how to grow your business with joint venture partnerships-information for intermediates

How to Grow Your Business With Joint Venture Partnerships

Information for Intermediates

Eternal Spiral Books, http://EternalSpiralBooks.com

Introduction

• Joint Venture Partnerships (JVPs) are an excellent way to build your brand, promote your products and increase your income. • However, many business owners with high

hopes for their first JV can end up disappointed, and wondering how things could have gone so wrong.• In this guide for intermediate-level

marketers, you will discover some of the most common mistakes CEOs make when it comes to JVPs, and how to avoid them. 2


1: Setting clear goals

• Why do you want a JVP?More sales? How many?More subscribers? How many?Increased profits? How much?

• If you’re not clear about your goals from the outset, how will you be able to trace your results, or define success or failure?• Not setting goals is like trying to drive

cross-country with no destination, road map or GPS.

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2: Don’t rush to find a JVP unless you are sure you are ready• Business owners get so excited at the

prospect of a JV that they don’t realize they are not ready yet.• They need products to sell, an

infrastructure to sell them, and a robust email marketing platform to make the most of the list-building opportunities.• If you don’t have these minimums in

place, you can really do damage to your online reputation.

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3: How to tell when you are ready for a JVP• There are a number of ways to tell that you

are really ready for a JVP. • If you’ve tried one in the past but it didn’t

go well, chances are that you weren’t ready.• Before you try again, be sure you have all

of the essentials in place.• These include an email marketing platform• Free funnels• Sales funnels• If you’re not sure what they are, learn more

before trying to get a JVP.5


4: Looking for the right partner• The right partner will depend on your

niche and goals.• There are many different ways to work

with a JVP• You want to find one who is interested in

a win-win deal in which everyone gets what they want and need.

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5: Starting small

• One of the best ways to find a good JV is to start small and see if they fulfill all of their obligations• Are they reliable?• Do they do all they promise?• Are they responsive via email, or do you

get silence for long periods at a stretch?• A small JV like an email list swap can tell

you a lot about them and what it would be like to work with them. If they are a pain, find another JVP.

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6: The essential elements of any JV proposal• There are a number of key elements

that need to be spelled out clearly before you try to approach anyone with a JV proposal.• The first is a literate email that shows

you know who the person is in relation to your niche• The second is a basic outline of the

benefits of working with you in terms of who you are, products, revenue split, and so on 8


7: Testing Your JV Partner

There are simple, tried-and-true ways to start small and test a potential partner to see if they are worth doing business with, without a formal contract.• 1. Guest blog for each other• 2. Agree to interview each other via online radio, a

live event, or a pre-recorded webinar. Then sell the recording, or use it for promoting a product per person.

• 3. Make content available for each other’s list/s, such as the material you give affiliates, or better

• 4. Prove yourself to be a trusted, proactive affiliate first, and then ask about becoming a super affiliate, or a mutual affiliate. Your track record of selling well for them should speak for itself. Make them your affiliate as well.

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8: Hiring a JV Manager

• Once you decide you are ready for a JV, you can do all the approaches yourself, or hire a JV manager who will do the work for you. • Look for someone with extensive

experience-and if they have worked in your niche before, so much the better.• If you don’t have a lot of money to pay

up front, ask them to become an affiliate and/or offer them commission on the deals they put together. 10


9: Your marketing plan

• Your joint ventures should be part of your overall marketing plan• By setting your goals for each JVP, you can

be clear about expectations in terms of your results• You can either promote an existing

product, or launch a new one• With an existing one, you will have an idea

of conversion rate• With a new one, you can’t be sure, but a

small test run with a limited audience can give you an idea of what to expect.

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10: Is the deal worth making?

• Some deals will give your business a huge boost• Others might be more trouble than

they’re worth• Still others might not be that honest• NEVER give anyone money• NEVER give anyone your work without a

contract, or a deal that says you will do all the work just to get them to promote you• NEVER jump into a long-term deal until

you see how well you work together 12


11: Common mistakes to avoid in relation to JVPs• There are a number of common errors

business owners make when it comes to formulating JVPs• These can include:• Not getting enough background• Not having enough products or a great

enough series of offers yet for it to be worthwhile for ‘heavy hitters’ to do business with you• Not testing the relationship with small

projects first to see if you’re a good fit• and more.

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12: Next steps once they have expressed an interest in working with you• Once you’ve found a JVP who says yes,

that’s when the real work begins• Set up a trial to see what it’s like to work

with them• Test their list to see if they are the right fit

for your products and services• Create a special offer for them only so

you can track the promotion easily• Track and test and share results. Based on

them, decide if it is worth it to continue doing business with them.

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13: A simple agreement letter

• All JVs should be written down and signed by both parties, even if only a digital signature• The more complicated a deal, the more

complicated the agreement• But for a simple JVP to start with, like

mailing to each other’s lists, just state what is supposed to happen and who will be responsible for which portions of the work that will need to be done in order for the promotion to be a success. 15


14: Essentials to put into a Formal JVP contract• For more formal contracts, you should

state the particulars in detail, such as:• Banking• Tasks to be done• Revenue sharing• When the money will be paid• Expenses to be incurred to run the

promotion, such as Facebook ads, and who will pay• Taxes and so on.

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15: Following Up

• One of the most important aspects of JVs and any new marketing promotion is to follow up.• Track and test your results• See how they match up with the goals you

set at the beginning• If you’re not meeting your goals, is there

anything you can do to rescue the deal?• Show you are easy to work with and you can

do repeat JVs.• If the other person is not easy to deal with,

find other partners. 17


Conclusion

• Joint venture partnerships are an excellent marketing tool that can boost your profits, but it is always a case of looking before you leap. • If you’ve tried a JV but not had the

results you were hoping for, don’t give up.• Do educate yourself about the essential

elements needed to formulate a successful JVP.• Do the work and reap the rewards. 18

Further Reading• For more information on JVPs, see:

How to Grow Your Business With Joint Venture Partnerships: Information for Intermediates• http://eternalspiralbooks.com/how-

to-grow-your-business-with-joint-venture-partnerships/

• Want to learn more about the basics of setting up a JVP? See:• 17 Steps to Joint Venture

Partnership Success: Basics for Beginners• http://eternalspiralbooks.com/17-st

eps-to-joint-venture-partnership-success/

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http://eternalspiralbooks.com/how-to-grow-your-business-with-joint-venture-partnerships/




http://eternalspiralbooks.com/17-steps-to-joint-venture-partnership-success/




Credits:

Thanks to Joan Mullally for this presentation and to Joan and to Thomas Michaels for the content in this deck. Visit the marketing section of Eternal Spiral Books for more of their titles. http://eternalspiralbooks.com/?s=marketing

Eternal Spiral Books, http://EternalSpiralBooks.

com

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http://eternalspiralbooks.com/?s=marketing

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