At least once a week I get an e-mail from a newbie Internet marketer presenting the same problem…
The marketer has created his first product along with a landing page on which to sell it.
Now, how does he drive traffic to that landing page to generate clicks and sales?
The most effective method is to send an e-mail marketing message advertising the product to your opt-in e-list.
Unfortunately, most beginning Internet marketers have either no list or a list so small that no significant sales will result from e-mailing to it.
The astute start-up marketer realizes his only way of accessing large, responsive e-lists is to do joint ventures with the big Internet marketers who own those lists.
Unfortunately, these successful Internet marketers with the big, profitable e-lists (a) don’t know who you are and (b) are bombarded by people asking them to promote products every day.
Therefore, they have little or no inclination to respond to your request.
So what are the do’s and don’ts of asking medium-size (like me) and big Internet marketers (like Jim Straw) to joint venture with you?
To begin with, never send your product unsolicited without getting permission first, especially a physical product like a paper book or DVD set.
The recipients have neither the time nor the interest in reading your book or watching your DVD, and your expensive materials will go straight into the trash.
And don’t ask the big Internet marketer if they can look your e-book over and offer advice and suggestions.
This is presumptuous and potentially insulting. My clients pay me hundreds or thousands of dollars for critiques and editing. Why do you think I should interrupt my paying work to review your e-book for free?
Here’s a 5-step process that can lead to success in establishing a partnership for a joint venture with other Internet marketers, even those much bigger than you.
>> First, if there is any kind of connection between you and the marketer, even a tenuous one, mention it in your first communication with them.
This connection could be something as solid as having a common friend or colleague, or as ephemeral as you being a fan of their work.
One online marketer I know got a major guru to endorse his e-book because they live in the same city and swim in the same lake.
>> Second, briefly describe the product for which you are proposing a joint venture. Give its title and a one-paragraph summary of the contents, purpose, and intended audience.
>> Third, explain why you think your product would appeal to the marketer’s subscribers and also how it offers them unique content they cannot get elsewhere.
For instance, an aspiring Internet entrepreneur put together a guide on how to write copy and suggested I offer to my list.
He was shocked when I turned it down. Why did I? Because I already have several of my own products that cover the same territory.
Since in a joint venture, I’d have to split the profits with him, why wouldn’t I just sell my own products on the topic and keep all the money?
More recently, I was offered the opportunity to joint venture on an e-book about how copywriters and graphic designers can work together.
It’s a topic with great appeal to my list of copywriters, and I don’t cover it in any of my own products. This combination makes it ideal for a joint venture.
>> Fourth, the price is high enough that it allows me to make a profit when I promote it to my list via e-mail.
I have been approached about doing joint ventures on small special reports that cost seven dollars. I tell them there is not enough money per sale for the joint venture to pay off for me.
>> Fifth, the commission is generous. For most information products—e-books, audio CD albums, DVDs, multimedia programs—I give as well as get a 50% commission on the sale.
Anything less than 50% is usually not enough commission to interest me.
There are exceptions. On high-priced items, such as seminars and conferences, a 25% commission is sufficient compensation, because the dollar amount is ample.
One colleague, CM, asked me to present his $5,000 boot camp to my list and offered a thousand dollars commission on each sale. I was more than happy to oblige him.
Some Internet marketers add extra compensation for joint venture partners: prizes for the partners who generate the most sales of a product, typically offered for product launches.
MT, a top Internet marketer, says she is never motivated by prizes and similar incentives because the other issues I have named, i.e. whether the product is a good fit for the list etc. are the important considerations.
I agree with MT that I will never promote a product I don’t like to my list just to win a prize, even if it is substantial, and the prizes can be anything from an iPod up to an automobile!
But if I was going to promote the product to my list anyway, I certainly don’t mind getting a modest prize (I won an iPod a few months ago and gave it to my son).
Joint venture partners are also called “affiliates”. An affiliate is anyone who sells your product in exchange for a commission.
Many affiliates rely on e-mail marketing to their e-lists to drive traffic to your landing page, but not all. Some use other marketing methods, such as pay per click and banner advertising.
A “super affiliate” is an affiliate who, because of their size or the responsiveness of their list, is in a position to sell a lot of copies of your product.
There is a rule of thumb that says 99% of your affiliate sales come from 1% of your affiliates. This top one percent are the “super affiliates”.
Because of the great sales they generate, super-affiliates are worth courting. One way to get their attention is to offer them a special higher commission rate, say 70% instead of 50%.
Finally, I will ask the potential joint venture partner what the refund rate is for his product. It has to be less than 10% for me to participate.
A higher refund rate is an indication of an inferior product likely to displease my customers. And if the customer isn’t happy with the product, they hold me responsible for recommending it to them.
Bob Bly is the author of “World’s Best Copywriting Secrets” and has written copy for more than 100 companies including IBM, Boardroom, Medical Economics and AT&T. He is the author of more than 75 books and a columnist for Target Marketing, Early To Rise and The Writer. McGraw-Hill calls him “America’s top copywriter”.
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