Presentation on theme: "The Joint Venture Partner Discovering the Win-Win Situation and How to Move Your Name From the Shadows to the Spotlight."— Presentation transcript:
The Joint Venture Partner Discovering the Win-Win Situation and How to Move Your Name From the Shadows to the Spotlight
What Is a Joint Venture Partnership? A Master Sales Force Joint Ventures (JVs) are one of the most powerful techniques you can employ to get your niche business up and running. If they are done right, Joint Ventures can help you start making money faster than any other method you can use online. Its simple math. You can take 100% of what you manage to sell… or 50% of what a bunch of people can sell…. A Joint Venture is a JOINT venture.
If you're not sure what a joint venture is, let me explain. Here's how it works in very simplistic form: A has a product which he wants to get to the market B has a list which targets just the right market for A's product A finds B and sets up a Joint Venture with B B promotes A's product to his list A and B both share the profits from sales of the product It's a win-win arrangement for them both.
Leverage Resources The magic word here is leverage. Youve got to leverage your time and resources with fellow marketers to improve yourself and to maximize your success. Most marketers miss out on huge chunks of available profits by not doing enough joint ventures. Its the easiest way to leverage resources you wouldnt otherwise have. Therere probably two reasons why joint ventures are not used fully. These are the fear of work and fear of failure. But do you know, youve failed in the first place by having this mindset? While Im not here to preach, I do want to emphasize, no marketer is ever an island.
The Joint Venture as Part of Your Product or Planning Stage Most people think a joint venture needs to have… I have a product, you have a list, you promote my product – but joint ventures are so much more than that if you do them right. Bringing in your potential JV Partners as part of the project is huge. Your JV Partners now have a vested interest in your success, not just selling just another product someone wants me to pitch. Integrate your potential JV Partners somewhere in the process before the launch process.
Joint Venture Business Partnerships Partnership or joint business with another marketer. Relationship is based on both Partners working from their strengths. Find a partner who compliments your skill set Be emotionally prepared to write out big checks to your partners Remember this money wouldnt have been possible without your partner. Be careful about letting resentment creep in just because you are paying your partner large amounts of money. Dont be tempted to rationalize and skim off a tiny percentage here or there. Create a formal agreement!
Building or Bundling Products Together Building or Bundling products or offers is an effective strategy. If the JVs product or your product is a non-competing one, complements your product, and fits your market too, then it can be bundled with yours to create an entirely new and separate offering. Add Bonus Offers for extra added value Do Interviews
Joint Venture For Services Think of all the money producing tasks that you dont have time to do or you dont have the skills for. Find a partner who compliments your skill set and is doing work according to their strengths Copywriting Sales copy Writing emails Blogging Article Marketing Video Marketing Tech skills Provide coaching and trainings Programming Finding JV Partners
Look For Opportunities The next time you read an ebook that is explaining some kind of tedious process that would normally take you hours to complete, simply think of a way to automate that process or make it easier to do. Think of a service that compliments the process explained in ebook. You will be surprised on what you can come up with. Next, approach the person whom wrote the book and ask if they would like to joint venture on a product that automates their process. Then you can sell it to his/her lists or your list and make some easy profits.
Finding JV Partners Information to Collect During Search Take an organized and structured approach to finding your potential JV partners. Collect as much information as you can on them, and collate it in a spreadsheet. Contact info – name, email, telephone, mailing address, etc. Website URL with a brief description of their site and products Interesting facts…. birthdays, anniversaries, likes, dislikes, hobbies, etc. NOTE: You should also keep track of what your competitors are doing when you find these niche marketing listings
The Approach to the Gate Keeper of the List Once you've collected a decent sized list of potential JV Partners, it's time to make contact. First, make sure youre approaching the right JV Partners with the right target market. Only contact marketers who sell products aimed at your niche market and therefore have an email or customer list of people who may have an interest in your product and services. The approach is key and must be you-oriented: How can I help you?
Contact by Phone The phone is a far more powerful communication tool than ever before. It provides instant contact and can really build value, relationship, and trust. Your first phone call should be direct and personal. Be specific about numbers, commitments, dates, and times.
Contact By Snail Mail Getting a piece of mail or a FedEx package almost always gets noticed and opened. Sending out a snail mail piece can have dramatic effects The Internet is a marketing tool, not your entire business. Know your Joint Venture Partner Be Unique
Contacting by Email Your e-mail should contain your name, website address, and business proposal. Honestly state how doing a JV Partnership can benefit them and their subscribers, not on the features of the product itself. Provide as much real profit-related information as you can and remember to be honest. They may not respond to your first email, so make sure to follow up with a phone call, fax, or postal mail. What not to do: Hey Big JV Partner, I know you may not know me but I have this killer product that is amazing, and I know it will make you a lot of money when you promote it to your huge list.
Persistence Will Win the Day Follow Through is important. Your first email or letter may not get read. Your initial phone call may not get returned. Rejections are inevitable, but keep plugging away at your list. Be persistent, but not annoying. Present yourself professionally. Don't let yourself get discouraged; keep yourself motivated, keep organized. Once you've found a JV Partner, you can continue making those phone calls and sending out those e-mail offers.
