I’m always on the lookout for strategies that expand what is possible. I can’t help it. It’s the “don’t just do it, REALLY do it” in me.
It’s why I love joint ventures so much!
Women who have business girlfriends to play with rise to new levels of success faster – and have the most fun!
Even though joint ventures are a catalyst strategy straight out of the box I’ve discovered ways to squeeze even more goodness out of them.
1. The VALUE you give… (win-win-win)
A profitable joint venture is good for you, good for the partners you invite to play and it’s good for your collective audience. The project matters and everyone wins.
Caveat: In my world the terms “profitable” and “return on investment” represent a lot more than money.
The biggest mistake I see is focusing only on “what’s in it for me?” i.e. increasing the number of subscribers on a list or how much money can be made with a back end offer.
Yes, these are undeniably important – to you – but in the grand scheme of your project WHAT’S IN IT FOR THEM requires the lions share of your time and attention.
Tip: Keep in mind that there are two sides to this coin.
1) Your ideal prospects – the people you want to attract to your list through the joint venture project.
2) Your ideal partners – the experts that you want to invite to participate in the project for mutual benefit.
Get this right and it amplifies the value that comes to you. Trust me on this.
2. The PARTNERS you invite to play…
A profitable joint venture involves partners who serve your target market in a complementary way. They have their own following which expands everyone’s reach and most importantly – they’re excited to not only be part of your project but to share it with their community.
It’s vital that the experts you invite really want to be part of the team. If they’re “doing you a favor”, the likelihood that they’ll fully contribute is slim.
Tip: Hold each partner to the same standards. Every once in a while you’ll run into a potential partner who wants to negotiate the terms of their participation. It’s not a bad thing but it can become a can of worms if you “go there” with one and other partners find out.
Don’t be afraid to hang a vacancy sign for your project if a potential partner isn’t willing or able to fully participate in the way that meets your standards. The partners who are 100% on board will help you fill the space with a partner who shares the collective vision.
3. The TOOLS you leverage…
How far are you willing to go to make your next joint venture as successful as it can be? Are you going to do the bare minimum or are you going to go the extra mile?
The most profitable joint ventures move beyond the basics and leave room for improvisation.
It’s very common for those leading a joint venture to coordinate a solo email broadcast that each partner sends to their communities. But more and more there is push back on this. Some want to “protect their lists” (which really should lead to them not being involved at all) and others feel strongly about other channels of marketing.
So what can you do in addition to, or instead of that will take your project to dramatic new heights? One example is to provide a menu of marketing options and ask your partners to choose 2 or 3 that they can commit to. This allows them to play to their strengths and honour any marketing standards they have in place that might conflict with one of more of the options.
Tip: Ask each joint venture partner what ideas they have beyond the basics. You’ll be surprised what you’ll discover and the doors to expanded visibility that will open as a result.
Not only that, the partners will feel more involved. And human nature demonstrates that people support what they help to create.
4. The OFFERS you make…
Profitable joint ventures are attractive to your ideal prospect AND to potential joint venture partners.
You must clearly define “what’s in it for them” and resist the urge to ASSUME.
Your ability to ask is one of the most underleveraged success tools on the planet. Why guess when you can KNOW.
Ask. Then, act accordingly.
When you give people exactly what they want your invitations become irresistible. Tweet that!
Tip: Sometimes the type of joint venture you choose makes all the difference. This was definitely the case for me when I switched my modus operandi from telesummits to publishing a digital magazine. This one variation more than doubled my results and now I’m on the hunt for that next type of JV that will uplevel my results. (I’ll keep you posted).
Did you find value in this post? My goal was to expand what is possible for your (first) or next joint venture. I’d love for you to share it with others and contribute to the conversation by commenting below.
Latest posts by Gina Bell (see all)
- 7 Reasons Why Joint Ventures MUST Be Part Of Your Marketing Plans - June 15, 2015
- 4 Ways to Skyrocket the Results of a Collaboration #meetplaylove - June 10, 2015
- Are Joint Ventures Broken? - June 9, 2015