| I remember my first Info-Marketing Bootcamp. New to Early to Rise, I didn't know much about Internet marketing. But what I heard in the halls got me excited. One guy from New York was bragging that he had just had a $10,000+ week thanks to an affiliate deal -- and he had no product of his own, a tiny list, and barely a website. He wasn't alone. One of the presenters said there must have been $1 million in affiliate and joint venture deals going down during Bootcamp. I was impressed, and I joined the attendees gathered around the "high rollers." But, as I said, I was inexperienced. I didn't realize that there's a big difference between affiliate and joint venture marketing. MaryEllen Tribby, ETR's former publisher and CEO, explains the basics in today's essay. -----------------------------------------------------Highly Recommended ----------------------------------------------------- Increase Your Wealth by Managing Risk Like the Pros Do
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"I have found no greater satisfaction than achieving success through honest dealing and strict adherence to the view that, for you to gain, those you deal with should gain as well." Alan Greenspan I recently received an e-mail on from an industry colleague asking us to do a mailing for his BIG launch. I know what you are thinking. Not so unusual. Correct. We get such requests all the time. His e-mail went something like this: Hey MaryEllen, How are things going?
I know that you guys have your big event coming up, and I was hoping to get down for it. I wanted to reach out to you and let you know about our upcoming launch starting next week (Nov. 11th). We are re-launching our biggest product. We originally launched it over 2 years ago, and it jumped to #1 in Clickbank.
We are not using Clickbank for this launch, but have added more value to the original product.
We have some cool prizes and incentives for affiliates who can help us promote it.
Check out this short video: XXXXXXX Best,
Sam The video showed all the "cool" prizes. The 1st place prize was a new car, an Audi. I sent back the following e-mail: Hey Sam,
Hope all is well.
We do have our big event of the year, ETR's Info-Marketing Bootcamp, next week, so our schedule is pretty tight. We really need more notice if you have specific mailing dates.
Also please note (and I need to be blunt), we never decide to do a mailing based on prizes. Our criteria are strictly: -
Is this a product our customers want? -
Do you share our customer-centric philosophy? By that I mean, is this a good product, will you treat the customers that come to you from us with respect, will you honor refunds, and so on? -
Does your product over-deliver on the promises made in your sales copy? -
What kind of refunds did you experience with your last launch? Cheers,
ME As I said, we were just days away from Bootcamp, so I was really busy. If I'd had more time, there's a lot more I could have explained to Sam in my reply e-mail. You see, Sam made the mistake of approaching ETR as just another affiliate -- trying to tempt us with a "cool prize." What he should have done was offer us a joint venture deal that could have been mutually profitable for years. Affiliate marketing is simply the promotion of someone else's product in exchange for a commission. The affiliate can promote the product through multiple channels -- usually on his own website, to his own list, and with pay-per-click campaigns. Meanwhile, a joint venture is a real partnership -- an agreement between two or more people or companies to undertake a business activity together. Labor, expenses, and risk are shared. When done right, the end result is always a win-win for both partners. The Main Principles Behind Joint Venture Marketing - Good JVs are those that pair up businesses with complementary resources and skills.
- The stronger the resources and skills brought to the table, the stronger the potential of the JV.
- Trust and respect are essential ingredients in JV relationships.
The idea is to develop joint venture relationships that are essay to maintain, financially profitable, intellectually rewarding, and long lasting. Strategies for a Successful Joint Venture - Look for a strong partner -- one with significant resources that you lack.
- Make sure that the value of your contribution is equal to your partner's. An unbalanced partnership is not good for either party.
- To avoid costly misunderstandings after the venture has begun, identify the value of each partner's contribution at the outset. This should include skills, intellectual resources, marketing resources, capital, etc.
- In determining the value of those contributions, remember that what's "fair" is not an exact number but a range. Try to be flexible and favor partners who demonstrate the same flexibility.
- Establish clear protocols at the beginning for amending or unwinding the relationship if it fails to meet expectations.
- If possible, limit the scope of the venture in the beginning and extend it as mutual trust increases.
- Make the agreement simple, but put it in writing.
- Always remember that you want your partner to benefit from the relationship as much as or more than you do.
Questions to Ask YOURSELF When Considering a Joint Venture Deal - What are my objectives entering into this deal? (What do I want now? What do I want eventually?)
- Do the short-term and long-term objectives of this potential partner differ from mine?
- If so, could those differences cause a conflict?
- If so, could that conflict be resolved?
- What specific qualities, skills, and resources is this partner bringing to the table?
- How valuable are those qualities, skills, and resources to me?
- Does the partner attribute roughly the same value to them as I do?
- If not, is there some way to resolve the difference?
- Are there other ways to get those qualities, skills, and resources?
- If so, what would they cost?
- Which one of us will have more power at the beginning of the relationship?
- Will that change as the joint venture moves forward?
- If it does change, could that pose a problem?
- Could that problem be serious?
- What can I do to prove my value to this potential partner?
- What do I need to do to make the deal work?
