A JV partnership is a joint venture where two different businesses join up to work on a particular project together. They do not become one business entity; rather they stay separate through the JV experience and after.
There are many advantages in having a JV partnership. At the same time, here are some common mistakes that you’ll definitely want to avoid.
Not Having a Contract – So many people get involved with JVs without a contract and this is a huge mistake. If you have no control over the purse, the domain, or the intellectual property, you could end up being left out from the profit too.
Not Having a Clear Delineation of Duties – Each partner in the relationship should have some type of duty or responsibility. There are cases of silent partnerships where one gives their name, their list, or some funding in exchange for a split of the profits, but everything should be spelled out specifically. If you want one person to deliver a specific amount of work each month, say so.
Giving Up Too Much Control of Your Brand – In a joint venture, sometimes one person is in control and in charge. However, you want to keep an eye on your brand so that you do not give up too much control over it.
Unrealistic Expectations – It is easy to get excited about a joint venture, but do not place all your hopes and dreams into a single venture. You never know what can happen, but you need to have contingency plans.
Entering into Partnership with a Competitor – It is a bad idea to enter into a JV partnership with someone who is a direct competitor. Instead, try to find people to work with who market complementary goods and services to your audience.
Not Planning an Exit Strategy – Most JV partnerships do not last forever. Therefore, you should write into the contract how long the relationship will last and how it will end. Planning everything in advance usually works better than just letting it dissolve on its own due to potentially having different expectations.
Not Offering Something Valuable to the Partnership – If everyone is to be satisfied in the partnership then each person needs to contribute value to the partnership. Everyone will feel better and it will cut down on resentment.
Trying to Hook Up With Someone in the Wrong Niche – It is hard sometimes to differentiate between working with someone who offers complementary products in your niche and someone who is in an entirely different niche. But you need to stick to what you know and only enter JV partnerships within your niche.
When you enter into a partnership, it is more important than ever to cross all your T’s and dot all your I’s. Do not be afraid to ask for a better contract or better terms when working out the initial phases of the JV relationship. If you are setting it up, do not have a “me first” attitude about the situation. Instead, find a way to make the JV a win-win association for everyone involved so that everybody can contribute talents and benefit as equally as possible.
Affiliate marketing is not a fast results type of program. A well-planned affiliate marketing program built today can pay off in spades tomorrow. But, remember – it is a long-term plan, not a short-term overnight success type of situation. So, here are 8 things to get you started on the right foot so that you can do it right.
Do Not Link Away from Your Site – When it comes to promoting a product, the page should promote that product and nothing else. You do not want to lead people away from your website when they are coming there to learn about a specific product or service. Take away anything that links them away. Your affiliates will appreciate it.
Clear Contact Information – If someone has a question that they need to be answered, you want clear contact information so that they can contact you easily. You can also use a service that provides a chat with people to help them make purchasing decisions. Whatever you decide, make it easy for people to ask questions and get answers.
Product Pages That Convert – It is imperative that you have a clear call to action, great images, good descriptions and benefits of the product on the page. If your product pages do not convert, then affiliates will not want to touch the product.
Converting Marketing Collateral – Affiliates need copy, images, text and more to promote your products and services. They are not going to create it for you. If you want them to send out emails to their list, create an email that they can edit and make their own. Do the same with all the marketing materials you offer them to ensure that they promote your offerings.
A Fair Commission – Affiliates are like sales people who get paid only when they make a sale. If you want them to do a lot to make that sale, then they will need a fair percentage of sales to make it worth their time. If you do not offer at least 50 percent, you are unlikely to attract high-level affiliate marketers to your program.
Offer Incentives to Affiliates – In addition to a fair commission, you can also offer prizes to top sellers so that they work harder to promote your offerings. People like competition and if you give it to them and let them win prizes such as additional money or a physical prize, they will want to win.
A Fabulous Product – Of course, if you want to attract affiliates, you need a product that is everything you say it is and more. You want your affiliates to be excited to promote the product because it does what the sales page says it will do.
Having affiliates to promote your products and services is like having a legion of fans screaming your name. They will blog about you, promote you, and be excited about it – because if you are offering a great product or service, they know that it makes them look good. After all, their job is to promote things to their audience that solves their problems. Your product could be the answer.
One of the very best ways to market on-line is to create a legion of loyal cheerleaders and fans, who at your command tell everyone they know about your products, services, sales, and information. Word-of-mouth marketing has always been the very best form of marketing and creates better and longer-term relationships with customers. Keeping customers long term saves money. Here’s how to get affiliates to help you with your marketing.
Use Well-Known Affiliate Tracking Software – If you use unknown affiliate management software, you may have trouble getting strong affiliates to sign up to promote your products and services. Currently, Infusionsoft is very popular systems. Don’t try to get by with a free program because you will not be taken seriously.
Provide an Excellent Product – Super affiliates aren’t going to promote a poor product because they are marketing things to people that trust them. They are seen as experts in their niche and promoting a problematic product will make them look bad.
Give at Least 50% Commission – This is especially important if your product is low cost. It takes work to promote products so it needs to be worth their time. It needs to earn them enough to entice them to promote your product. Also, ditch the minimum sales; pay your affiliates for every sale in a reasonable amount of time.
Offer True Lifetime Cookies – One poor habit of those who want affiliates is not offering true lifetime cookies. That means that once they attract the lead to click through, they will always get the credit for sales from that lead.
Provide Top-Notch Tools – Graphics, content, reviews, and more should be available to your affiliates so that they can promote your products as quickly as possible. They shouldn’t be charged with creating graphics as well as promoting. Give them all the tools they need and they will work harder for you.
Have Contests with Prizes – Encourage your affiliates to make more sales by offering prizes and having contents where you share the leaderboard and who is doing best during the time of the contest. Offering prizes like iPads if the market is right is a good incentive to most affiliates.
Provide Excellent Customer Service – If someone buys the product and has issues, it is important to address those issues right away. Word gets around if you have a bad reputation for not taking care of your customers.
Provide Product Information and Training – You can use videos, PDF files and more to provide product information and training to affiliates so that they can use the information to market to their audience better.
Offer Affiliate-Only Webinars and Calls – Affiliates really appreciate the opportunity to talk to product creators. What’s really great is that you can get more feedback about the product and what their customers think about their recommendations. Plus you can use the feedback to help you make your affiliate program more effective.
Finally, be sure to pay your affiliates on a regular basis. It is reasonable to wait to pay until after potential returns go through, but it is not reasonable to hold a certain amount of money to require payments. Affiliates will work harder when they’re seeing results. If you want your affiliate marketers to be marketing powerhouses, treat them well.