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One way to grow your list exponentially is through joint venture partnerships (JVs). I had mentioned JVs before, but let’s go more into detail.
The concept behind successful JV relationships is connecting with other entrepreneurs who market to a similar niche as yours. For example, if you are a dating coach, you would want to connect with other dating coaches. Collaboration is the new form of competition.
What you’ll want to do when you talk to your potential JV partner is identify if your messages are congruent and if he/she would be willing to promote your product to his/her list in exchange for a commission on any of the online sales.
A standard commission usually starts at 30% of the product price and goes up depending on the value of the leads your JV can send you. For example, if the product costs $1,000, the JV partner could make a commission of $300 per sale. Some JV partners will even pay you for the leads (people from your list who opt-in to their list after you promote them). The lifetime value of a good opt-in may be worth it to your JV partner.
Now, it’s not all about the money. Some JVs may support you because you offer something they don’t but that their list needs. I learned about joint ventures from Rich German and Milana Leshinsky. Rich is known as a “beachpreneur,” because he spends most of his days paddle boarding with dolphins in Laguna Beach, California, while he works part time as the founder of the JV Insider Circle (JVIC). Milana came from the Soviet Ukraine and was a classical pianist with zero knowledge of the business world, yet reached six figures in three years, while working from home and raising her two children. Many of you may be members of JVIC already, but if you're not, you can check it out at www.techdoneforyou.com/JoinJVIC.
One of the JV Insider Circle’s top JV partners is Lisa Sasevich. Lisa specializes in sales conversion. JVIC specializes in training JV partners how to approach each other; they offer a yearlong membership in a network of 600+ entrepreneurs who receive eight weeks of training on how to JV. At the end of the eight weeks, their clients should be able to have the tools to identify, connect with, and cross-promote other like-minded entrepreneurs in their niche. JVIC does not offer sales training, so they refer their list of over 100,000 to Lisa whenever she is doing a product launch. When the JVIC does a launch, Lisa mails to her list and shares her affiliate link to the JVIC membership. At “cart close,” if anyone from Lisa’s list buys from JVIC, Rich will pay Lisa a hefty commission ($500-$600 per sale). Because of the cross-promotional value and the relatively equal sized lists, the JV relationship is win-win.
So, what technology do you need to set up to do a JV?
- First, if you purchased the WP Affiliate plugin for a one-time fee of $49.50, you’ll need to install it onto WordPress. If you haven’t purchased the plugin yet, you can do so by going to www.techdoneforyou.com/WPAffiliate. Once you’ve bought the plugin, Tips and Tricks HQ will email you a link to download the zip file. It is a good idea to download it right away, since this link expires. If you don’t receive the link right away, you can forward your receipt to firstname.lastname@example.org and request that they send the plugin again. To install the plugin, simply go to Plugins > Add New > Upload the zip file from your folders on your computer, and activate the plugin. WP Affiliate will allow you to generate and track affiliate links for your JV partners so that you know how much commission to pay your JV partners.
- One of the first things you’ll want to do is integrate WP Affiliate with PayPal. To do this, log in to PayPal > go to Profile > Profile and Settings > My Selling Tools > Website preferences > Update > Auto Return: switch to On > fill in the Return URL with the URL of your website > go to Payment Data Transfer and turn it On > Save the settings. Sometimes I notice that after saving, I have to go back to the Website preferences area to retrieve the PDT Token. Copy this token directly and save it to the bottom of your settings area in WP Affiliate. Be sure to check the box that says “Enable 3rd Party Cart Integration” and go to Update Options. Saving the token is important, because if any part of this step is forgotten, affiliate links will not track. Please refer to your manual to see a video of the steps (video 18).
- Next, you can refer to your WP Affiliate manual in the learning library and follow the video instructions to configure your settings. You can decide whether you want to set up a default affiliate link or separate individual affiliate text links to separate free gifts or products. There can be only one default affiliate link at a time, but you can change which URL that default link points to at any given time during your launch. For example, if you are promoting a telesummit, at the beginning of the summit, point the default affiliate link to the summit opt-in page. WP Affiliate can track the sign-ups from the free opt-in page all the way to the sale. So, if the upsell of the summit is lifetime access to all the interviews for $97, with a 30% commission, affiliates can share the free link and the browsers of their list will “remember” the affiliate ID in the cookies of the browser for a set amount of time. I like to set cookies to a year (365 days) so the affiliate links will be good up to a year.
- If you would like you and your affiliates to receive notifications after a sale has been made, configure your WP Affiliate email settings. I’ve included in your manual an email template of the email that can be sent to affiliates after they have referred a sale.
