Jay Abraham Club

One of the first steps in setting up joint ventures is to identify potential partners. The correct way to go about it is to start with your warm list, lukewarm list, followed by your cold list.

This process can be time consuming and depending on your lists, may or may not be effective.

Today, Marc Goldman and JP Maroney relaunched JV Dealmakers, a membership site dedicated for business owners to find suitable joint venture partners.

I used the word “relaunched” because they had it previously but closed it down for a revamp.

I went into the membership area to see what they had to offer. Summary of my review is as follows: Continue reading » Setting Up Joint Ventures – Part 4

Many people have asked me, “So, how can I set up successful joint ventures?” Instead of reinventing the wheel, I would like to introduce you to what two of my JV partners, Marc Goldman and JP Maroney, have written.

They are experts in doing JV deals and have written a report on how to do joint ventures correctly.

You can download this 28 page guide for free here.

Briefly, this report covers:

Section 1 : Introduction
Section 2 : Starting from square one: An introduction to JV and JV brokering
Section 3 : How to indentify potential JV partners
Section 4 : Pitching the idea
Section 5 : Protect yourself
Section 6 : How to get paid
Section 7 : Make the JV a no-risk proposition for your partner
Section 8 : Show the JV partner what kind of value you’re giving them
Section 9 : Negotiating the deal
Section 10: What to do after the JV
Section 11: Getting your customers to set up JV deals with you
Section 12: Conclusion

Tip: Those short on time can start reading from page 13 (section 2) onwards.

In any marketing campaign, it is important to constantly track and test your results. By doing so, you can leverage on your marketing dollars and maximise your profits.

A couple of weeks ago, Google released a new tool called Google Analytics. This amazing (and free) tool allows you to track the performance of any website that you have by simply placing a few lines of code on your pages.

I have used a few paid ad tracking solutions before but Google Analytics is so comprehensive that it even beats a lot of those commercial solutions out there. If you own a website, you might want to check it out. Unfortunately, they are not accepting new signups at the moment due to the high demand.

What’s in it for Google to provide this service free? By collecting all these data, it is going to gain a huge advantage over all it’s competitors. Information is power and one can only guess what they are going to do with all these data.

In a joint venture (also known as a host-beneficiary relationship), the beneficiary (the one with the product or service) agrees to share profits with the host (the one with the distribution or list) in order to gain access to his network.

Usually, it is appropriate for the beneficiary to add a special offer that is not available to the public. This positions the host as providing ‘value’ to his clients and will help to increase the sales conversion.

One way of doing this is to use discount coupons. These coupons also helps to track the sales so that the beneficiary can allocate profits to the host accordingly.

In today’s update, I will talk about a network 100,000+ consumers/distributors worldwide that you can tap on. There are no initial costs to make use of this network and any fees paid is purely on a performance basis. There are 3 ways in which you can use this network:

1) You (beneficiary) have a product/service (whether online or offline) and are looking for a host to promote your offer to.
2) You (host) already have list of clients or distribution means and are looking for suitable products/services to offer to them.
3) You don’t have anything but have the ideas and flair to recognise and tie-up host-beneficiary relationships.

First of all, visit this site Nice Offers (The two sites Nice Offers and SFI have been under Denial of Service (DOS) attacks of late, so if you can’t access the page, you can try again later). Now, click on any of the offers shown and then click on the coupon link to see what it looks like.

As you can see, this is a site that allows merchants (beneficiary) to upload whatever special promotion they can think of and offer a commision (to the host) on any sale that is made.

The concept seems simple but the real strength of this site is that it is part of a network that has 100,000+ (highly motivated) home business owners. These owners will be constantly browsing through these coupons for either personal usage, or to promote to their clients. (Edited: The niceoffers idea is good but not really well executed. It appears that very few people in the network of 100,000 home business owners are using the site. Thus, results have not been satisfactory.)

The beauty of it is that it will allow you to reach markets that you would never have been able to reach yourselves. And there’s no advertising to pay; only commissions on any sales made.

