Joint Venture Marketing
Joint Venture marketing is an excellent strategy in digital marketing. It is where two or more website owners or online business owners come together to get more traffic to their websites. They both get more customers for their business and make more money.
These joint ventures swap links with another webmaster, so that you display their link on your website, and they display yours to get more traffic. Or they come together as a combined business venture where you partner together on starting an online business. The main goal here is to borrow someone else’s audience to grow your own and to create sales.
Relationships is key in joint venturing, which is co-creating or co-promoting a product or service.
Basic steps in joint venture marketing
- Networking with influencers or micro-influencers to build a meaningful relationship.
- Co-create a product or piece of content (such as a webinar, guide, etc.).
- Co-promote what you created (mostly via email and social media, but possibly paid ads as well if it’s a product).
Types of Joint Venture Marketing
With joint venture marketing, If you have an audience of 100k and you partner with someone with an audience of 200k or 250k, you’ll see massive gains. The sales you can drive from this type of co-promotion are well beyond anything you could do on your own.
Though the top players might not want much to do with you if you’re a starter. It doesn’t make much economic sense for them (only if they just really like you).
You can play a step-up joint venturing game. If you have 1000 followers, find someone with 3-5000 followers and do joint venture with them. When you get to 5000 followers, find someone with 10000 or 15000 followers, work your way up.
This strategy is a way to scale your audience quickly because every time you do a joint venture promotion you’ll add a relatively large audience for your business.
Having a podcast is a great way to meet with influencers and micro-influencers. By having them on your show to get them more exposure, and to introduce them to your audience. Then you can start to build the relationship henceforth.
With this strategy, people are given a percentage of sales/commission for promoting your product. It’s fairly easy to create an affiliate program, but they’re not always easy to run. Finding the right affiliates can be difficult and creating all the resources they need is time-consuming. It requires some expertise in things like copy-writing and graphic design (or you’ll have to hire those things out).
If you can create a successful affiliate program you’ll open your products and brand up to other people’s audiences as they work to promote you in order to earn commissions.
Getting exposure and leads by running a contest online is another strategy in joint venture marketing. While you can run contests on your own, they’re far more successful when you recruit influencers and joint venture partners. You can give away something of your own, give away other brands’ products, or a combination of the two.
If you are able to run really successful contests and giveaways, other brands will often contribute so they can get in on the action. When this happens, they’ll almost always announce the contest or giveaway to their audience, giving you a huge bump in exposure.
I’ve run contests to build a social following, grow an email list, and collect podcast ratings and reviews (for various shows). They can be very effective for getting a lot of followers or reviews in a very short amount of time.