- If you have a free gift landing page ready, create a text link that points the URL of the landing page. Whether you’re using OptimizePress or LeadPages to create this page, affiliate commission should still track. If you are using OptimizePress to create the page, the URL will be good as is. If you created the page in LeadPages, you’ll need to download the free LeadPages plugin, activate it, and replicate the LeadPage to WordPress. This customizes the LeadPage to your domain in WordPress and ensures that WP Affiliate will recognize the page as a WordPress page. If you created the landing page with a platform external to WordPress, like Weebly or Squarespace, you’ll need to create another opt-in page in WordPress if you’re using WP Affiliate to track commission.
- Test the freebie to the sale of the affiliate link. Please consult your manuals in the learning library for step-by-step instructions.
- Once you’ve confirmed that affiliate tracking is working, you can email all your affiliates manually.
- This is optional, but you can opt all of your affiliates into a list on your autoresponder. Please see your instructions on how to integrate WP Affiliate with your autoresponder. WP Affiliate is compatible with AWeber, Get Response, MailChimp, Mailpoet, and Madmimi. If you have Constant Contact, you may need to purchase an add-on extension to integrate it with WP Affiliate. Integrating your plugin with your autoresponder will allow you to send group emails to affiliates, but it will not auto-populate affiliate links. You will need to manually send each affiliate his/her unique affiliate link.
- When you’re testing affiliate links to ensure tracking is working, you can sign up yourself as an affiliate. Once you generate your own affiliate link, you can add the rest of your affiliates and figure out what their affiliate links are based on their ID.
- There are two ways of adding an affiliate. The first is to note the URL that affiliates go to when they sign up themselves an affiliate. This link is included on the Settings tab in WP Affiliate. The affiliate sign up URL is the same as the login URL. There is also a way to shorten this link so it is customized (for example, www.techdoneforyou.com/affiliates). If affiliates sign up themselves, by default, WP Affiliate will email them their username and password automatically, but it will not email them their unique affiliate link. If you would not like an automated email with the username and password emailed to the affiliate, you can add the affiliate to the back end of WP Affiliate and select the option not to email the affiliate their login and password. Sometimes I turn off the automated emails if a manual email will be sent out later with the username, password, affiliate link, and swipe copy.
- Make a spreadsheet of all the affiliate links of your affiliates so you can manually send their links in addition to sending the automated emails if you have decided to send group emails as well. Also, a personal email tends to nurture the JV relationship better than an automated one. Remember that the extra manual effort to make sure your JV partner has all they need to promote you is well worth it.
It is helpful to send out:
- The username
- The password
- The affiliate link
- Swipe copy for the promo email
- Swipe copy for social media
You can include all this info on one web page, write out instructions in a Word document and email it to affiliates, or you could even include the swipe copy directly in an email to affiliates and email each affiliate their unique affiliate link. That way the affiliate won’t even have to log in to get their affiliate link. They just share whatever is emailed to them.
Also, since it is common for JV partners to forget to promote during a launch, especially if they have a big list, a gentle reminder can be helpful. But don’t harass your JV partner. They don’t get paid until a commission is made, so it is really up to them how often or how little they decide to promote you.
A word to the wise: if your first JV launch doesn’t yield the commission you expected, don’t get discouraged. It can be helpful to work with a coach or even keep networking with other JV partners until you have the list size and the support for a successful JV launch to pay off.
Good luck and let me know how you do with your product launch! If there is anything my team and I can do to support you, just contact me at Gina@techdoneforyou.com.
P.S. If you're not a client already and want my team to set up everything for you, please sign up for a free 1 hour discovery session so we can talk. https://calendly.com/techdoneforyou/60min/
Master the Launch Training 3: How to set up WP Affiliate
In this training, we covered:
- How to install WP Affiliate
- How to integrate WP Affiliate with PayPal PDT (Payment Data Transfer)
- How to Customize the Affiliate Page
- How to integrate WP Affiliate with AWeber
- How to sign up an affiliate
- How to create a text link to the sales page and free gift
- How to create a spreadsheet with affiliate links
Master the Launch Training 4: How to Test WP Affiliate Links
In this training, we covered:
- How to change the price of the product to $1 for the test in PayPal
- How to log in to the affiliate center and generate an affiliate link for the free gift
- How to test the affiliate link of a free gift to the sale with a regular sales page
- How to change the price back
- How to edit the default affiliate commission
- What to do when you are promoting two programs back to back with different commission levels (edit commission for individual affiliates)