I’m in beautiful California this week at a MAJOR business event where fellow authors, speakers and coaches, like myself, will be getting together for one purpose: joint venturing (JV). In fact, some of my e-mail subscribers will be there too and I can’t wait to meet them!
For those you not family with joint ventures, it is simply an agreement between two entrepreneurs to promote each others services or products to their e-mail list. JVs are one of the fastest ways to grow your list, promote your business and increase your sales. The entire event I am attending is geared toward joint venturing. There are some AMAZING entrepreneurs here! I wish the rest of you could be here with me. But, since that isn’t possible, I’m going to share with you some JV tips (some not-so-obvious) you can use in your business right now:
1. Go to as many business events as possible in your field so that you can network. This is a great way to meet potential JV partners.
2. Go to their web site BEFORE you call them. There’s nothing worse than talking to a potential JV partner after they’ve given you their business card and it’s clear to them you have no idea what they do. This will also help you figure out potential ways you can be of service to them.
3. Once you get their business card, contact them RIGHT AWAY! I’m talking same night, or same day. Feel free to use my e-mail "script": "I saw on your web site you do XYZ, I think there may be a way for us to help each other. Perhaps I can connect you to some of my resources. Let’s set up some time to chat."
4. When you JV, make it a win/win for both of you. Listen to them. Ask them which of their programs they are looking to promote now. Perhaps you can be of assistance.
5. Along those same lines, consider featuring them in your newsletter, podcast, blog talk radio show or web series. This is a great way to BUILD A RELATIONSHIP (which is essential to JVing), learn more about them and promote their business, like I will be doing next year in my new "Game Changers" series. Plus it gives me a chance to put my journalism degree to use again :) Some JV partners even agree ahead of time to promote each other, whereby they both promote the interview to each other’s list.
6. If you discover they may make a great fit as a potential partner in the future, stay in touch with them. Set up a reminder on your e-mail or cell phone calendar to call or e-mail them periodically, just to see how their doing. However, realize that some business relationships may not blossom into a JV partner. I would encourage you to stay in touch with them anyway. When you’re on the entrepreneurial path, I can not OVERSTATE how important it is to stay in touch with likeminded people.
7. Better yet, create an easy way for you to stay connected by starting a FB group or business group on LinkedIn. This works great if you’ve met various people at a group event. Earlier this year, I did this with a group of more than 100 AMAZING entrepreneurs I met at a speaker’s conference in Nevada. We still keep in touch today and support each in our businesses in various ways, including a telesummit we did over the summer.
8. Some of the JV tasks (like emailing) can be delegated to your virtual assistant, or JV manager if you have one.
9. Many who do JVs, offer commission whenever someone from the JV partner’s list purchases from them (affiliate marketing), but many entrepreneurs forget to use contests and incentive bonuses when approaching potential JV partners. By the way, this is a great way to get the attention of a JV partner with a big e-mail list, especially since they receive so many JV requests.
10. Be generous and accommodating to your JV partner. Make it easy for them to work with you by having an affiliate program already set up and do NOT be stingy with the commission. I learned this tip from a top marketer in the JV program I belong to: 50 percent or higher is the recommended commission to offer someone with a really big list.
Hope this list helps?! Let me know in the comment section which tip you will be using.