Partnerships can be one of the most rewarding and profitable methods used online for your business. I’ve worked on dozens of them with both big name as well as up and coming marketers and businesses. While some have not worked out, most have been beneficial to all parties involved.
When we hear the word Partnership or Joint Venture, most of us immediately think of large corporations merging or businesses creating affiliate companies together. These are the typical partnerships that we may be familiar with as we see them on TV or read about them in the paper.
However, there are hundreds of deals done online everyday between small businesses, website owners, and friends. A partnership doesn’t have to be some huge multi-million dollar deal that makes everyone involved an instant millionaire. All you need is an agreement between two parties that will help both of them increase business and earn more money in the end.
There are also some questions you should ask yourself such as…
1. How should you go about initiating a partnership?
Well, the first thing you need to think about is what’s in it for the other person or company involved. Put their interests first and show them how this will help them make money and help their business grow.
2. Why do they need your product or business opportunity?
This will need to be explained to your partners very clearly or they will write you off after the first email offering.
3. How can your product or business opportunity help their members?
You need to put their subscribers or members needs before your own and fully explain how happy their members will be that they recommended your product to them.
4. How much will your partners make in commissions from this deal?
Anything less than 50% for your partners is not a very lucrative deal and will most likely be turned down unless the amount is very large even though it is a lower percentage. 50%-75% is common and can even be as high as 80% or 90% sometimes depending on the business.
5. Do you provide all the marketing material they’ll need to promote you?
If you think that a business owner with huge or multiple lists is going to be willing to take the time to write up a great endorsement letter for your product, you’re going to be in for a wake up call.
Some may do so, but many won’t and those are the ones you need to be prepared for.
Always make this as simple and painless for your partners as possible. Give them everything they need, emails, solo ads, banners, website sales page with affiliate links, hands free ordering process, etc. They should just have to push a few buttons in order to get your offer to their list.
You also need to give them a sample product to review or access to your business site so they can truly be a partner. Real partners do not make each other pay for their products as they are working together for the mutual interest of both parties.
Would you make your own brother, sister, or friend pay for the gas if they let you use their car? Their subscriber base is your vehicle to get from point A (where you are now with sales) to point B (where you want to be in terms of sales and the growth of your business). The gas is your product, which the subscribers (vehicle) need.
Never ever make you partner pay for your product or you’ll have very few interested partners. Help them and they’ll help you. Remember, your working together as a team. You supply a product, which their members or subscribers need or want and they supply the contact list to sell your product.
Their members or subscribers are happy because they’ve been offered a great new product or business opportunity that they needed or wanted.
Your partner is happy because they just made a nice profit from the commissions.
You’re happy because you sold a lot more products or business opportunity memberships than you ever could have by yourself and you did it with no advertising cost to you or your partner.
This is truly a win-win situation and when you have created successful partnerships they’ll reward you for months and years to come.
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