What Is Your #1 Question on Joint Ventures?
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What Is Your #1 Question on Joint Ventures?
I could give you 100 #1 questions on JVs...but I'll only give one for now, as I want to see if some of the others cover my other questions.
What do you consider to be the absolute biggest factor that differentiates a successful JV from one that is not successful?
Sincerely,
Chris
Great sales copy.
You could have an awesome product but if the sales copy sucks nobody will promote it.
I'll be honest, that answer surprised me a bit.
I mean, I know quite well the need for excellent sales copy...but for it to be the most important factor was a bit shocking. Often times, JV's are set up before the sales copy is even complete, or has been tested...so how can it be the most important factor?
I was really expecting to hear Mike's standard answer of relationships.
But since we're talking about sales copy, do you feel that the sales copy is more important than the sales process and presentation?
I mean, I've seen numerous products that likely would have done well with a sales page that said nothing more than "Buy Now"...simply because the process leading up to the potential sale had been executed so well. I can't count how many times I've read on the Warrior Forum from people "I didn't even read the salesletter...I already knew it was what I wanted, and immediately scrolled down to the buy link."
Anyhow, just trying to spark a little more talk on the topic. I have plans for something completely unique, and much needed, so I'm trying to gather as much insight as possible before we even get too deep into the creation. The sooner I can figure this JV stuff out, the better I'll be able to plan out what to do next.
Sincerely,
Chris
Relationships are very important but if the product and sales copy sucks your relationship nor the brokers relationship will save you.
But if you have great sales copy and a great product you can get others on board if you are talking to them in person (such as at a seminar) since they will be able to tell that you are already shaping up to be a player.
COPY IS KING
I had to learn this the hard way. The first thing anybody will every see of your product is the copy, it has to excellent.
Good is not good enough.
Because I’m a nationally syndicated home designer I have never had to do any copy, that was left to the people who know how to write it to make people buy my house plans.
Well when I went to created coastalhomedesigns.com my copy sucked. It was worse then bad. It would have killed a dead dog.
I was getting about 15,000 visitors to the site each month and I would only make 1 or 2 sales max. After tweaking the copy a lot it has gotten much better. Now it’s just bad. Which is and improvements I have gotten sales to 5,000 visitors per sale.
I never believed I needed it because the homes images are beautiful and the home are so nice.
Now I know how wrong I was about Copy.
COPY IS KING
Thanks
Charles Kirkland
I have two questions, not just one. How much time should I devote for the pre-launch stage of my product before I should actually launch it? Is one month already enough?
And also, how can you build relationships with someone you want to jv with?
Reed said it best.Quote:
Originally Posted by Reed Floren
Picture your product or service being offered as something that.
1. No one knows about.
2. No one cares about.
3. No one thinks they need.
How are you going to.
A. Get them to know about it?
B. Get them to Care about it?
C. Get Them To Admit they Need it NOW!?
Sales copy is the heartbeat of your whole business.
Even a screwed up sales machine with a great sales letter
will kick the butt of a, well oiled traffic monster with a crappy
sales letter.
I've worked 30+ years in offline and online marketing and the
number one thing you have to learn and know in this business
ABOVE
Anything else is ............
SALESMANSHIP!
PERIOD!
Then you can address business management and Systems.
One of the first things I teach my students is this....
Grab ahold of your own business first before you start to build
someone elses'.
Sorry Reed for jumping all over your post. :)
I wanted to add some experience in here where it would best be
suited and this thread popped out at me.
HTH,
Richard
PS. Having Copy skills is essential to long term growth. Don't skimp on yours. ;)
Great post ... nice follow ups, Folks.
Just a quick question ...
If our goal on the merchant side of a JV is to offer a product and marketing system that will be well received by by both the JV listowner and his list ... why would we not test all facets of the promotion (sales copy, price point, bonuses, back ends, shopping cart process, etc.) via sub list, borrowed list, volunteer partner, or PPC campaign prior to actual launch when it would clearly increase the odds of success?
Beta testing is done extensively in other Markets ... why is it largely ignored in IM?
Best,
Mike
Because to many people are rushing to get there product out to the mass. They don't seem to understand that the details are what make or break the sales. If you could improve your conv. rate from 1% to 2% you could double your sales with the same number of visiters.
Thanks
Charles
How do you get JV partners quickly?
I keep hearing that you've got to build relationships and not ask everyone you meet at seminars to do a JV with you, as you firstly have to build up the relationship.........this takes time and effort.....and you can only build decent worthwhile relationships with a finite number of people.
So, my 2nd question is - how can I build good, trust-worthy relationships with lots of people in a very short space of time?
