“A dwarf standing on the shoulders of a giant may see farther than the giant himself.”
(Attributed Marcus Annaeus Lucanus, aka Lucan, Roman poet, AD39-65)

A joint venture provides leverage. Leverage is the power to act effectively and amplify potential gains.
For the purposes of NiccAndlee team, the following criteria is specifically for internet marketing, but can be adapted to both ‘on’ and ‘off’ line activity

- Exchanging Leads: Leverage of someone else’s database or list. Arrange an endorsement, or recommendation to both of your sites.
- Exchanging Online Links: Driving traffic to each other’s sites
- Cross-Endorsement: “referring customers”
- Bonus / Loyalty Endorsements: Reward your customers by providing them with some sort of “special deal” from your JV partner, have your partner reciprocate something similar on their end…
- Trading Services: Trade one service/product for another
- Trade Testimonials: Review each other’s products, then display the reviews on your marketing materials.
- Share Ad-Space: share ad-space or promotional events.

The next question I would ask is how do I do the above? How do I set up a joint venture? … well there is a simple checklist that you should follow to make this work, make it work for your business by adapting it to your product or service

1. Identify your target market (newspapers, internet, shops….)
2. Identify other interests your target market might have (i.e. service stations don’t just sell petrol, they also now have mini supermarkets so you can buy bread and milk)
3. Identify other businesses that have already captured the market you’re targeting
4. Create a compelling offer that will be enticing enough to generate enough interest in the prospective partner
5. Work out an arrangement that will be mutually beneficial
6. Set a deadline to get it implemented
7. Get an endorsement from the JV partner if possible

And thats it… You have created a mutually beneficial joint venture. If you can leverage something …. why not! Double your business

Live life, Not just the weekends. You only have one life, Live it @ www.NicciAndLee.com

Tags: business, endorsement, Joint ventures, leverage, mutually beneficial

This entry was posted on Thursday, November 27th, 2008 at 10:00 am and is filed under internet marketing. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.