SO --- you finally
decided to put that business idea into implementation and have your new website
go LIVE! Hold on for just a few
minutes. Many new business owners get so
excited at the thought of starting their own profitable company online that
they do not look before they leap. They come up with what they think is a great
new idea and start to try to sell it without doing proper market research to
determine demand and what customers in the niche are willing to pay for
products. Other new business owners go
to the opposite extreme and steer clear of certain top-earning niches because
they think there is too much competition.
You can’t go to either extreme.
There is something
you can do to help improve your chances of being successful in this new
business venture. One of the best ways
to put yourself head and shoulders above the competition even in a crowded
niche is to link yourself with key companies and influencers. In this way you
can offer all new products and services, increase your authority in your niche,
and earn more income all at the same time without exposing yourself to a
tremendous amount of downside.
If you are giving
serious consideration to making this new venture happen and want to be involved
with little opportunity for failure then you need to follow one of the easiest
way to accomplish this. That is through:
- Affiliate
Marketing
- Joint Venture
Partnerships
- Strategic
Partnerships
Affiliate marketing
is an excellent way to get to know the top people and companies in your
industry. There are a number of
affiliate marketplaces that allow you to link up with top infiuencers,
companies and products all in one location. The main ones for digital
products are Clickbank and JV Zoo. The best ones for tangible products are
CJ.com and LinkShare. Create your links once, paste at your site and in your
marketing emails, and those links will keep on earning for you even when you
are away from your computer.
In the process of
finding affiliate products to sell, you will discover the top individuals and
brands in your niche. Make a list of
them and their websites and email addresses.
Once you have a large email marketing list or are willing to be
interviewed or contribute to a webinar about your niche, you can form Joint
Venture (JV) Partnerships.
With JVs, you market
together and split the proceeds 50/50.
If you have a mailing list of 500 people, for example, and your JV
partner has a similarly sized list, propose mailing to each other’s list and
splitting the cash. If their list is twice the size of yours, email 2 of their
marketing messages instead of just one.
You can work out any agreeable procedure between yourselves. Just make sure you recognize the “give and
take” of this type of operation.
Strategic
partnerships can be formed online or offline in a similar way. Partner with
anyone who is not a direct competitor but sells complementary products and
services. For example, if you sell wedding gowns, partner with other local
merchants who can provide any of the other items commonly required for
weddings, such as flowers, formal wear, limos and so on. If you give this a
little thought you may be surprised at what types of partnerships you can think
of creating.
One other useful way
to find local partners is to offer an interesting workshop or talk at your
local Chamber of Commerce. They will do all the marketing and promotion for the
talk. You just need to deliver a great presentation. Those who get to meet you
in this way might just want to partner with you, or know someone who does.
Online networking is great, but don’t overlook the opportunities to forge
relationships within the community, especially if you have a brick and mortar
store.
Every business and
entrepreneur is judged by the company they keep. Form relationships with the
top movers and shakers in your niche and see what a difference it can make to
your profits.
QUOTE TO CONSIDER
THOUGHTFUL GEM
"Spend your life helping others succeed,
and you will also."
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