Marketing Anywhere: Another Angle on Joint Venture Commissions
Yesterday in a consulting meeting with a client, we began discussing strategy around a joint venture (JV) she was beginning to set up. I was able to shift her course so that she'd be gainfully rewarded for the work she put into the relationship.
The focus here is on putting yourself in the potential JV's shoes.
In her situation, she was going to ask a JV (let's call him Bill) to send out an endorsement to his list, sending people to her free teleseminar through his own affiliate link. If they signed into the call and subsequently enrolled in the course she was offering, she was going to pay a decent commission to Bill for each enrollee.
All well and good, but from Bill's perspective, it's not a guarantee of income. He might send 30 people or 300 people to my client, but if my client only closes 4 into her larger program, he's not made much income and has basically "given" those names to my client.
How can we make this a bigger win for Bill?
In past situations, I've personally set up another payment plan that works surprisingly well. Rather than leave it to my sales ability to close a client, I tell my potential JV that I'll pay him for all the incoming leads. Of course, this is a lesser amount than, say, a commission of $100 or $200 on a product/service I sell on the backend, but it assures him of immediate reward for introducing that client base to me.
In most cases, I'll set the pace anywhere between $4 and $8 per lead. Now, this might seem like quite a bit to pay for a lead, but I find that my carefully-chosen JVs are the niche markets that are inclined toward my product already, so in a sense they're already "pre-qualified" to participate with me. In my estimation, this is worth the higher lead payout than doing a Pay-Per-Click kind of thing with Google or Yahoo - but only when I know that the JV has the niche audience I'm looking for.
Consider this same tactic as you put your own JVs together out there. Let me know about your results!
The focus here is on putting yourself in the potential JV's shoes.
In her situation, she was going to ask a JV (let's call him Bill) to send out an endorsement to his list, sending people to her free teleseminar through his own affiliate link. If they signed into the call and subsequently enrolled in the course she was offering, she was going to pay a decent commission to Bill for each enrollee.
All well and good, but from Bill's perspective, it's not a guarantee of income. He might send 30 people or 300 people to my client, but if my client only closes 4 into her larger program, he's not made much income and has basically "given" those names to my client.
How can we make this a bigger win for Bill?
In past situations, I've personally set up another payment plan that works surprisingly well. Rather than leave it to my sales ability to close a client, I tell my potential JV that I'll pay him for all the incoming leads. Of course, this is a lesser amount than, say, a commission of $100 or $200 on a product/service I sell on the backend, but it assures him of immediate reward for introducing that client base to me.
In most cases, I'll set the pace anywhere between $4 and $8 per lead. Now, this might seem like quite a bit to pay for a lead, but I find that my carefully-chosen JVs are the niche markets that are inclined toward my product already, so in a sense they're already "pre-qualified" to participate with me. In my estimation, this is worth the higher lead payout than doing a Pay-Per-Click kind of thing with Google or Yahoo - but only when I know that the JV has the niche audience I'm looking for.
Consider this same tactic as you put your own JVs together out there. Let me know about your results!
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