Other than the potential increase in profits, a joint venture partnership offers many compelling benefits. True, the potential for incredible profits is certainly a benefit; however, in the grand scheme of things, it really is just the cherry on the sundae.
Here are some truly compelling benefits of Joint Venture Partnerships:
Benefit #1: Bigger lists. How big is your current opt in list? Does it have room to grow? Would a bigger list mean more profits tomorrow, next week, next month and next year? A joint venture partnership has the power to broaden your opt in list in many ways. If you are list leveraging with a partner, then anyone who responds, visits your website, or makes a purchase is added to your opt in list.
Cross promotions have the same list building capabilities. Imagine if you post an ad for your partner in your ezine and they post an ad for you, then everyone on their list that responds to your ad is now on your opt in list.
Benefit #2: Better customer relationships. Offering your customers a new opportunity, new product, or new service with a reputable partner gives you instant credibility – not only as a respected business owner, but one that has their customers in mind and takes the time and effort to find and present quality opportunities to them.
When you offer your customers a quality product or service, you not only increase your credibility with them, you increase the likelihood that they?re going to buy from you again. You earn their respect and gratitude for bringing them valuable and beneficial opportunities and for connecting them with other spectacular businesses like yours.
Benefit #3: New products. Partnering with another online business introduces new products into your product base. For example, say you own and operate an information marketing business where your products range from a book on how to organize your home from top to bottom, to personal organization services.
You could partner with a small business coach and create a product about organizing your home office for maximum productivity. Your partner will promote the book to their customers and add the product to their product base, and you can market the product as part of your product base. Down the line you could bundle the product with others and create a larger book package. You could interview your partner and create a product from that.
When it comes to online joint venture partnerships, there really isn?t a downside. You get the opportunity to make your customer?s happy, you build your list, you increase your product base, and you make money. It?s all good.