The fastest way to grow your online business, and subsequently your bank account, is to embark in joint ventures.
It’s a surefire way to bring in loads of targeted leads, increase sales, solidify your reputation, build your list and more.
For those of you who are new to JVs, basically it’s when two or more parties come together and cross-promote for one another or work on a project together.
I struggled for a long time at the beginning because I was going at it alone.
However when I started getting JV partners, that’s when my online business exploded.
Because I started out as a nobody, just like everyone else, I jumped on opportunities to JV with the big guns in the industry.
I’d provide value above and beyond their expectations. Always over-delivering. And pretty much doing everything.
In return I could leverage off their already-established name and reputation.
One of the main reasons why I could achieve #1 Clickbank launches was because of this strategy. This includes Membership Sites Blueprint with traffic guru Alex Mandossian, Shoe-In Money with Jeremy “Shoemoney” Schoemaker, and most recently IM John Chow with top blogger John Chow.
Now I’m in a position where people are approaching me with JV proposals. Which is really cool.
So I’ve experienced both sides to the relationship. With this experience I know what works and what doesn’t when it comes to approaching a potential JV partner.
And that’s what I want to share with you guys today.
For those of you who approached me with a proposal that I turned down, please don’t take this post personally. I’m writing this so that you can benefit from it in the future. My intention is to help you guys obtain JV partnerships that will be successful for everyone involved 🙂
I’ve got six tips that I’d like to share.
1. Add Your Personal Touch
Templates don’t work. You want to connect with a person, not a bot. When I receive JV proposal emails that don’t even address me by name and are so generic it could be sent out to hundreds of other people (which I assume they are), then I’m immediately turned off.
You could have a great idea. But it’ll never take off if you don’t put in the effort to personalize your emails according to the potential JV partner that you’re trying to work with.
2. Offer, Don’t Ask
I’ve noticed that a lot of people make the mistake of asking for something when they approach a potential JV partner.
Keep in mind that you are dealing with someone who is already established.
Treat them like you would a customer.
Ask yourself, “what’s in it for them?”
Because at the end of the day, that’s the only thing they’ll be interested in. They don’t want to know what you want from them. This may sound harsh, but in the beginning, you need them a lot more than they need you.
Focus on what you offer and what you can provide for them. And all the awesome benefits that they’ll get out of the deal.
Don’t jump in and start suggesting what they can do that will make you both a lot of money.
3. Don’t Get Angry
A lot of people take rejection personally. I get it. You’re pitching your dream, something you believe in. And when someone turns down your offer, it hurts.
But nothing will hurt you more than if you take it personal and go on an angry rampage against the person who declined your proposal.
Vicious tweets, aggressive emails, bad mouthing to anyone that crosses your path.
That’s not cool.
Often the timing just isn’t right for your potential JV partner to take on a new project. Or maybe it’s just not a right fit for them.
Whatever the reason that they turned you down, never take it personally and start attacking them.
Instead, thank them for their time, wish them the best and focus on building a relationship with them. Remember, people like to do business with people they know, like and trust. Just because you got a “no” the first time, doesn’t mean it’ll be a “no” the next time.
4. Get Social
I first met John Chow at a seminar we both happened to attend. We became friends from there. And it was only some time later that I proposed a JV partnership.
After that, things just expanded and he introduced me to Shoemoney. And so my social circle continues to grow.
Attend events, get out there, meet people and make friends.
Here’s a secret. Networking works.
5. Provide Without Asking For Anything in Return
If you’re a small fry trying to play with the sharks, you’ll either go unnoticed or eaten alive.
Stand out from the crowd by helping out your potential JV partner first, without them having to ask. And don’t ask for anything in return. Yet.
Promote their latest product and make them a ton of money. If they run a blog, be a source of great information and news for them. Send them short emails with suggestions and links that you think would interest their readers. Get their attention.
Eventually when you do pitch a proposal to them, they’ll be far more willing to listen. I’m not saying it’ll be a sure-thing. But by helping them out and showing your value before asking for a thing, your chances of getting your foot in the door are better.
6. Have an Irresistible Offer
Once you’ve built the relationship, gained their trust, can call yourself a friend and you’re ready to make the proposal… make sure your offer makes sense.
It may sound silly, but if your offer/idea/proposal is useless and won’t make any money, nobody is going to want to JV with you.
For the big boys, they’re taking a risk to work with you. Someone who is unknown and doesn’t have much to show yet. They are staking their name and rep on your work. So make it fantastic.
Whether you want to create a product with them or are asking them to promote your existing product, can you show that it will convert? That it will have value? That consumers will actually benefit from it?
About a year ago I got burned pretty bad for promoting an inferior product. It was my mistake for not checking it out thoroughly first.
Don’t be the person that is responsible for making others lose their reputation.
Know your offer inside-out, test it, make sure it converts and delivers value.