- How soon can we get started?
I'm not saying that you should do JV deals exclusively. There are many excellent affiliate programs out there, and there's no reason not to develop one of your own. But when approaching people to help you promote your products, as with all good business correspondence, understand who you are targeting and craft your message accordingly. That's where Sam made his pretermission. He sent the same e-mail to people who would be motivated by the thought of winning an Audi and to people who would be good JV partners. Now in the interest of full disclosure, I did receive a follow up e-mail from Sam that read: Hey MaryEllen,
Thanks so much for getting back to me. I appreciate your candor in what motivates you to help promote other people's products. I agree with you 100%, and feel the same way when we select offers to promote to our list. It's easy to forget about that sometimes, when others really aren't concerned for the well-being of the customer and are only looking to make a quick buck.
I will be in touch in the new year, and hope to work with you then.
I won't be able to attend ETR's Bootcamp, but wish you the best. Sounds like it will be really great.
Best,
Sam This made me smile and remain grateful for what I do. P.S. At ETR's last Info-Marketing Bootcamp, joint venture specialist Chris Chickering explained how to secure quality joint venture partnerships in the cutthroat online world. His techniques turn skeptical potential partners from "Who the heck are you?" to "Let's do business" -- even if you are just getting started online. If you couldn't make it in person... check out the Bootcamp Home Study Program. It's like inviting Chris, plus a dozen other experts in Internet marketing, search engines, copywriting, and more, into your home. Let Clayton Makepeace, Michael Masterson, and me, MaryEllen Tribby, teach you how to get your Internet business off the ground. For those who are serious about building their wealth online, we're also offering a fast-response bonus today only. Order the Bootcamp Home Study Program, and you'll get free instant access to dozens of Michael Masterson's tested principles for business success. In two video presentations and a book, Sell First, Ask Questions Later, and 11 Other Principles of Business Success, he shares... - How failure can actually be a good thing
- The only 3 ways you can increase sales and grow your business
- Why "first to market" means "last in profits"
- The Conceit of Outside Knowledge -- secrets invisible to outsiders that determine whether your business lives or dies
- How to get your competitors -- yes, your competitors -- to tell you exactly where to find new customers.
These two videos and the book sell for $79. But if you order the Bootcamp Home Study Program today, you get it completely free. Go here to claim your bonus. [Ed. Note: MaryEllen Tribby has followed her lifelong dream and started a new company, Working Moms Only, to help working women balance work and family life. But MaryEllen, while no longer ETR's Publisher and CEO, still has an active role with us as an advisor. Keep an eye out for her columns on the challenges facing working moms, marketing, business building, and more. And check out her new company, Working Moms Only, here.] -----------------------------------------------------Highly Recommended ----------------------------------------------------- Your Website Is the Crossroads of the World - Imagine if you could open up a store in the "Times Square of the Internet." But instead of the 26 million people a year who pass through Times Square every year, you got 91 million "passersby" -- every day! It's very easy (and cheap) to do. And with Bob Bly's help, you could see income in just a few weeks. Read more...
Take a Look at the Big Picture
By Bob Cox
The key to sustaining progress on your goals over the long haul is to have a "big picture" of what you want to accomplish.
Let's say you want to lose 40 pounds. To stay on course to achieve this goal, you must think of what losing that weight will mean in your life. In this case, the big picture would be improved health. That will allow you to live longer and be more active. And it will allow you to spend more time with your spouse, children, and grandchildren. And it will give you the opportunity to travel the world like you always wanted to... instead of living out your retirement years in a nursing home.
Maintaining a "big picture" or true purpose for your goals will bring you comfort and extra motivation during the inevitable peaks and valleys you'll encounter on your path to success.
"It's great to see."
"Thank you for the uplifting story of Michael's turnaround in his formative years, which will resonate with many.
"What I find so remarkable, however, is that it comes from an American, i.e., from a culture recognized worldwide as adhering to the superficial, shallow edict which says that only positivity should ever be uttered. Everyone says 'love ya' to everyone around them, everyone wishes everyone else to 'have a nice day,' and schools never issue an 'F' for fail, but rather gives an 'E' for encouragement to repeat the year.
"It is great to see vindication of the fact that if we are not performing well, we should be given the facts straight up (and mentored when we decide to pick up the reins)."
Trevor Best
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The same secret -- which Bob calls the "Hourglass Epiphany" -- could be your key to success. You can get the full details on the "Hourglass Epiphany" -- and find out how to use it to create your own life of relaxed accomplishment -- right here.
Pretermission (pree-ter-MIH-shun) -- from the Latin -- is letting pass without notice, the failure to do or include through neglect or disregard. Example (as used by MaryEllen Tribby today): "When approaching people to help you promote your products... understand who you are targeting and craft your message accordingly. That's where Sam made his pretermission. He sent the same e-mail to people who would be motivated by the thought of winning an Audi and to people who would be good JV partners."
We want your feedback! Let us know your thoughts on today's issue. Email us at: AskETR@ETRFeedback.com |
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