© 2008 by Edmund Loh
When I tried my first attempt at contacting a potential partner to do a Joint Venture with me on my product, I was nervous and almost scared to death of being rejected. However as I progressed and built better products online, I had also learned from my mistakes gradually and thus my closing rate improved. I started to get a higher percentage of “yes” responses every time I send a Joint Venture proposal to other marketers and list owners in my niche, particularly the Resell Rights and Private Label Rights field.
Swamp of JV Emails I get every day, started filing since December 2007. This is excluding deleted emails.
Granted that there is no sure fire, guaranteed way to get a 100% “yes” response from every person and experts you send a Joint Venture proposal to, but you can easily begin with avoiding any of these commonly made mistakes:
1. The Product Offer Isn’t Appealing Enough
I have personally learned that experts with a large, responsive following are more meticulous and careful with who they work with. They have a commitment to their subscribers, and their subscribers expect only the best recommendations from them. So don’t be offended if the experts you’ve contacted for a JV declined your offer on grounds that your product doesn’t have mass appeal. It could be the sales letter problem, price problem or even the structure of the offer was wrong.
2. Perceived as a Direct Competitor?
If your product has a potential business threat to the JV Partner’s flagship product, he will probably be reluctant to promote your product to his opt-in list. The best way to go around this is to find JV Partners in the same niche but have built their credibility positions different from yours.
3. Too Busy or Short Notice
If you’re in a competitive field like Internet Marketing for example, you should know by now that product launches are happening almost every day. So don’t be alarmed if it’s harder to get potential Joint Venture partners to promote your product on a short notice. It pays to start contacting people for Joint Ventures at least two weeks before your next launch, and one month in advanced notification is preferable.
4. Joint Venture Partner Incentives are not Attractive
Offering a 50% commission payout is considered to be typical nowadays and thus it gets harder to impress the veteran marketers. You can quickly differentiate yourself from the other people who are blowing JV offers into their direction right away by offering higher commission percentage, or even payouts on different levels (One Time Offer, Downsell, back-end, recurring, etc.)
5. No Prospects of Long Term Reciprocal Value
Experienced businesspeople are always looking for long term cooperation with others who can also contribute to their business. If you don’t show any sign of potential that you can help their business even after your own promotion ends, their predictions will only reveal a disappointing conclusion that you need them more than they need you. You can best solve this question in their mind by letting them know you will offer a reciprocal promotion in return after they have helped you out. For example, you can promise to do a Joint Venture and promote their product in return and if you have your own substantial opt-in list or following online, this is a greater incentive.
6. Inappropriate Approach?
Don’t be surprised at all: I have discovered that easily 85% of the people that have emailed me for Joint Ventures every day usually approach me in a wrong manner or under unfavorable circumstances. Many were motivated by financial desperation. Some lacked basic email ‘manners’ (maybe through no fault of their own if English is not their first language). And most, if not all, got carried away with their grand scheme of making profits, neglecting to mention what the potential JV Partner wants to hear, “what’s in it for me?”
7. Never Approach for a JV via the Helpdesk
I have learned that before your mail can reach the person, his V.A. must probably have filtered the Joint Venture proposal email. And even if it did reach, it probably wouldn’t make a good impression because the thing is that, most other ‘bad’ or ‘average’ JV offers are cluttered through their helpdesks as well, thus your email might be perceived as just one of them. Approach by email, call by phone, or send a postcard if you must. But never do it through the helpdesk.
So there you have it! If you had always been getting declined and hearing ‘no’s every time you ask for a JV, don’t give up. The rewards are too good to be passed up just after hearing a few ‘no’s. And chances are that if you’re making any of the mistakes above, it’s time to re-think your strategy in approaching people for a Joint Venture and start focusing on where it matters most: relationship building.