Final Section: Step Eighteen

JV Partnerships

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JV Partnerships

Your business is now built, you are driving traffic to it and making sales. Act One, Two and Three have all finished. We are now in the Epilogue where we talk about some advanced things you can do. The first is the JV Partnership.

What is a JV Partnership

JV stands for “Joint Venture”. Okay, so what is that?

You have seen the credits at the beginnings of movies in the last several years:

“Lamplight Pictures, in association with Dragon Producing Partners and Poodle Entertainment presents an Ajax Production of an Apex Motion Picture.”

Each of these companies got together in partnership to make the movie. One company has the rights to an incredible screenplay. Another has contacts with great actors and directors, and a third has money and can distribute the final film.

Each one brings something to the deal and each one gets something from the deal.

Motion picture partnerships are usually much more complicated than what you will be doing, but the idea is the same. With your online business, it will usually be just you and one or two other people who put together a joint venture.

A JV Partnership is

• • A partnership where BOTH people benefit
  • Sometimes, the partners create a product together
  • Sometimes one party creates the product and the other promotes it
  • Sometimes a bit of both

A JV Partnership is not:

• • Simply being an affiliate of someone
  • Chatting with someone on Facebook about your stuff (or them mentioning your stuff on Facebook)
  • Creating a short report with some of their PLR content

Reasons to Have a JV Partnership

There are as many reasons to have a JV partnership as there are JV partnerships, but here are a few to think about:

When you work with someone else in your niche, you get to learn more about the niche, more about the people creating products in the niche and more about the people buying products in the niche.

When you work with someone who already has a list, you get more people on your list. But not just people, you get people who have proven they are willing to buy.

You also get to “coat-tail” on your partner’s relationship with their list. This is a very important point. If someone has spent the time and effort to build a relationship with their list, they are usually very protective of that. When they promote your stuff or stuff you have created with them, people will trust you because they already trust your partner. All you have to do at that point is build your relationship on that already solid foundation.

At the beginning of your online career, you will probably be partnering with people who have much bigger lists than you do. It is a great way to build your list.

And finally, you do a JV partnership to build your business and your income.

Why would they JV with you?

If you have created some great, high quality products or courses, that is something they would like to share with their people.

If you are willing to do most or all of the work, they would be even more willing to do that.

Okay, now we know what a JV partnership is, why we want one and why someone might partner with us, it’s time to investigate…

Finding JV Partners

Once you realize you want to create JV partnerships, where do you find them?

Begin by looking at the people in your niche that you admire. People whose products you already have used and liked.

You might consider people you already have a relationship with, people you have met at live or virtual events.

Finally, you might ask people you already know for suggestions of five people they know personally who you might JV with and ask for an email introduction.

Building relationships

We will state this over and over again in this lesson. Respect and relationship are the two most important things to remember when approaching and creating a JV partnership.

Don’t ever approach someone with that dreaded, “Will you promote my stuff?” It is the quickest way to have someone never want to work with you. They may do that politely, but that will be the result. You must build the relationship. How?

Get to know them. Read their blog, follow them on Twitter, Facebook, etc. and really read their posts. If they have a forum, go there and soak it in.

Get to know their products. Just like with Affiliate Marketing, you wouldn’t recommend something you haven’t used. Why would you want to partner with someone when you don’t know the kinds of things they put out?

Get to know their audience. Again, forums are a great way to do this, but it may take a bit of digging. However, you do need to know at least something about their audience. You are proposing to help solve one of their audience’s problems (which is what a product or course is for), and if you have no idea what those particular problems are, you’re kind of swimming at sea.

What can you do for them? When you do contact them, the first communication shouldn’t be, “sell my stuff”, it should be, “what can I do for you.” Better yet, you should already know what you can do for them from the study you’ve been doing.

And finally,

Follow up! Just like you wouldn’t propose marriage on the first date, you shouldn’t expect a potential JV partner to swoon at your offer immediately. Following up is the strongest way to build a relationship with someone.

After you meet them, follow up with an email, a brief one, reminding them where you met and what you talked about.

Send them a card. (Not an online card, actually write something in a blank greeting card, put an address and stamp on the envelope and send it to them.)

