When working with JV partners it’s essential that they know what type of list you have. They want to know how many people will get getting the email and how many potential sales they could make. Essentially they want to plan ahead and know if something is worth their while or not. So, should you give your conversion numbers to your potential JV partners even if your list is small?
Well, you need to give your potential joint venture partners something to work with, so you are going to have to give them some data. So, after you have already promoted your product to your list, it is fine to give them the rate that you converted at. However, never tell them your list number! You have to be cautious and sometimes you need to look like a big hitter in your marketplace.
In order to avoid having a potential JV partner walk away you could say something like this if they want information on your list...
Say, “... my website’s converting at ... my squeeze page is converting at...” 6% of my entire list. These are the numbers you want to make available to your JV partners. Along with that you will also have to do a few other things once you do email to your list.
The first thing is you’re going to have to figure out how much money did you make per open rate? So per each individual that opened your email, how much money can you equate to that? Was it a dollar per open? Was it, $5 per open? Those are more JV terms.
Another thing you’ll have to take a look at is how much will you make per customer per click? “I make $5 a click”. Every person that reads the email I send out, clicks on the link and goes to the particular page that I refer them to. So, that’s $5. Then another thing you want to do is establish the visitor value, which is really pretty much the same thing as click. The visitor value looks at how many visitors you have arriving at your website. To get this value you must divide up how much money that you made amongst all the visitors. That’s the visitor value, the value of each visitor.
This is what you can say... “Hey, look, for every visitor I get to my site, I make $5,” “For every person that clicks on a link in an email, I make $8”. “For every person that opens up the email, I’m making $2”. Give those kinds of numbers out. That’s going to make you look like a real player in the industry and they might just be impressed with what you’re saying because you actually tracked it and showed them the stats that you’ve tracked. This will make your potential JV partner feel as though they need to get onboard with you person because you have a strong list and you understand your market as well as perform thorough tracking. This makes you look like an authority.
Lastly, you want to tell your JV partners, “Hey, look, I’m going to make this as simple as possible because I’m going to give you those same exact emails that I used for my list and got those numbers from so you can send them out, too. These are tried and true, tested, already high converting emails that you can send out.” Once you give this to your JV partner it’s most likely you’ll get their respect and have them coming back to do more JV deals with you. Can you say cha ching! That’s the way to make it happen!
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