The challenge of building joint venture relationships seems daunting, but the benefits of acquiring one are in abundance. Here’s a helping hand to get started.
Joint venture partnerships, from the very beginning, appear destined for huge success where BOTH parties can benefit significantly. Whether from that mix of knowledge and skill or from it being another route for making sales, the pros always seem to outweigh the cons in the long term.
But if you don’t treat this relationship like a real relationship – similar to that you’d consider within marriage for example – a number of problems can arise. In fact, problems will arise. I know this to be the case because not only have I seen it happen within the online industry, it’s actually happened to me too. So it’s all about how you handle things.
Revenues start to go southward, disputes arise from nothing and conflicting differences emerge to a point where the “right thing” to do may be to call it a day.
Though, I’ve jumped a gun a little. Because the main issues within this market are not maintaining those relationships, it’s actually building those partnerships in the first place. So in this post, I’ll focus on the latter, and keep the former for a rainy day.
To get started, there’re two key areas you’ll need to consider. The first, and probably the most important, is that you need to spend time searching and recruiting the right partners. Secondly, you need to make it easy for those partners to promote your stuff, and to make good money.
Getting Joint Venture Partners. If you’re looking to partner with an individual, a group of individuals (a syndicate) or a company, the rules are the same because individuals tend to retreat to the same places. Before you do anything though, go through your existing contacts – use your address book and social media contacts, are there any suitable partners there? Secondly, get on the search engines and search for the keywords best associated with your offer. Third, hang out where those JV partners hang out – Facebook and LinkedIn groups, Forums and product listing sites/marketplace. Finally, you’ll need to consider specialist events and websites; industry conferences, trade shows etc., because that’s where the deals are closed.
Look to draw up a list of targets and go after them. Connect with them via their websites, via email, via telephone or Skype, via social media… via formal letter even! These are all at your disposal, and sooner or later they will take notice of you, and they will reply – you just need to be patience and persistent – follow up.
Getting Joint Venture Partners Promoting Your Stuff. Once you have potential partners interested, you then need to make it easy for them to sell your stuff. Because a lot of the time, if you’re the one approaching them, they want an easy route to becoming your partner and making money off of it. So get to know these guys and find out what they want – and provide it to them so you set yourself apart from the competition. No partner is the same so each will have different needs and wants.
When creating your materials, make sure your landing pages, sales processes, customer service… and maybe more importantly your product, are all top quality. This really does matter, because people don’t want to put their name next to any old rubbish. The promotional materials need to also be of the highest quality, web banners, email templates, brochures etc. Take pride in the stuff you sell and offer, because your business says a lot about you as a person.
Then you’re off to a stormer!
The key tip I could give is to just get out there, get known, and be the networking ninja we can all be! And once engaged with potential partners, just make it super easy for them to join forces with you – like in a job interview… tell them what they want to hear based on your research.
A lot of people tend to go into business alone, but, even though, the pressures of joint venture partnerships will always exist, take a moment to consider the array of possibilities for going into business this way.
Hundreds of thousands of dollars are accumulated online every single day of the week through joint venture partnerships. It’s time for you to take a slice of these earnings.