The 13 Key Success Factors Of A Well-Executed Joint Venture
1. Product or Service That Sells Well
You want to find a product / service that sells,
and sells well. You need something that people want,
not something that people need. People buy wants a
lot more than they buy needs.
Is your product or service targeted towards a niche
market? Is there a big demand for it? Are the customers
in that market rabid for products like yours? Are they
easy to reach?
2. Endorsement
One of the most important factors in the success or
failure of your business joint venture.
You have to send an endorsement (recommendation) to the
list. NOT a blatant sales letter type ‘‘endorsement’’.
The endorsement has to convey the fact that the list
owner is trying to help his client base, not sell them
something. The endorser is doing a favor to his clients.
He went out of his way for them to bring them this
special offer.
That’s why you should always offer a special privileged
rebate on the product or service.
Write the endorsement as if you were personally talking
to someone and someone only.
3. Price Of The Product Or Service
The price has to be along the lines of the cost of what
has already been sold to the list. Trying to sell a
several hundred dollar product to a mailing list that’s
used to buying cheap products is not a good idea.
4. How Targeted Is The List Vs. Your Product? Or Vice Versa?
The more targeted, the better. Don’t expect to make
megabucks if you match a book on doll collecting with a
financial newsletter or e-zine. If the offer is not very
targeted, the deal will flop.
There can be exceptions to this rule however. Special
occasions like Christmas, Valentine’s Day, Easter etc.
can be used as a reason to buy. So you can match 2
completely unrelated businesses and the deal will
probably work.
5. Relationship
Another very important factor. Always, always partner
with list-owners that have a great relationship with
their subscribers because the stronger the relationship,
the stronger the endorsement, and the stronger the
endorsement, the more sales you’ll make.
And if you have a mailing list, you should always work
on building a better relationship with your subscribers.
Some marketers have such great reputations and
relationships with their client base that they can sell
almost anything to them.
Some have been known to sell products that were priced
several times higher than their competitors, and they
made a killing at it. Achieving this level of trust
with your subscribers should be one of your main goals,
one that will benefit you for years and years to come.
6. Size Of The List
As a rule of thumb, the bigger the better. But that’s
not always the case. If the subscriber base does not
trust, or has little or no relationship with the list
owner, doing a business Joint Venture with that
mailing list will be futile. If you can find a huge
targeted list that has a great relationship with the
list owner, you may very well be sitting on a gold mine.
7. Sales Letter (Or Copy)
The sales letter is another very important factor.
The higher the conversion rate (or visitor value),
the more profits you will be making.
8. Recency
Have the prospects recently bought products similar
to the one you’re trying to sell? If so, it’s a very
good sign. The best prospects are the ones who bought
within the last 4-6 weeks. These folks will be the
most responsive. But don’t mail sooner than 3 weeks
apart.
9. Frequency
Do the prospects regularly buy products and services
similar to yours? Another very good sign. If they have
often bought stuff like yours, they’ll probably want
to buy more.
10. The “High-Passion Index” Of Your Target Market
You’ll have a lot more luck selling to folks who are
really passionate about whatever you are selling.
Golfers, for example, have been known to spend small
fortunes just to take a stroke or two off of their game.
11. Has The Sales Letter, Price Of The Product Or Service,
Etc. Been Tested?
A tested sales letter, etc. will be a lot more lucrative
than one that hasn’t been tested at all.
If the price hasn’t been tested, you are most likely going
to be losing a lot in sales. You should test to determine
the price that sells the most.
12. Is The Endorsee A Well-Known And Trusted Expert ?
The more the product or service owner is trusted and
considered to be an expert in his or her field, the
more the business Joint Venture will have the
potential to be profitable.
13. Are The Prospects Rich? Or At Least Well-Off?
This pretty much ties in with the frequency. Most rich
people spend a LOT of money to learn as much as they
possibly can. They never hesitate to invest in their
education.
Copyright 2005 Gabriel Howes
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