To use the network in either of the 3 ways, here’s how to proceed:

As a Beneficiary
1) Go to Nice Offers to sign up as a merchant (It’s free).
2) Complete the registration process and you will be given instructions on how to upload your coupons.
3) You can specify your promotion and the amount of commissions you are willing to pay for each coupon.

As a Host
1) Proceed to SFI to sign up as a member of the network (It’s free).
2) Note that SFI is a network marketing company that offers many other products. You can promote them as well but your first main focus should be using the network to set up your joint ventures deals with the coupons.
3) Once your account is created, you can login as an affiliate at Nice Offers to browse through the various offers. You will be to see the commissions that you can earn for promoting the various coupons and select one that is appropriate for your clients.
4) Further instructions will be given at the site on how to give the coupons to your clients.

As a Middle Agent
1) As a middle agent, you can refer merchants to nice offers and get paid royalties for a year or even longer
2) Proceed to SFI to sign up as a member of the network (It’s free).
3) Note that SFI is a network marketing company that offers many other products. You can promote them as well but your first main focus should be using the network to refer mechants to Nice Offers to earn long term royalties.
4) Once your account is created, you can login as an affiliate at Nice Offers to read the faq and see how much royalties you can earn.
5) Instructions will also be given at the site on how to refer merchants to Nice Offers.

I hope that this resource will be beneficial to you. If you take the time to think it through, you may find even more ideas and opportunities of generating additional profit streams for your business.

And if you really like the concept of doing joint ventures and would like to take it to the next level, you might want to have a look at Jay’s JV Mastery Program. This product will be taken off the shelf in about a month’s time and for now, he’s offering a one month free trial whereby you only pay for shipping to evaluate the product. Do have a look.

A few days ago, I added a link at the resource page to a free 1 hour audio by Jay Abraham on how you can profit from joint ventures. For some reason, the streaming didn’t work and I was trying to figure out why.

I just got a friend to try the link and he could hear the audio perfectly! So, I tried clearing my cache and it worked! Computers are such crazy stuff.

Anyway, you can also sign up from here to get access to the audio directly.

To set up a successful joint venture, you will need to identify a product or service that will provide value to a group of people. You can either be in control of the product or service, a list of people (prospects, leads or clients) , or even none of them. In the last case, you act as a middleman and help to bring together the two ends.

It can be a low cost yet lucrative business in itself.

One potential hurdle or obstacle to the first timer would be the legal aspect of it as well as ensuring that profits are paid out as agreed. What could you do if the prospective joint venture partner just took your idea and executed it himself without agreeing to go into partnership with you? This could very well happen if you are just acting as a middleman. Even if you go into an agreement, how can you track the sales accurately?

Halfway through reading “Joint Ventures: From Mediocrity to Millions”, it dawned on me that this was no longer a problem with the emergence of affiliate programs on the internet many years ago. The affiliate program is a perfect and complete turnkey solution for the setting up of joint ventures. Let me explain further.

Firstly, in case you do not know what an affiliate program is, it is simply a program that a provider of a service or product sets up to get more customers. This is achieved by offering a commission for people to refer customers to him. This commission can range for the low 5% to even 100% or more of the product or service price. It can also be a pay per lead, pay per sale or even pay per click affiliate program. Even Jay Abraham has his own affiliate program. (Edited: This affiliate program is no longer available as the insiders club has been discontinued.)

So for any affiliate program, there will be two ends, the provider of the product or service who sets up the affiliate program, and the person (also known as the affiliate) who signs up for it in order to promote it.

Setting up an affiliate program can be as easy as joining an affiliate network like Commission Junction, or installing a paid affiliate program manager like AssocTRAC. I will talk more about the different affiliate networks and programs available in a future update.

The technical aspect of promoting it is usually done online via a special url given to the affiliate. If the sale occurs after someone clicks on the link, the referral commission will be credited accordingly.

Let us now look at the different parties in a joint venture and see how they can make use of affiliate programs.

