Create relationships with strategic business partners to get more done in less time and with less money while at the same time expanding your reach
Video 2 Transcript:
Put simply - Joint Ventures. Connections that help build community around your brand.
You’ve worked hard to create and develop your brand. You want to build a community around the values, ideas, and products that you possess.
Milana Leshinsky, co-author JV Mastery shares that “One of the BIGGEST reasons people may not buy from you or hire you is because they don't trust you. There's just too much information and too many experts out there, frequently offering conflicting advice. It can be really confusing and create a lot of scepticism in your prospects' minds.
That's why you want to do EVERYTHING you can to get people to know, like, and trust you!”
While it takes time to develop great content like articles, educational series, videos etc it will position you as an expert in your field and will make people see you as a trusted teacher and mentor.
The fast track to build trust and get new clients is to be endorsed. Referral / Joint Venture Partnerships (JVs) are the key.
The super successful business leaders use this method as a primary strategy to break through six and seven figure ceilings.
You may have heard of JVs before, but to really understand them you need to know two things:
- A partner with a responsive audience needs to promote you to that group.
- You need to have something of value in order for that partner to promote you.
Why Joint Ventures Work
4 biggest reasons joint venture partnerships work so well and quickly turn strangers or sceptics into paying clients:
- You're tapping into existing community that someone took years to build.
- You're borrowing someone else's credibility to endorse your program.
- You're speaking directly to an audience interested in your topic.
- You're leveraging other people's time, resources, and relationships.
If you're frustrated with how long it takes to build your business with social media, article submission, or newsletter publishing, you'll love joint ventures! It is the BEST marketing strategy ever known, frequently referred to as the "instant shortcut."
A lot of people think of joint ventures as a strategy reserved for people who are ALREADY successful - entrepreneurs with big lists, big names, and big platforms.
How to Approach Partners
Here are the 4 secrets on how to approach potential JV partners and get the support of movers and shakers in your industry, even if you're just starting out.
- Secret #1:Don't ask for support until you build a relationship with them. Find out about their goals and vision and come up with a way to support them with your skills, time, or other valuable resources.
- Secret #2:Most people don't care about commission. They want to earn money, but they will first want to make sure they can trust you, that your product is relevant and high quality, and that you'll deliver on all your promises.
- Secret #3:JV partners get very excited when they see that your marketing materials are high quality, because that means you will convert their referrals into paying clients.
- Secret #4:Come up with an exciting project then invite JV partners to participate. Many movers and shakers like to participate in projects that can showcase their expertise or share unique content. Even if you don't have a big list and can't reciprocate, they'll say YES just because they like your idea!
Growing your own network of JV partners is very exciting and rewarding. These are not only people who can promote your products, programs, and services for you, helping you become successful and profitable, they can also become your long-time peers, mentors and friends ou can rely on in business.
Get more clients than you know what to do with and fill your programs fast. Try these one of these methods to get started:
- Get Interviewed
- The Teleclass Model
- The Automated Webinar
- The Telesummit
- The Launch
The reason they work is because you're being endorsed by your JV partner and there is a transfer of trust and rapport. So pick a favourite, or find another way to persuade a partner with a responsive mailing list to promote you.
Reasons Why Partners Promote You
- Because they want to feel good about recommending a great resource
- Because they want to feature an expert on a topic they don't teach themselves
- Because they like you and want to support you
- Because they really like your product or project
- Because you have a great energy and are easy to work with
- Because you purchased their product or joined their program
- Because you promoted their product or program
- Because a mutual friend recommended you to them
The great thing about this for you is that they just need ONE good reason to shoot out a quick email (or several) to their list.
How do you find Joint Venture Partners?
Your Ideal JV partner is a person or company that supports your Ideal Client in some way that complements what services you provide, but doesn’t compete with them.
You can identify good prospects for potential partners by looking at where your Ideal Clients already hang out.
When you start to approach folks about possible referral relationships, lead with the juicy benefits you could offer to them and their community in return for creating a partnership with you. And, be sure to invite your partner to share with your current list as well.
Do your homework first! Keep in mind when considering potential JV partners:
- Do they understand JV
- What is their previous experience with JVs
- Do they have a collaborative mindset
- Do you trust them
We want to make sure they fit with your Target Audience, or why would we be doing this?
- Write down your goals and desired outcome
You want to have specific, measurable and action-oriented goals. Set a realistic time frame for their implementation. Keep them easily accessible so that you can refer to them when carrying out your action plan.
- Review your target market
This step is not new as you would have done this when creating your business. A little twist is that you are going to review your target audience or your current clientele by reviewing their buying habits, their challenges, marketing trends, etc. By brainstorming other products and services used by your target market and determine whether there's synergy with what you offer.
- Identify potential Joint Venture partners who already serve your target audience
Create a list of potential partners that offer the best expansion opportunities, and have the most desirable client base.
- Define your joint venture format
Will you offer a profit sharing format, or a reciprocal arrangement, or both. Profit sharing is where you agree on a percentage or set amount per sale. Reciprocal arrangement where both partners send clients to each other. Think of something that is of high perceived value to offer the clients.
- Determine your budget
It goes without saying that you should control costs from the beginning of a project. That means you need to sit down at the start and list every item that's required to carry out the joint venture.
- Create an action plan and implement it
Once you've listed your potential partners, detail the steps you'll take to approach them and implement your joint venture project. To keep you focused, refer to your goals in Step 1 when creating and implementing your action plan.
- Contact your partners and open the door for discussions
Make initial contact with your potential partners and set up a meeting. During your meeting be alert to sure the market fit is as good as you initially thought. Also, you want to ensure you and your partner are a good fit as well!
- Decide on either a contract or a hand shake deal
If you choose a contract, ensure that it specifies terms for review, and doesn't lock you into any long term arrangement without specific criteria for profitability being met. If you choose a hand shake deal, be sure you trust your partner!
- Launch your joint venture and test the results
Start small by doing a test run first. Write, print and send the endorsement letter and implement the tracking system. Make sure you're equipped to handle the flood of new clients once you've set the joint venture into motion.
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Okay MumPreneurs, if you haven’t already, grab your worksheet below and take the time to research and talk with potential joint venture partners.
See you in Video 3.