Small Audience and thinking about growing a list through a joint venture/working with others?
Joint Ventures can be brilliant for growing businesses but check what the other person is going to offer before the big long chats commence, you can save some time and effort in asking some basics before committing to loads of work. One of the main reasons for a joint venture partnership is to increase reach, so that means if your list and reach is small you are seeking a partner with a proven reach. You can bring something else to the party but JVs won’t work unless there is a strong marketing partner in place on one side. So, if you are looking at someone’s list here are some questions to use to check out the details.
Questions you need to know – these tell you how responsive someone else’s list is:
- How many unique visitors do you get visiting your web site each month? Get a screen shot of the last month or so from their Google Analytics to support the answer. Resistance from the list owner? Ask why? A joint venture takes time so a reluctance early on to give basic information says how the relationship will scope out the rest of the time. Save yourself some time – ask early- qualify your prospect list. A podcast being listened to by 5 people is not a golden opportunity when you are trying to build a business. Tip One – check out the claims
- How often do you write to your list? Get a sample of their last 2 communications – what they say and how they say it will inform you what you need to give them if this relationship moves forward. Tip 2 – how often do their list members expect to see content?
- What is your list click thru’ rate? – This is the number of people who will click on a link in an emailed communication – if this number is not known move on – click thru’s are where you will get bookings from and if the list owner is not measuring their own data they won’t be doing much for your business. If they give you a number get a screen shot of their last click thru’s on their last communication with a click thru link. Tip 3 – how responsive are their list members?
- How many unsubscribes do you get each email out? How many new people sign up? This is important, it shows the interest level and promotion of signing up to their list that is happening and their skill in matching content with their list sign ups. High unsubscribes means information is of little or no interest – this is vital information for you. If they are not listening to the list owner what is going to make them listen to you? Tip 4 -are their list members happy to hear from them?
- What system do you use to send out emails to your list? This matters, some are better than others in giving you information and you need data. Tip 5 – check out their systems and platforms for sending out, are they legally compliant, (GDPR) reputable with no known issues? Do your homework!
- How many bookings do you get from each list mail out to your own products or services? Tip 6 – if their list has never resulted in a lead or sale likely is you won’t get one either
- What information do you intend to send to me about the list mail out ie what data and what time scale? What do they need from you to do this? Tip 7 – clarity and expectations – map them out so you both know where you are
Takeaway – business essentials
It sounds a lot, it is, a 2nd rate luke warm list ‘opportunity’ is unworthy of your time in setting it all up. Get the questions answered up front or move on.
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