- by Rory Ramsden
Optimized your sales funnel?
Then you must have potential joint venture partners and affiliates banging on your door and asking to promote your next product launch.
This may present you with a new set of challenges.
Having someone promoting your new product launch who has a massive list must be good, Right?
Well, lets look at where you are first …
You are recognized as the expert in your segment of the market. You are respected because you under-promise and over-deliver on your offer. Because of this you’ve have built up a base of ardent fans who buy your products. You have a good relationship with them and they respond to you. They are all on a list that you have established recently.
Here are the 5 Rs That Will Guide You To The JV Sweet Spot
Criteria # 1 – Reputation
There’s no point in jeopardizing your hard won position by associating yourself with someone who does not have the same motivation or positioning. No matter how large the list. No matter who owns it. No matter what juicy temptation there is. Do some research. Ask around. When you have, remember that you don’t have to eat the whole egg to know its bad… Trust your ‘spidey sense’
Criteria # 2 – Recency
An old list is like an old tree. It may look magnificent but it is no longer vigorous. The older the list the less responsive it is. You don’t want to feel ‘used’ do you? That ‘big name’ who is promising you the world may simply be looking for some shmuck with a good offer so that he can warm up his list for his own nefarious purposes whilst being paid handsomely in the process. Make sure that the list is new
Criteria # 3 – Relationship
It has been proven time and time again that you will achieve a higher conversion rate from a small list with which you have a good relationship than with a massive list with which is stone cold. If this was not the case, you could go out and buy a list from a broker and not bother with the JV at all. Make sure that he ticks the ‘relationship’ box before accepting him as a JV for your product launch.
Criteria # 4 – ROI
You know your visitor value. You’ve proven that your offer converts. Now ask your potential JV to provide facts and figures demonstrating his track record. Don’t just take it on face value. Having your product launch being seen in the ‘wrong part of town’ will damage your hard won credibility and expert status
Criteria # 5 – Reciprocation
Lets just assume that your product launch goes off like an inter-continental ballistic missile thanks to that new affiliate of yours. Now he’s back asking you to reciprocate by promoting his new launch. Before you commit in the first place, you need to know what he has in the pipeline. Your list will be nice and warm after your launch and may even be ready to buy a complimentary product. Does he have one? How good is it? Is it a good fit? Will it fill your existing clients with unquenchable desire?
Before you even start talking commission rates, think strategically. Get answers to the 5 Rs. And remember that if that affiliate ticks all the boxes, it’s worth making sure that you give him every incentive to mail for you. A 75% commission may sound like commercial suicide but consider the size of the client list you will have.
As Dan Kennedy said… “You don’t build a list to sell products. You sell products to build a list“. It’s the most valuable asset that your business will ever own.
Warning: Don’t rush to do a big external product launch. It’ll certainly transform the size of your client list but with those massive numbers will come a whole new set of challenges so think carefully and think strategically. That’s why it’s so important to have a clear product marketing strategy with clearly defined goals. Every decision you take has to get you closer to the next goal.
If you have another ‘R’ to add to that list, then tell us about it by leaving a comment below and don’t forget to push the Tweet button 🙂
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