This post is part of the “Joint Venture” series:
More to come!
Aside from what Col. Sanders did, there are tons of ways on how you can do a joint venture. I divided them into three main branches. That is…
- Leveraging other’s knowledge
- Leveraging other’s resources
- Leveraging other’s brand
Let’s dig deeper into each of those…
Leveraging other’s knowledge
Joint venture partners are like friends. Meh, probably not like – joint venture partners are friends. They share stories, experiences, give opinions and help each other out.
For example, when one my friends helped me out when my blog got hacked. When a friend of mine suggested to buy my own design. Or even YOUR simple comments on my post giving your opinions bout it.
Leveraging other’s resources
This type of joint venture is probably the most common – yet, the most effective of all. I can explain this in long paragraphs but what’s the point if I can explain it one word…
When someone forget their allowance in our school, we let them have a share on ours for that day. When someone forgot to bring their books, we let them borrow ours – but of course, you need to payback somehow. Just like in this type of joint venture. Here are some spot-on examples…
- Swapping email broadcasts – One of the fastest way to build your list is by swapping email broadcasts. The concept is simple, you send my squeeze page to your list and I’ll send yours. You can do this too on your products, I promote your product, you promote mine. It’s a win win ;-)
- Collecting gifts for exposure – The recent Blogging Olympics 2008 is using this type of joint venture. The sponsors got the stuff – and I have the traffic.
- Affiliate – The most common of em’ all – you drive traffic to my site and I pay you according to our deal. It could be per sale, per lead or just per visitor.
- Angel investors – Most web 2.0 startups are using this kind of joint venture so someone could fund them on programming, etc. You could do this in a smaller scale too or in other ways. For example, you have a friend who’s got an attitude in writing but does not know how to blog. Go buy him a domain, install WordPress and plaster some ads – then let him write.
There are literally tens of ways you can do with this type of joint venture. Be creative.
Leveraging other’s brand
You could get instant popularity with this type of JV – and there’s no better example to this than… Oprah. Everything she touches, turns to gold. In our century’s words, turns to a million dollar business. Yeeeep, million.
It’s the same online, if a hard-hitting marketer promotes your site, product or simply… you – chaching!
Here are some spot-on examples for this kind of joint venture…
- Seminar plugs – I never experienced to do a seminar before but I’ve learned this through my mentor, Joel Christopher. Man this guy’s a raging gunner when it comes to seminars and the like – he’s been doin it for years. When he invites someone to speak in his seminar, he gives them a chance to promote their product for a certain amount of time, most likely after the speech. Imagine if you are nobody and speaking with someone like Joel, your reputation will fly off the roof!
- Recommendation – The most common thing you see everyday, ads, salesletters, etc. – testimonials are everywhere. Why? Because it works. Not only that it’s a proof that this product is what it tells it to be but also by levereging the brand of the guy who gave the testimonial. What if you’re a tech blogger, not that great content but not that bad too AND you have a testimonial from Steve Jobs. Would that make a difference? ;-)
- Your product, my upsell – Some people who are looking to add more income for every lead – upsells (Selling something after the first sale). For example, I’m Apple and I’m selling an iPod – you’re some brand and you sell this unique iPod cases, we could partner up, who wins? You, you were no one then but now that you are partnered with me, you are a brand.
My number one tip
Here’s my number one top when doin’ joint ventures…
There are tons of ways of doin joint ventures, the examples here are made spot-on. Mix and match them, jumble them a bit, experiment.