After building rapport with potential JV partners you must ask them some or all of the following 10 questions, depending on the potential arrangement:
1. Is Your Mailing List Composed of Buyers or Visitors/Leads? Buyers have always been and will be more profitable than leads. Knowing if there are some visitors in that list is VERY important, as they have been known to complain about spam/junk mail, even If they signed up to receive future mailings.
2. How Big Is Your Mailing List? If they don’t have enough names, forget it. As a rule of thumb, bigger is better. However is you are selling a high-ticket product then this is not always the case.
3. How Often Do You Contact Them? Monthly to weekly contact is excellent. But anything more often than that may hinder your chances of reaching the maximum percentage of prospects possible.
4. Do They Buy From You Often and If So, How Often on Average? The more they buy, the better, because they are used to spending money with the owner of the list. Customers that buy often from, or follow the recommendation of, a list owner is a very good sign because you know that they have a good relationship.
5. What Is The Percentage of Clients Who Bought More Than Once From You? Knowing the percentage of repeat buyers is important, as it will give you a very good idea of not only the relationship they have, but also if your potential partner is a savvy marketer that has his best customer’s best interest in mind.
6. How Much Did They Pay on Average in the Past Per Product? If your product or service is priced along those lines, that’s great. If not, you have the choice of lowering your price just for that one deal or dropping the deal altogether.
7. How Did They Pay? Try and copy their payment method, if you think it was successful.
8. Do They Have a Money-Back Guarantee? If So, How Long Is It? If they don’t have a money back guarantee, they should. Offering a refund policy is definitely a huge response modifier. In other words, it boosts response. Never partner with anyone who doesn’t offer a guarantee.
9. What is Your Conversion Rate? The bigger the better. Is it high enough that your efforts will be worthwhile?
10. Do You Have a Back-End In Place? If they do, you could try to negotiate a percentage of those sales too. If they refuse, try to get a higher piece of the pie on the front-end.
Over the next few weeks, Gina and I will be filling you in on the details of what’s coming and how YOU fit in! Subscribe to the RSS feed here on the blog to stay up to date so you won’t miss any of the details!
To Your Abundant Joint Venture Success!
Sohail Khan (the “Million Dollar JV Master”)
President & Co-Founder, TheJVUniversity.com
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