Where to Find Joint Venture Partners Identifying potential Joint Venture (JV) Partners is relatively easy online, as there are so many places to locate them. Google or Search Engine Strategy Search for your keywords in the paid and non-paid listings. Find contact information on at least 30 Joint Venture Partner possibilities. Click on the website linking and find more information on their websites. Another option is to find contact information for a website by running that website through www.whois.net
E-zine & Newsletter Directories Why "Newsletter Directories"? This is where you will find the newsletter owners who have opt-in lists with thousands of subscribers waiting to read your offer and buy your products and/or services. F ind the newsletter owners who have opt-in lists with thousands of subscribers. Find newsletter owners that target ANY niche.
Article Directories Find contact information in the resource box and contact the articles author. http://www.Ezinearticles.comhttp://www.Ezinearticles.com Take the polite route and contact the people whose articles you've linked to from your website to ask, "I've linked to your article. Is this okay with you?" This gives a great opening to possible friendly discussion and exchange of ideas – if not something more tangible.
Check The Resource Box Of Articles Step 2 Click on article source Step 3 Click on Extended Author Bio Step 1 Check on all links
Joint Venture Broker In Your Niche Joint Venture Brokers are Networkers Specially trained to find the right partners to make a product or service launch as successful as possible. Have a network of business people that they can recommend. Have experience with brokering numerous Joint Venture deals. Know what to look for in successful promotional materials.
JV Network Sites (IM Niche) http://www.jvalert.comhttp://www.jvalert.com – Member exclusive joint venture alert system designed to facilitate the formation of Joint Ventures. http://www.jvnotifypro.comhttp://www.jvnotifypro.com – On this site you'll be able to connect with other marketers, find advice and ask questions. http://www.jv-network.comhttp://www.jv-network.com – On this site you can post your joint venture offers and see what other marketers have posted.
Forums Theres no advertising cost and you can be on the frontline of new opportunities simply by scanning forums in your niche Just do a search on the search engines for 'your niche + forums' to find forums that discuss topics on products you have. Get to know the heavy hitters in the forums. Your first step is to be seen providing value to the forum Build your credibility
Testimonials A rarely used strategy is to go to other websites and contact everyone who has left a testimonial. Give testimonials for other products so you are seen by potential JV Partners. Ask for Referrals From Other JV Partners
Social Networks Check out social sites like Twitter.com, Facebook.com, LinkedIn, etc… and start following any marketers you can find. Read marketers profiles to get contact information. Build relationships with potential JV Partners as you reply back to their posts.
Blogs Look for Marketers with niche-related blogs. Blog about them and their blog, and also post relevant comments that would get you noticed on their blogs. Look for the about pages Look for list building methods in place Sign up to any list they have.
Dont Overlook Small List Owners There are a lot of small lists out there, people who have 200, 300, 400 or even 1,000 readers who are very responsive. These list owners have a very tight-knit community with their people. Those people can create tremendous results for you because they spread your message virally and very quickly.
Get Recommended by Other JV Partners Successful Joint Venturing does often hinge upon who you know. Get Into the Inner Circle Often, Joint Ventures are landed when you are recommended by a friend of your "target" JV Partner. Most of us have a circle of trusted friends. We have people that we have grown to know, like and trust, and that's who we prefer working with. Often we make decisions based upon the recommendations of those we know. That DOES mean that you may need to break into your desired Joint Venture Partners' inner circles.
Attend Live Seminar Events (Get Out and Meet People) The number one way to create a Joint Venture Partnership certainly is meeting people live, in person. There is no better way to form real partnerships and relationships than the Face-To-Face meeting…. This is where the deals and relationships are made. Real JV Partnerships are formed when it actually breaks from the business to, Hey lets go have a burger or a drink together. Thats where relationships are formed. Remember to take a business card
Attend Live Seminar Events, cont.…. Seminar speakers are always being introduced by the host as, I first met this next speaker at a seminar… and one right after another it continues…. You may look at it as a good ol boys club, but the perception that everybodys upset about is that its a closed club – and its not. Anybody can be a part of this group. Everybody is welcome to get to know us – were very accessible. But you have to do the initiating of the relationship, were just not going to do it for you. We highly recommend you go to seminars, get to know other marketers and swap business cards.
Get Your Picture Taken With Gurus Get a picture with absolutely everyone that you meet at events and then say, Can I have your email so I can send you a copy? Send back a physical copy of the picture. Remember sign it. Put it on your Facebook and tag the picture with their name on it. This is a reminder to the potential JV Partner as to who you are. Let them know what a great time you had. Let them know what you learned from them. Do a blog post With your picture & send the guru a link to the post. Remember it is all about their ego!
Tips to Help You Build Good Solid JV Partnerships & What to Offer When You Just Are Starting Out A lot of people dont think they have much to offer when they first start out with Joint Ventures, but everybodys got something. Give your something to somebody else, and give it without reservation. Say first, What can I possibly do for this person to make their life better? The person that is just starting out with no knowledge, no list, no nothing, has time, energy, maybe money, maybe products, maybe ideas… maybe just the fact that you can run for coffee, but everybody can do something.
