It’s not what your business should be built on long term, but it can be an incredibly fast source of cash if done right. They work because you are leveraging other people’s lists to your advantage.
But why would somebody let you promote to their list? Because you give them an affiliate link so they get a commission for every resulting sale. Usually the commission is at least 50% so while you get names on your list, they get a nice sum of cash in their pockets. So it is a win/win for everyone.
But how do you find the right people for a joint venture?
Sometimes you have friends that just naturally want to help you and promote you. Many times a mentor will take you under their wing and introduce you to their audience. That is a nice bonus, but you need to do your homework and find people whose target market would be interested in your product or service.
One underutilized strategy is to just do a Google search of the most searched keywords in your niche.
Visit each of the top ten sites and look to see who has an email opt-in form. Since they are in the top ten you know they are getting a lot of traffic. Because they have an opt-in form they are obviously building an email list. Chances are they have a list of 100s or even 1000s of people. These are people you might want to reach out to.
Also look on Adwords and see who’s advertising there. Many of these advertisers have huge lists in the 100s and 1000s as well and, again, only target those who have a visible opt-in form on the site.
Using forums can help you establish contacts and meet potential JV partners down the road. Just be careful not to waste too much time there! While forums are great for meeting people and getting answers, they can consume a lot of time if you let them. I usually set a timer when I enter a forum and when time is up, I exit.
There are offline strategies for finding partners too. One of the best is seminars. These are not just about the speakers and strategies you get. The main benefit is the people you meet and the business relationships it can produce long term. If you meet someone with a responsive email list that sells a similar product to yours, then they may be a potential partner. Networking at conferences and seminars is worth triple the cost of attending.
How Do You Approach Possible Partners?
Once you have identified some people you would like to have as partners in a launch, how do you approach them?
That’s the hard part. It can be extremely nerve wracking your first time or two. Make sure you emphasize why they would benefit from sending your offer to their list.
Focus on what they will get from it, how their list will benefit, how much money they will make. Don’t talk about how great your product is. Everyone says their product is great. If they ask specific questions, answer truthfully and know every detail of your product, but focus on what it can do for them. You may even want to offer 100% of the profits to start. Yes I know what you are thinking…..I want to make money, I can’t give them 100% of the profit. If it at all possible, it will still be beneficial for you because you’ll make money with your backend sales. These are the sales you make after the initial one. Once they are on your list, hopefully they will love your product and buy more things in the future.
Make Sure It Is A Match!
As you consider who you would like to partner with and who to approach, remember to consider how they run their business. Make sure they have the same ethical behavior you desire. Make sure they are fair and treat their clients and other partners well. The last thing you need is someone who will only give your product a bad name.
Another thing to make sure you iron out before partnering is the legal issues of percentage of profits and when payment will be made, what happens if customers ask for refunds, etc.
Remember you are trying to build long term relationships with both the partners and new clients.
Finding partners is an important step in your business and one that will help you grow your business by leaps and bounds. Just make sure you have a thought out plan and choose your partners wisely.
If you have any tips for working with partners, please leave them in the comments below. I would love to incorporate them in a future post.