Joint Ventures Explained
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When you are marketing on the internet, you might hear about things called affiliate programs which means that you recommend someone else's product or service to your subscribers and just for recommending them you get a commission for that sale. But if you have a really high converting affiliate program or if you network with others, you can create more personalized deals call joint-ventures.
With a joint-venture you might make money in commission as an affiliate but also provide a special deal for people who buy from you. You might get a special deal as far as what the vendor pays you, and you might even add your own product to the vendors, or make a product with them.
The first concept I want to make sure you understand is this concept of an affiliate program. This is a pretty impersonal joint venture, it means that if someone has a $100 product for sale, you can post on your blog, post on twitter, or send an email to your subscribers recommending this person with your special link.
If your subscribers then buy from this vendor, and let's say the vendor was selling a $100 product, you will get $50 in commission. Some of these vendors do things such as recurring membership sites, so you might get paid $50 a month, they have things called lifetime tagging, which means that your subscribers might buy mulitple products or might buy in six months or a year from now from that vendor and you will get a commission for that as well. Other than that, that is where the affiliate program stops.
What you can do is if you make a lot of sales for a vendor, contact them and figure out if you can get paid a higher percent commission. Figure out if they will tell you when someone buys so you can deliver a bonus manually to that buyer. Find out if you can create a bonus and put it in the download or members area of the vendor whether or not someone bought through your affiliate link.
Either way what you should do is contribute something first to that vendor show them you can make at least a handful of sales, and then figure out how to help them better by providing extra content made by you. And if you find you really connect very well with this vendor, you can create what is called a co-product which means an information product where you both work on and create the product. This can be something as simple as interviewing the vendor, or having them interview you. Save the recording and now that is an extra bonus, or an extra series of things they can buy. Maybe make a video together. Maybe they make some videos, you make some videos - either way, if you want to get joint-ventures first find someone to promote, make them some sales, help them out in some way and then focus on landing these special deals and co-products as well.
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