One of the many reasons people love to form joint ventures is to build up their emailing list. By sharing cross-promoting with a business that does not compete directly with you but instead offers complementary products and services to your same target audience, you can build your list quickly and painlessly.
There are a few different types of JV partnerships you can form, both formal and informal.
This is a friendly handshake agreement with another business owner to tell their clients about you when it comes up. For instance, say one business owner is a web designer, and another is a content writer. The web designer can tell each client about your content services to populate their website with content fast. The content writer can pass on sales information to all their clients about the web designer too.
If you want to have any type of event, it’s always better to share the responsibility with another business owner who has the same target audience as you do. Plus, it will make the event more exciting the more people who are involved. For instance, if you are having a webinar to promote a new product or service, why not invite those who sell complementary items to join in on the fun. They will promote the event to their lists, and vice versa.
You can have an informal agreement with other people who have mailing lists that market to your audience that you’ll both send out information about the other person’s business, products, services and events on a regular basis. Each simply submits the information to each other on the designated date and both parties follow through.
Each of you offers a freebie to the other’s audience during the same time frame. They offer your freebie to their audience, and you offer their freebie to your audience. This will encourage cross-list sign-ups without that much work involved. Both of you will gain new targeted customers and it’s an easy win/win.
Both of you join together to create a new product. You can create a brand-new information product, a new service, a membership website – the ideas are truly endless. You both promote the new product to your own markets separately, but you come together to create and service the new product long term.
Throw together complementary products and services that you already have into one joint package. Both of you market it to your respective lists and split the proceeds. This is a great way to create more products that have more value to your target audience and works well to build up your list.
By focusing on new ideas for the JV partnership, you’ll develop many ways to build your mailing list bigger than it was before. A JV partnership can breathe new life into your business. You will gain the experience and knowledge of the partner, and vice versa. Nothing can boost your business faster.