If you are strategic in your alliances, a joint venture can be a powerful way to dramatically increase your income in very little time, with very little expense.
Here are just a few of the reasons why: Joint ventures can strengthen your existing relationship with customers and subscribers by offering them increased value.
If you can find a top-quality product or service to offer your customers and subscribers at an excellent value, then it will reflect positively on you and your business.
Of course, for this to work, it's critical that your customers and subscribers feel that you've gone above and beyond to get them a special deal.
If they think this is just another cash grab, or the product or service doesn't live up to your promises and their expectations, this could really backfire.
Joint ventures are a great way to offer new products and services to your existing client and subscriber base without the expense of new product development and distribution.
Developing a new product and getting it ready for distribution can be a costly endeavor.
Joint ventures allow you to sidestep these expenses by teaming up with businesses and promoting their existing products or services to your customer and subscriber base for a percentage of the profits.
Joint ventures give you the perfect opportunity to capitalize on your good name.
If you are well-respected by your customers and subscribers, or belong to a community that respects your opinion, why not capitalize on their confidence in you by recommending a quality product or service to them for a percentage of the profits? Personal endorsements can be extremely profitable because you're recommending a product or service that is not yours -- and people perceive your endorsement as a personal preference, rather than just a cash grab.
Joint ventures allow you to increase the response you receive by as much as 400% by using third-party endorsements.
If you can persuade a business that has access to a large percentage of your target market to endorse your product or service for a percentage of the profits, you'll be absolutely astonished by the response you receive.
As long as the business has a strong relationship with its customers/subscriber base, their third-party recommendation can bring 400% more sales than if you were to try to market your product to these people yourself.
If you're a reputable business, then it should be really easy to find other companies to partner with.
The beauty of joint venture is that everybody wins.
You win more profits, your partner wins more profits, and both your customers and your subscribers win easy access to quality products and services at an excellent value.
Because joint ventures are truly win-win partnerships, as long as your business has a good reputation, you should have very little difficulty finding related businesses to form these strategic alliances with.