joint venture marketing
Affiliate marketing has seen tremendous growth in 2009. People who are passionate about other products, as well as individuals who want a successful work-at-home business, are finding that affiliate marketing can give them the winning edge. With this in mind, you and your joint venture partner should consider leveraging affiliates as part of your JV marketing mix.
What do affiliates do? Affiliate marketing is when a third party agrees to market your product or service for a portion or percentage of each sale they make through their efforts. Affiliate marketers can make great full-time or part-time earnings by gathering a large Internet following and recommending products for their followers.
Benefits of Affiliate Marketing for Your JV
There are significant benefits associated with employing affiliate marketing for your joint venture.
- You pay only when a sale is made – One very nice benefit of affiliate marketing is that you do not pay any marketing or advertising costs until a sale is made. No money is paid up-front. By trusting that your affiliates will bring in sales, you hold onto your much-needed cash until each sale is processed. You can even agree to pay affiliates on a monthly basis, which allows you to leverage cash in your bank account even longer.
- Exponential sales potential – If one affiliate is bringing in an average of sales each month, then five affiliates could potentially be giving you 25 sales each month. Imaging what 100 affiliates could do! The more affiliates you have working the Internet marketing channels, the more you can profit!
- Let others do the marketing – Why not take advantage of others’ marketing efforts to sell your JV product or service? You and your JV partner both have your own businesses to run. By leveraging affiliates in your marketing strategy, you give yourselves more time to focus on improving and expanding your own businesses, or even focus on forming new joint ventures.
- New customer bases – Affiliate marketers can utilize their respective following to make sales. Affiliates may focus on specific market niches in their efforts, such as book clubs, video game player associations, auto clubs, and the list goes on. These marketing niches can be new customer bases for your JV business.
Affiliate marketing may have downsides as well. Some affiliates may not bring in any sales or lose interest in your product when the next best thing comes around. That is why it is important to screen your affiliates and choose the ones that have the best sales potential. You should also offer the largest sales percentages to the best affiliates. Make sure they have an established web site and verifiable list numbers. Offer up to 50% of each sale to the best affiliate marketers. You may see less profit on each sale, but remember, your sales numbers can skyrocket and total profits will increase as a result.
Affiliate marketing could be a boon to your JV business. If you have a product or service that could easily be sold via affiliate marketing, consider this as a viable option.
christian fea is CEO of Synertegic, Inc. A joint venture marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.
To discover more joint venture marketing Strategies join his free joint venture marketing Wealth Report.