5 Steps to Creating Winning Joint Venture Partnerships

Posted by in Business Development, Melissa Galt, Mindset

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Creating winning joint venture partnerships can be the difference between a launch that sizzles and a launch that fizzles.  It can be the difference between tapping your tried and true 200 subscribers or tapping over 20K new potential subscribers. The choice is yours. You can wait until you are big by yourself or you can harness relationship building techniques and practices to catapult you to the top.

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Create Winning Partnerships

While there are not only ways to capture the attention and support of great partners,  you will also need to learn how to work best with them and the keys to follow up. This article is focused only on attracting and garnering their support.  More is coming, stay tuned.

#1 ~ Create a list, check it twice.

No, you aren’t playing Santa Claus, though it does sound like it. What you are doing is compiling a list of potential partners who are in your niche (or desired niche) and are playing at levels above you.  The idea here is that with the right partners you can skip a few steps on that ladder of success as their influence and support will help speed your climb.

#2  ~ Subscribe to their list. 

I don’t care how many lists you are currently on, get on your potential partners lists. Everyone has one, many have several. You need to be getting their communication, their updates and seeing what they are doing, what programs they are launching, what events they are hosting, what products and services they are selling.

#3 ~ Connect online and reach out.

Find them on Twitter and follow. Find them on Facebook and friend them (make it a personal invite for goodness sake!). Find their Facebook Fan page and “like” it. Find them on LinkedIN and send an invite directly or through your network. Subscribe to their blog if they have one. The point is to find out as much as you can about them as a person and as a professional.  This will enable you to leverage your own points of connection when you reach out.

#4 ~ Know your partners priorities.

We all have our own priorities. We are all tuned into that station WIIFM ~ What’s In It For Me.  Find out what is most important to your potential partner. Is it a new launch or program they have coming up? Is it a charitable cause that is near and dear to their heart?  Are they a parent and having tough time with a teen?  Maybe they have aging parents and are now in the caregiving stage. It isn’t always business. Pay attention,  reach out, find out.

#5 ~ Make a personal invitation with benefits.

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Make your invitations personal!

Video invitations are often the most impactful because it is you speaking directly to them by name. Yes, that means each one is personal and completely unique. You can’t make one video and send it to all, tacky and they can tell. Remember these are folks who are ahead of you on your path and you want their help.  If you can’t do video, you better be an incredible copywriter from the heart.  In your message, video, audio, or written you must share why you chose them, what benefit they will gain (btw, helping you isn’t a benefit), and what is the expected outcome for them by partnering with you.

I got every joint venture partner I wanted by doing it just this way, it works.  The personal video really pushed it over the top according to many.  I’ve been asked by others, when they did a video, I said yes without hesitation. Without a video required more thought. And when they couldn’t tell me the benefit to me, well basically I didn’t see a reason to partner.

If you get stuck and need reasons, think about this, your partners want more exposure,  we all go farther together. You are creating a synergistic opportunity for them to get that exposure to audiences that aren’t currently theirs, and are interested in their expertise.  Also if you are selling a product or call, they can affiliate and earn income.  A couple of my JV partners were top earners in my affiliate program because they got the value and they pushed it to their list.  Win-win is what you are going for, simply focus it on the benefits to your partner. They know what you get!

What strategies have worked for you in the past? More importantly…what has not worked for you? Share with me!

 

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