As a part of a joint venture you will definitely be able to increase your sales, generate leads and obtain access to another business’s customers. You will benefit from the audience as you get access to a well established relation. Distribution and trust are the two aspects required for success of a JV, thus making it an unbeatable technique for increasing profits.
You also have the option of the affiliate system which is gaining popularity lately. However, if you require a quick turnover a JV is the ideal option to expand your reach. Through a JV you will not have to spend time acquiring audience and building trust so, to build your online business you will have to understand how to operate a joint venture.
Listed below are some dos and don’ts on how to approach business owners to convince them of joining your venture.
Keep it personal
The first rule is quite simple and does not require one to put in much effort to follow it. Do not use templates while sending emails when approaching a potential partner. Ensure to use the name of the individual you are approaching as emails go straight to the bin if they begin with ‘Dear website owner’.
Do not approach the other party by asking for something
The biggest mistake that most individuals make while approaching a potential partner is making the assumption that since their product will sell well, they can begin by requesting promotion of their products. They believe that by earning high commissions one is offering a lucrative deal and both parties are at equal footing. It is not right as you are asking the other party for a favor. As you have performed no action to deserve their respect and to justify their attention, you should not be expecting any favors.
Rejection should not be taken personally
If you are rejected the first time, do not lose hope or consider it as a personal rejection. These mails are mostly deleted and if you receive a mail rejecting your offer try to understand the reason rather than wailing and crying. Do not ever send an angry mail as a reply if you wish to work with them ever again. As it takes time to build a relation and gain one’s trust you should not be disheartened by a few rejections. By retorting you will only justify their action of rejecting you by displaying your emotional insecurities.
Start small with friendships
Most of the successful joint ventures that I have witnessed are based on some form of friendship. The chances of getting a cold response is more if you approach coldly, however if you start with friendship you will have chances of the offer being accepted since the other party is sure of the proposal being sincere.
Do a favor first to receive one in return
If you want a potential partner to consider your offer you should start with doing them a favor. As humans it becomes an obligation to help one who has helped you, so the other party will try to return the favor in one way or another.