How can you joint venture with other people? Let me count the ways …
- Give your products or services as a bonus with your partner’s offer
- Add someone else’s products or services to your offers
- Co-create a product or service
- Promote other people’s offers
- Interview an expert and share with your tribe; you get commissions on their offer
- Trade promotions in your ezine
Joint venture (JV) partners can be the best thing for your business or a straight up nightmare. The key to joyful and profitable partnerships is all about intention and a little research.
Some years back a colleague I knew asked me to promote his service. He was a copywriter and he was offering a screaming deal. I’ve seen so many people bomb in internet marketing because their copywriting sucked, so I was HAPPY to share his offer.
BIG Mistake. He humiliated me by pissing off the people who bought on my referral. He took forever to deliver the copy and was not communicating with them. I stepped in and put the pressure on. He finally delivered and they got great copy.
It taught me a HUGE lesson. Just because someone is good at their craft doesn’t guarantee they’re a good joint venture partner.
Now I’m anal about whom I choose to play with, in the JV world.
Before you say yes …
- Is their offer or expertise a fit for your tribe?
- Is their style of delivery aligned with your values?
- Have you experienced their products or services first hand?
- Is the price point good?
- Are their marketing materials professional and compelling?
- What is their history promoting this offer?
- Is there commission or prizes involved? If so, do they motivate you?
- Do they have references you can contact?
- Do they have a dedicated Client Care person on their team to take care of your referrals?
- Does the timing of this partnership work for you?
- Does JVing with this person intuitively feel good?
- Is this a profitable and fun partner?
And when you say yes, treat your JV partner as a business partner, because you are during the time you play together! Ask for what you want, be clear on your outcomes and communicate expectations clearly.
I recently came together with Get Known expert, Nancy Juetten to co-create a program that we could offer as a bonus to our VIP clients and as a bonus with purchase for other JV promotions we were doing.
We spent a couple of hours brainstorming how it would work. We have been very forthright about sharing expenses, who gets the program as a bonus and how we can profit from it in the future.
It’s been a blast! And we’re creating new relationships, content and visibility as a result.
JV partnerships are a direct cause of my huge increase in profits the last few years. Why limp along by yourself when you can soar with others?!
Make sure you grab this report on JVing:
The Top 12 Reasons JV Partners Will NEVER Promote You… and what you can do about it.
What have your experiences with a JV been like? Write your comments in the box below.
WANT TO USE THIS ARTICLE IN YOUR E-ZINE, BLOG OR WEB SITE?
You can, as long as you include this complete blurb with it: Jeanna Gabellini is a Master Business Coach who assists high achieving entrepreneurs and their teams to double (and even triple) their profits by leveraging intention, systems and fun. Grab her FREE audio on dialing in your biz here: http://masterpeacecoaching.com/freecd