Any advice would be welcome.
Here's my advice.Quote:
Originally Posted by Chris Freville
Show a lot of people that you are a good and trust-worthy person in a very short space of time :D
But, can you do that?
Honestly. I don't like the "quick" mentality.
But if you're in a "hurry", here are somethings you can try:
1. Tell people about your profile.
Impressed them. Show them your achievements.
If you don't tell them, no one will.
2. Tell people to Google your name.
Hopefully, you already have something nice at Google you can
show them.
3. Show them what your friends think about yourself.
Ask your current friends to give testimonials about yourself and
show them to the people.
How to attract JV partners for long term success?
I've seen alot of different packages for launches, some that have blown me away. What are some joint venture attraction strategies?
Cheers,
Chris
I believe you have to remember these important attraction factors ...
What is your JV partner looking for?
He/she wants a product to offer their list that will convert high and satisfy them ...
What will accomplish this task?
Variables such as ...
Celebrity - how well known is the merchant? ... their product line?
How well have they ... and their wares, been received up to this point in time?
How targeted is the product to the partner's list?
How strong is the need for this product? ... will it sufficiently satisfy that need?
Fact is, though ... it's all for naught if the JV partner isn't interested, or signs up and doesn't push the send button ... a big fat goose egg.
What can you do to better the odds that they will be interested?
Build yourself and your business brand by creating small circles of partners at your level of experience and success and leverage each other to grow ... as you grow, you'll attract higher level partners, and your circle will continue to grow into a network.
But the fact remains ... if you have no name and no relationships, you're starting out with 2 strikes against you.
One successful way to attract bigger partners is to promote their products as an affiliate, first .... how can you do this if you don't have the list or traffic to make any sales?
Using JV services like mine, Gina's, Reed Floren's, Willie Crawford's, Chris Rempel's, Gabriel Howe's, Jambhala's, JV alert, JV- Network, and others can expose you to these partners, and potentially gain more interest from them by being somewhat associated ... but when it comes down to it, it's YOUR self and product brand along with the relationships you've created and nurtured that will decide the level of buzz and interest generated, IMHO.
Case in point ...
I recently brokered a JV for Brad Callen ... Affiliate Elite.
He insisted on keeping the number of partners down, as he didn't like the whole idea of a massive product launch ... so all I brought on board for him was 40 partners.
He sold over 1500 units in 36 hours ... at $149 and $39, recurring.
Folks were actually coming to me and asking if they could get on board the launch out of the woodwork.
Why?
Brad is an established merchant with a solid track record, a popular product line and he's well connected.
Do you think it was as easy for him prior to releasing SEO Elite? ... methinks not.
He built his business, first ... and so started the attraction factor that would make him what he is today.
That's all the incessant rambling I have for you this Sunday morn. ;)
Best,
Mike
Please don't take this the wrong way, but if Brad Callen only wanted 40 partners, why did he need a broker?
Certainly he personally knows at least that many people who would want to promote his launch, plus he's so well-known and his previous products are so popular that it seems like hundreds more people would join in if they could... so what is the broker's role in a launch like this?
It seems like the person who would most need a broker would be someone who is not well-known in the industry and/or does not have many contacts who might be potential partners.
I'm not arguing, just trying to understand the process better, since it seems like Brad probably has at least 40 big name friends he could just call for his launch.
Also, how common is this type of launch and the use of brokers outside of the IM niche?
Time constraints, Chris ... he farmed it out to me, and it's not that uncommon for those that have already qualified themselves to pass that job on to a JV Broker, and/or an affiliate manager.
I've talked to merchants outside of the IM niche over the years, and one of their chief concerns is trust in their competition, direct or not, when seeking to form a mutually satisfying alliance ... for the most part (from my experience), they don't go the major launch route ... choosing to possibly seek out one candidate at a time to qualify for co promotions and potential alliance.
Best,
Mike
What is the role of the broker? Is this a 3rd party person you can hire to aquire more JV partners during your launch?
If so where does one go for such a service?
I have to agree 100% with Reed on this one.
Not enough people understand that great sales copy is the most important factor determining the success of any online info product. I have seen the effects of great vs. mediocre vs. lousy web copy numerous times and the difference is remarkable.
For example on my site review site dollars - the copy was pretty good to begin with and was converting at around 1% right off the bat. I did some split testing and tweaked the copy and it now does about 1.5% - 2.0%. A huge difference to my bottom line. I cannot tell you how many times I have seen new IM's with great products and graphics try and write the copy themselves and their sites fail because of it. Great copy is critical.
If any of you out there need to get in touch with a great copywriter let me know and I will do my best to help you out.
