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Some Joint Venture Marketing Pitfalls
01/14/2009 - By Admin Yes, when it comes to joint venture marketing, things can go wrong if you aren't careful. Knowing the potential pitfalls you may face will empower you to create, implement and manage more successful joint ventures.
Pitfall #1 - Your Joint Venture Goal Doesn't Match the Partners you've selected: What are your reasons to create a joint venture or participate in a joint venture? Visibility, Credibility, Cash Flow? Maybe a book or product launch? Perhaps you are seeking endorsements or testimonials? Whatever the reason, it needs to be in sync with your joint venture partners.
Example: If you're creating a joint venture opportunity solely for the purposes of credibility but you haven't done enough research to determine the credibility of your partners, you could end up damaging vs. building your reputation.
Another way to undermine the effort is to align with experts who appear to be completely unrelated to what you do. Even though they may have great credibility, for more details visit to www.joint-venture-guide.com your audience will be confused by the association with them unless you find a way to clearly demonstrate the relevance.
Pitfall #2 - Poor Communications i.e. differing expectations: Being clear, ensuring there is mutual understanding of the project, confirming commitment and more is critical to the success of your venture. The communication element is HUGE. Try creating a simple and easy to follow checklist that outlines all of the details and steps involved and give it to your partners.
Pitfall #3 - Implementation Snafu's: Implementation is where JV's can really fall apart. People get busy, they lose emails, they misplace affiliate links... they get busy. What can you do in advance and during the implementation phase of your joint ventures to motivate and support your JV partners? For example, for more details visit to www.jointwebventures.com preparing pre-written emails that they can copy/paste or working directly with their VA. Anything that you can do to make participation simple and easy is worth doing.
Pitfall #4 - Low Incentives = Low Participation: One of the best ways to increase participation from your partners is to increase the commission you pay your JV partners. At first breath, you may be tempted to resist this one, but I assure you, the increased participation compensates for the higher commission you're paying. Many times, your revenues are higher. The increased participation also boosts your visibility too... it's really win-win.
Pitfall #5 - Crossing lines: When working with joint venture partners, it's very important to pay attention to the details and to ensure that you represent them in a professional/respectful way and vice versa... spell their names correctly... inspect that they have represented you correctly too. Simply paying attention can ensure that lines aren't accidentally crossed
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