Offer to do something for them, such as giving them access to a product or course you’ve created so they can see your quality. Writing to ask permission to do so, first, will go a long way toward building the relationship.

Offer to interview them for your list, an interview where they can promote their own products and services. Once the interview had been completed, give them access to it to use however they like.
One way to find potential Joint Venture partners is to join community forums like the NAMS forum – http://myNAMSmembers.com. There are several of these. They are focused on people with online businesses and usually have people in every niche you can imagine. Often, they even have an area where people post that they are interested in joint venture partnerships, but even if they don’t, they are great places to meet likeminded people you want to get into relationship with.

A final way is to find a Joint Venture Broker. These are people who put together someone with a product with someone with a list. You can search for them on Google.

Now that you have some sense of how to approach people, it’s time to build…

Your “Dream List”

Create a list of the top people you might want to form a JV Partnership with. Have at least 10 people on that list, then prioritize the list. There are two ways to easily prioritize a potential JV list:

1. 1. People who you know do JV partnerships and/or
   2. People slightly lower than the major gurus

To begin with, don’t approach the highest echelon in your niche. Start with people who are successful but not quite as big. You will have more of a chance to be able to work with them and you will learn how the process works for when you do approach the higher ups.

Of course, if one of the higher ups already does several JVs, it will be easier to approach them.

Once you have made your list and decided who you will start with, do your research. As we said above: Learn who they are, learn who their audience is. Learn what they have to offer.

Start getting into relationship with them.

Comment on their blog. But don’t just say “Nice post” and expect them to remember you. Really comment on the post. Mention something in it and your reaction to that. Give good information or ask a question. And, as always, be respectful.

Post questions in their forum. Better yet, answer questions in their forum. Interact with the other forum members. Give good information. Get to know them and let them get to know you. And, again (we said we’d say it again) always be respectful.

Be an affiliate. One of the best ways to get noticed by someone is to sell several copies of their products. It is a very good way for them to see that you are really interested in what they have.

Do a webinar or teleseminar for them. A webinar where they can promote their own products to their own list is a great idea. But make it easy for them. You do all the work.

Set up the webinar. Write the emails to send out. Incorporate their affiliate link in the presentation. All they have to do is show up.

You know who you want to meet, now…

How Do You Meet Them?

The first thing to do is see if you know anyone in common. If you do, ask for an introduction. Be respectful, though. People are as protective of their contacts as they are with their list and they won’t give an introduction to someone who might sour the relationship. It simply isn’t worth it.

However, almost everyone has had help. Almost everyone had someone above them do something nice for them, introduce them to people. People love to give back by “giving a hand up.”

You can also cold call. This is a bit more difficult, but can be very effective if you do it respectfully. You can often find their contact information on their blog, on the “Contact Me” page will often be at least an email address, but you can often find a mailing address or even a phone number on their privacy page.

If you can’t find it there, you can always go to the WhoIs Lookup – http://www.whois.com/whois/ – this is a site that will tell you who owns any web site in the world. Most will list the contact information for who owns it. (Sometimes that information is for their web designer or tech person, but often it is their office address.)

Just go to the site and enter the web address of the person you are researching. And remember, when you do get in touch with them, give first, don’t ask for a favor. Once you do get into relationship with them and it is time to propose the Joint Venture partnership, always remember: What’s in it for them.

Give them good reasons to be in partnership with you. They have a big list, why would they do it? There are several things you can do, of course. One is do all the work. Another that several people do is to structure it so that they get most if not all of the money. Why would you want to do that?

If you are putting out the product or course through your business, you will be collecting names and address, but not only names and addresses, these are people who have already purchased from you. As you keep in touch with these people, they will purchase more from you. Sometimes, you must look at the long term. How much is each one of those people worth? Is it simply the fee for this product, or is it how much they will spend with you for years to come?

If you approach one of the big shots, you do the work, they get the money (sometimes as much as 90% to 100% commission) but you get the very hot, responsive list. That can be worth a lot.

Action Steps

Build a list of at least 10 people you would consider doing a JV partnership with

Prioritize that list

Begin getting to know them and their audience, and plan your approach to them

Contact them

Next week:

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