In my List Building Promotion Secrets course, we spend a few sessions focusing on the ideal joint venture (JV) partners for growing your list.
However, there are many potential benefits of an online partnership; here are just 7 to get you started.
#1 More Profits
Money. Moolah. The Big Bucks. Whatever you call it, it means the same thing to business owners: Profit. Aside from any instant cash that may be earned through affiliate or co-promotions, partnerships can mean active, fluid and evolving relationships with other businesses. Some of the JVs you form today will benefit you for the lifetime of your online business.
#2 Increased Passive Income
Passive income is, simply, money you make without actively working.
When you run a business, you spend a significant amount of time actively keeping that business afloat. Every action that you take and the time that you put into it contribute to the business and its profitability. JVs give you the opportunity to reduce the amount of ACTIVE work you are doing in your business, because you can pool your labor and resources with others.
#3 Development of Relationships
Obviously, the relationships you build by working together can directly translate to increased profits, but it goes beyond that. The relationships you build also include exchange of knowledge (more below). This knowledge can potentially be used to increase profits and refine your business practices. In addition, one relationship opens the door to others when you continue to introduce each other to other potential partners and business associates.
#4 Larger Target Audience
A larger target audience means more potential customers. By partnering with another business and working together, both businesses expand their target audiences. You each come together with your own traffic sources, mailing lists and more.
#5 Increased Knowledge Base
If you’ve ever wanted to know how those working in the same market have an edge over others, an online partnership might be your ticket to find out. You will likely have access to find out (or you can ask about) research methods, mistakes they’ve made and learned from, their marketing objectives or anything else that might interest you. And because the opportunities of the Internet are so vast, there are plenty of opportunities to share that mutually benefit everyone involved.
#6 Strengthening Your Brand
A joint venture gives you the chance to strengthen your brand in a couple of ways. You’re able to gain inside information on how your partners have successfully developed their own brands AND by having access to their resources, your brand receives more exposure.
#7 Improved Credibility
You probably already know that customers can be skeptical people. With all the tales of fraud floating around online, you can’t really blame them. It’s your job to convince them that you’re a trustworthy seller and that you sell quality products. A JV with a company with established credibility can go a long way to give your own credibility a boost. If customers have spent money with your partner and were satisfied enough to become a repeat customer, they are likely to trust your business when your partner vouches for it.
Want to know how to use JVs effectively to grow your list? Check out List Building Promotion Secrets.