Thursday, October 4, 2012

List Building Tips (Part 12)

When you work online, it is usually advisable to work closely with like-minded individuals. It is no surprise that from time to time you will see and hear of JV (Joint Venture) Partnerships. There are a number of ways by which you can go into JV partnerships. This edition talks about the three most common ways by which you can engage in the practice.

32. Setup JVs with other list owners

As mentioned previously, cross-promotional methods are some of the least expensive ways to promote your business. And while they might take a while to take full effect, they can often generate tremendous results that will massively grow your list.

One particular type of cross-promotion is a cross-list joint venture partnership. This typically involves identifying a number of list owners who might be able to provide some type of joint venture partnership value. Included below are some of the possible cross-list JV partnerships you might consider:

A. Product Partnership

Very frequently, two partners will collaborate on the creation of a single product that they will then promote to their own lists and to others. At first, you might see this as a means to sell products, not grow your list, but think again!

When your partner promotes the product to his or her list, your name and your site will now be associated with him/her. This will immediately endow you with the trust of his/her readers, which is something that could otherwise take you years to gain.

With these types of partnerships, more is almost always good. As long as you have enough time to manage each of your partnerships, adding additional products and promotional events to your calendar will only serve to expand your influence and gain you subscribers.

B. Promotional Partnership

Instead of collaborating on the creation of a product, you might consider collaborating on a joint marketing scheme. That is, rather than simply agreeing to cross-promote each other on your own lists, you could agree to promote each other in a more broad sense. This collaboration might involve referring each other to clients and to individuals in the inner circles of your respective businesses.

C. Specialized Partnerships

Instead of adopting either one of the strategies above, you might consider adopting a more specialized partnership. That is, you might focus on product creation (and, thus, back-end promotion of your own site), while your partner focuses on promotion of the product through his or her list.

This type of partnership arrangement has the potential to provide both profits in the short run; and, in the long run, back-end subscriptions. However, in general, it will be hard to maintain unless you have a JV partner whom you can trust and are able to work well with.

Look into your business at the moment and ask yourself as to what type of JV partnerships you have entered. If you haven't tried it, I encourage you to do so. 

My text ad exchange, Winning Solos T.A.E., has a number of JV Partners to promote increased membership. If you also own a text ad exchange program, feel free to contact me and talk about a possible JV partnership agreement.

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