Just What Is Joint Venture Marketing

If you've got an online business, chances are that you've heard about joint venture marketing. In the real world, this kind of marketing doesn't always work wonders. But in virtual reality, a joint venture is one of the most effective ways to boost your online business' presence and profits.

What's The Difference?

So why is joint venture marketing so successful in cyberspace? Before we answer that, we need to understand exactly what the term means. A joint venture can be defined as the combined marketing efforts of two separate businesses. Each business promotes the products of the other using different joint venture strategies. The profits made from these strategies are split equally by both companies.

The reason why joint venture marketing works so well for online business is because of the email lists. Virtual businesses rely on harvested email addresses to interact with potential customers. By tying up with another company, you literally have double the email addresses and double the potential business. Online joint ventures also mean more links and more exposure for you. In the real world, the scope for combined ventures is pretty limited, but online the effects can be both instantaneous and far-reaching.

What Are You Getting Into?

Before entering into any joint venture marketing agreement, it's important to know what you're getting into. Remember that your credibility is at stake when you decide to promote another product. If it turns out to be a dud, it will reflect badly on you and your business. Always make sure that the services or products of the other company are something you would endorse. Ask them for a sample and test it out for yourself- if they won't give you a sample, then it's probably not a good idea to go into business with them.

Joint venture marketing works on a mutual basis- the more effort both sides put in, the more returns both sides will get. Make sure you sit together with your joint venture partner and map out a game plan for product endorsement. Prior to this, it's essential that both sides are familiar with the other's product. In this way, you'll be able to think of unique marketing campaigns. In cyberspace, the possibilities are literally limitless. Blogs and podcasts are a great way to do some joint marketing. The advantage of these two media is that there is a personal touch- people can hear your voice or interact and ask questions via your blog. This personal connection can be invaluable in building a strong customer base.

Don't forget the social networking forums. Places like MySpace, YouTube and FaceBook are perfect for joint venture marketing. It's also a good idea to set up affiliate marketing opportunities. If possible, try and do a series of seminars and workshops along with your marketing partner. These are invaluable in driving new business your way.

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