Monday

An Effective Book Marketing Strategy: Joint Ventures

There is a song, The Power of One, which conveys what one individual can accomplish and/or change. But, how much more effective is the power of two, or five, or ten, or a hundred?

In a technical light, a joint venture (JV) is a partnership between two or more entities for a specific project and for a specified amount of time.

Quoting from Entrepreneurs.about.com, “According to the Commonwealth Alliance Program (CAP), businesses anticipate strategic alliances accounted for 25% of all revenues in 2005, a total of 40 trillion dollars.” So, it’s easy to see this strategy packs a wallop.

This is the concept behind joint ventures for book promotion, and they are very effective.

The idea is to hook up with other authors/writers and participate in JVs. What this means is an author has a new book coming out and wants to reach more than her individual mailing list and social networks, she joins forces with writer friends or acquaintances to promote the book for a ONE DAY Promotional Power-packed Special.

Suppose it’s your new book; you contact one to several authors who might be willing to put your prewritten promo on their sites and social networks, and (THIS IS THE VERY IMPORTANT PART) are willing to provide a freebie or a significant discount on a product or service to any one who purchases your book on that day.

According to book marketing specialists, Brain Judd and Daniel Hall, this has the potential to put your book on Amazon’s TOP HUNDRED list in one or more categories – just for one day’s promo.

Even participating in JVs has promotional benefits. I recently participated in a JV initiated by an author for her new book. For my participation I offered a FREE bonus gift, How to Create an Ebook and What You Can Do With It.

I posted her promo content, along with my own, because I like to show my readers the marketing value in particular posts such as these. I then promoted the post to my social networks.

For a little effort and time, you can increase your visibility and possibly your subscriber list.

To have your participation be more effective, be sure to provide your links and offer your own products within your free offering. And, to create added value, you can allow the freebie to be shared, or portions of it reprinted with your tag/bio.

Another scenario for book promotion JVs, in fact a more popular one, is to be approached by publicists. This has happened to me several times and I usually participate for the visibility factor. The publicist will put out a wide reaching call for participants for his client. Obviously, the more on board the greater the promotional reach and punch. But, even on a small scale, this marketing strategy is a gem.

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8 comments:

terri.forehand said...

Good tips for marketing.

Terri

Karen Cioffi said...

Hi, Terri,

I'm glad you found the post helpful.

Kelly McClymer said...

I strongly believe in the Power of More Than One. But collaboration is tricky. You can't always get more than you give, or vice versa. The more I market, the more I am willing to experiment and see what happens without putting a lot of expectation out there. If that makes sense.

Karen Cioffi said...

Kelly, you're right. Not all marketing strategies will work the same for all, but most have the potential to be beneficial in some degree.

And, if there is no monetary cost involved, one of my favorite sayings is Nothing Ventured, Nothing Gained!

Thanks so much for you input!

Joan Y. Edwards said...

Dear Karen,
I've seen this work for authors/illustrators. I think it's a great idea. Thanks for sharing it.
Joan Y. Edwards
http://www.joanyedwards.wordpress.com

Karen Cioffi said...

Hi, Joan,
Yes it can be definitely be effective. Thanks for stopping by!

Kate Dolan said...

Thanks for explaining how this works. I can see the appeal, but I think authors or publicists need to be careful in how they approach those they are asking to help them promote the book. A friend of mine received a pitch from a total stranger and it just made no sense. If you ask someone to help you promote, you should be upfront about potential benefits to the promoter.

Karen Cioffi said...

Kate, absolutely, anyone approaching another for participation in a JV should explain what's involved and the benefit to those who participate.

A good idea is to have an outline featuring all the steps involved and the benefits.

Thanks so much for your input!