Building Relationships With JV Partners Value the Relationship.… We Are Back to the Know You, Like You, Trust You If you build a good solid relationship, the part about Ive got a product, Ive got a commission, etc., is just a no-brainer. The yes happens almost automatically. You might have a six or seven-figure deal with a JV Partner, but that partnership could actually be worth more money over time so work to keep it strong. Cold contacting potential JV Partners may result in, I dont know you. I dont know what you stand for. I dont know if I like you. I dont know if I can trust you. All of those things are missing because you dont have a relationship yet
Focus All of Your Attention on Helping the People You Want to Work With You need to be 100% focused on how you can help the person you are approaching. The Law of Reciprocity requires that when someone does you a favor, that you seek ways to reciprocate. Learn to deliberately tap into that law by doing nice things for others… particularly JV Partners. Thats not diabolical – thats engineering a yes! Its not about your product. Its about how something you know, something youve learned, something you can learn, something you can do, something you can figure out how to do, can help someone else. Proofreading and editing eBooks, creating Camtasia videos and submitting to YouTube, graphics, support, etc. Find what you can do!
Research Your Potential JV Partner (Do Your Homework) Dont go to somebody when you dont know the first thing about them. Do your research on the people you want to bring into your organizations and do Joint Ventures with. Its absolutely critical. Read their books, listen to their CDs, read their BIOs, read their profiles on social sites, read their sales copy, check out what kind of products they have, and follow them on places like Twitter, Facebook, etc. to learn their likes and dislikes. Get to know who they are.
Focus on Trust (You Need to Build the Trust Factor) If a dog bites you, you trust that dog – you trust that if you stick your hand out again its going to bite you again! Some JV Partners do exactly what they say when they say theyre going to do it. Some of them dont. Some people have different standards or styles of business too. Focus on trust. Be reliable. Do what you say youre going to do.
Be Sincere And Build Relationships Live by the principle that basic courtesy and sincerity is a must in any relationship, especially with your joint venture partners. Be sincere. Be courteous. Be honest. Trust breeds trust. Build a relationship to last a lifetime, as opposed to a one-time partnership.
Focus On Adding Value This really goes toward your credibility: Do you have something of true value that will actually benefit the Joint Venture Partners customers? Do you have a product, for example, that will actually show your JV Partners customers how to do something, solve a problem for them, or will give them an opportunity to save money or time or whatever your particular offer is? If the JV Partners customers are happy, that reflects well on both partners.
Have a Quality Product One of the biggest problems I see is people coming up to a potential JV Partner with products of nothing more than rehashed products. Have a quality product thats not a rehashed product, because JV Partners really care what their subscribers are going to think.
Give JV Partners a Copy of The Product to Review Make sure you give your Joint Venture Partner a complimentary copy of your product, whether its $47, $297, $2,097…. Dont try to say, "Well, I have a massive physical product, but Ive converted it to flash, so heres a digital version of it. Always send a complimentary physical copy. People dont read and print 300-page PDFs that are given to them. So make sure you send these, especially a physical product, so your JV Partner can do an honest review of your product.
Customer Support Concern If Im a JV Partner and I see potential problems, I want to make sure theres an infrastructure in place thats going to be able to handle any concerns. Refund issues or tech-support type things my subscribers may have with your product or service. Very often Ill see a product thats a potentially good product, but I dont know that theres enough support in place for it.
Good Converting Sales Copy You may have your product and website completed, but have you tested the sales of the product to make sure that your sales letter converts website visitors into customers – before you approach JV Partners? At very least be able to show you have measures in place to help get the best conversions possible.
Think JV Partners and Not Competitors First, see what the majority of people in your marketplace are selling, promoting, or offering (theyre all doing virtually the same things). Second, think about how you can help them AND their customers get MORE of what they want. Third, wrap your product or service in a way that your new ally can not only make more money or more sales, but also make their customers even happier. Any competitor can turn into your best Joint Venture ally and strongest sales person if you know what to do. Your job is simply to find out how you can complement what they do rather than compete head-to-head with them.
Be Unique & Irresistible Be different. Give them something others are not offering. Learn the great importance of packaging irresistible offers, even for joint ventures partners. Treat them like the customer. Create irresistible deals to get the joint venture going. Provide a host of benefits and be responsive. Every one enjoys being treated well, especially valued joint venture partners. At the end of the day everybody whos doing joint ventures is simply saying, Okay, how much is this going to make for me? Based on the other opportunities I have, why would I do this one over another one?
In Summary What JV Partners are looking for from you is somebody thats going to take action and produce results. If you dont produce results, the JV dies right there on the vine. What happens over and over again is that we talk about it, we think about it, we learn about it, we get caught up with it, we buy all the packages and then we never do a single thing. Once we get through the process of actually doing something then you can duplicate that again and again. Its the same thing in the Joint Venture relationship. Research may be time consuming, but your end goal is to make great money through JV efforts, so your time will be spent wisely.