Thanks for the follow up, Stephen.
If I was going to list a quick 'Things You Simply Must Do To Maximize Your Product Launch' Top 5, it would probably be (in no particular order) ...
1) Make sure your marketing system ... from A - Z, is ready to go BEFORE you start bringing on JV partners.
2) Make sure your product ... and marketing system, is beta tested through your list, a JV partner, PPC, to make sure that everything is working, conversions have been maximized by split testing copy, price point, etc., before the general public sees it. Pre launch is a good time to ask your core JV partners to help brainstorm any last minute tweaking before show time.
3) Set up a blueprint of the way your launch is going to run from pre launch through post launch, and make it and all other tools available to JV partners at all times. Be sure to let them know the approximate date they will be paid, as well.
4) Be sure to contact each and every JV partner that you do not have a strong relationship with ... introduce yourself and invite them to contact you via phone, IM, or email with any questions or special requests. It is crucial more so now than ever to treat JV partners like JV partners, and not simple affiliates.
5) Maintain contact with your JV partner list every 24 hours with positive numbers, and other upbeat content, and always allude to what will be in store in the next update (will Cody overtake John Reese? ... or will Ewen Chia leap frog both into 1st Place and grab the Grand Prize?).
The bottom line once you've done the appropriate testing to make sure your marketing system will sell, is that you have an ongoing rapport with the JV partners, keeping them interested and focused. Everything should be at hands reach in every mailing ... at all times. You have to make it as easy as possible for them to hit the send button (and hit it for YOU, and not your competitor).
That's my Sunday morning blabbering for this week! LOL
Best,
Mike
Great Post Mike,
Just one point I would like to make. Testing your conversion rate via PPC can sometimes be a mixed bag. For example, let’s say you have a product in the home based business space and decide to run some PPC ads on Google to see how well the site converts. Remember there are over 15 pages of PPC ads all in the home based business space.
As great as all of us may believe our sites, graphics, copy, and offer is they are all basically promising the same thing: Make money with no effort from home via the web. They may have already seen 10 – 30 similar offers just from competing PPC ads.
My point is this: I have had sites under perform under hyper competitive Google PPC keywords that performed great when sent to targeted email lists via JV’s. PPC is great for split testing and getting traffic fast but sometimes the conversion rates are slightly lower then via other marketing methods.
Nice reply, Stephen.
I've had comparable responses when I bring testing up, in general.
Some merchants don't feel they have enough time to split test all those variables.
What I'm trying to say is that too many merchants are in such a rush to get their product to the masses that they have no idea how it will be received, at all ... some of them don't enough have the product finished till launch day! LOL
IMHO, everything should be ready to go, and you have to have some kind of idea if your product ... and the marketing system that's bringing it to the public, will convert.
But then again, I think that's one of the major problems the last year or two ... instead of putting their heart and soul into a product and taking their time getting everything right, merchants are running to market once a month with products that get a lukewarm response, at best ... because the process has become streamlined.
</rant> .. ;)
Best,
Mike
Hey Mike,
I completely understand what you’re saying.
I am sure that the majority of new online marketers think that all they have to do is put together(what they believe to be) a great site, get it on Click Bank, contact a few JV’s and presto the cash will start raining down.
In fact, I have been guilty of similar thinking in the past. Most of my previous products have been very black hat (i.e. would never be accepted by Click Bank) and so I did all the marketing myself.
I wanted to try something a bit more mainstream for a change and really believed that all that was required was to get a decent product on Click Bank and then all the clever affiliate marketers with big lists would recognize my superior product and push it to their list.
I think many new IM’s probably feel the same way.
I actually did run PPC campaigns and relentlessly split tested my site in order to jack up conversion rates, but my guess is that most other markers don’t bother. It must be very frustrating!
Stephen & Mike
Testing is somehting that most poeple don't do at all.
Why?
Because it takes WORK. Most people are dreaming about all the new things they are going to buy after the launch.
They don't understand that testing is SO important. I would never ask anybody to JV with me with out being able to give some kind of numbers for traffic to sales.
Thanks
Charles
Are their any other forums people use which have been useful in helping people get the word out about their product or assisted you in building relationships?
I have two questions, hope you can shed some light
How is the representation of the joint venture taken care of?
In what cases and in what way(s) can the joint venture be held liable for damages by a contracting or a third party?
Thanks
Hello Chris
Direct mail and just calling JV has allways worked best. I know that most people respond to getting mail better then just and email. I will send out about 7 mailings per JV to start getting the JV's on board. This way I'm sure to get people to notice me.
Thanks
Charles