For a provider of a product or service, he can set up his own affiliate programs and decide the desired commission that he is willing to pay out. Then he can start to look around for people who have lists of people who will get value from the product. Ideally, it should be a complementary and non-competing to what they have currently. If the person is willing to do the promotion, he can simply sign up for the affiliate program and everything will be tracked automatically through the affiliate program.

For a person in control of a list, then all he needs to do is to search the various affiliate networks, look for complementary products to promote, and sign up as an affiliate.

What about those people who have neither a product nor a list but want to set up joint ventures as a middleman? It is still possible through the use of a 2 tier affiliate program. This is a program that allows affiliates of an affiliate program to recruit affiliates and get paid on any sales generated by their affiliates. Confusing? Let me give an example.

Jay’s affiliate program happens to be a 2 tier program. If you sign up for it and refer clients to him, you get paid about 33% of sales. Now, if through your recommendation people sign up for the affiliate program, you will also get paid 7% of sales they generate!

So, for a affiliate program that is 2 tier, you can become a super affiliate who goes around matching the product or service to people who have control of lists. A good thing about this is you can start off from zero base with neither products nor list. You need just your ideas and igenuity to contact the correct people and bridge them with the relevant products.

Doing joint ventures has never been easier! So, what are you waiting for? 🙂

To end off, one of my webhost is having a promotion now(I use a few webhosts to host my sites as it is a bad idea to put all my eggs into one basket). If you are currently looking for a cheap and reliable hosting for setting up of new multiple sites or just for backup purposes, now’s a good time to check out the multisite express plan here at site5. The offered price is available until 23rd Oct 2005.

Edited: Site5’s service has deteriorated recently. I do not recommend them anymore.

Some time back, I made a mention of one of Jay Abraham’s book that is very affordable. I’m pleased to let you know that I have managed to obtain permission to give away the first chapter of the book on my site. So, if you are considering getting the book, you can read through the first chapter to help you make a better decision. The first chapter can be downloaded at the resources page.

On the same page, I have also added a link to one of Jay’s Joint Venture Mentorship Program called “JV Mastery: The Art of Profitable Dealmaking Home-Study Course”. I do not have this product yet but I think the contents would be similar to what I am currently reading in another (yet to be released) product, “Joint Ventures: From Mediocrity to Millions”.

I’m still in the midst of going through it but based on what I have read so far, there are three groups of people who would be able to benefit from setting up joint ventures.

The first group are business owners. They can set up joint ventures to either sell their products to the clients of another company, or promote products from other companies to their existing clients. The first method increases the number of clients while the second method increases the lifetime value of each client. Do both and profits will increase even more dramatically.

The second group of people are employees. If you are able to recognise potential JV deals in your existing company and set it up for them, you can be sure your paycheck will rise faster than it would have in normal circumstances.

The third group of people are the middle-men. You can have neither clients nor products but if you can recognise an JV opportunity and set it up, you can still earn massive profits. This is how Jay started out on most of his deals too. Simply by being the middle-men and getting a cut of the profits.

Thinking about it, I think the three groups will include almost everyone! Perhaps except retirees or those who have no wish to increase their income. 🙂

A few days ago, I received a copy of Jay Abraham’s latest yet to be released product. It’s titled: “Joint Ventures: From Mediocrity to Millions” and is packaged as a 469 page document in a hardbound file with 2 audio CDs.

Essentially, it’s a guide on how to engineer successful joint ventures, strategic alliances, partnerships and other lucrative host-beneficiary relationships. I have yet to find time to read it but I will put up a review once I have done so.

On another note, I have good news for those who missed the recent Jay Abraham teleconference on 4th August 2005. A replay of that event has been arranged. Details are as follows:

Date: Monday, August 8th
Time: 2:00PM Pacific (5:00PM Eastern)

If you had signed up for the original teleconference on 4th August 2005, you can use the same telephone and pin numbers given to you earlier. If you have not, you will need to sign up to be allocated your numbers (Ignore the date and time shown on the signup page as it shows that of the original teleconference).