This month’s theme is Profitable Joint Ventures. Last week we talked about what is a joint venture and things you need to do in order to get a potential JV partner to say YES (you can click the link below to catch up).
What you have to keep in mind is that when you approach someone, whether it’s to be a guest on their podcast, asking them to be a part of your giveaway – whatever the case may be – the potential partner probably gets lots of requests so you need to make yours stand out.
Your most important actions will be letting your potential JV partner know that you know the score — what it takes to do a successful JV.
In today’s video, I’m going to share with you how to get JV-ready!
This month’s theme is Profitable Joint Ventures and this week I’m going to get you JV Ready!
Last week we talked about what is a joint venture and things you need to do in order to get a potential JV partner to say YES, you can click the links below to catch up.
What you have to keep in mind is that when you approach someone, whether it’s to be a guest on their podcast, asking them to be a part of your giveaway, whatever the case may be, the potential partner probably gets lots of requests so you need to make yours stand out.
Your most important actions will be letting your potential JV partner know that you know the score—what it takes to do a successful JV. You’ll need to let your potential JV partner know you are JV-ready!
So, what do you need before you approach her? The ideal would be:
- An active, responsive and large list
- An active affiliate program
- Resources for her and her own affiliates to instantly put to use
- Stats and screenshots proving your readiness, including:
- Sales stats
- Affiliate sales stats
- Clear, specific promotion strategies and a promotion plan
You also need to let her see, right upfront, that you have made your proposed plan as easy as possible for her. The lower your position in the market, the more work you should do. You should shoulder the lion’s share of the work so that all she has to do is interview you on her podcast and or tell people about your new book (or whatever you’re promoting). Bundle that offer with a nice, fat, valuable, top-quality bonus just for her subscribers.
But what do you do if you’re not yet JV ready? What do you do if you’re wringing your hands and saying, “But I don’t have a list!” Or more likely, “She only JVs with people whose list exceeds ten thousand and mine is only 2000.”
You basically have two choices: Either JV with someone whose list size is much closer to your own …
or make sure your chosen expert gets to know you.
How do you do that?
Number one, start following her and interacting, everywhere you can, straightaway.
Get into her inner circle so that she really does get to know who you are and put a face to your name, even if she’s forgotten if you coach dog trainers or people in debt.
Getting into her inner circle is not as difficult as you might think. Are you already in a niche expert’s mastermind group or forum? If not, join it. Take her courses. But more than that, join one of her enterprises where she actually makes a regular appearance; where she is active—even if that’s in a Wednesday Night Live Q & A only. If that’s the case, make a point of always being there and interacting. Ask great questions. Be ready with helpful links or answers. Be positive.
Here’s the basic rule: People prefer to JV with someone they know.
And this goes without saying, but you should always always be building your list. It doesn’t have to be big, but having a responsive or targeted list is a powerful magnet for the right JV partner. She will want to add this group of people, no matter how small, to her own list. And of course, it’s reciprocal. You’d like to add her subscribers to yours.
But you need to make a plan and a schedule, get started and take action. Today.
See you next week with more Systems Sunday where I’ll go over a sample JV inquiry letter template and promotion plan that you can use as you approach your potential partner. See you then.
Catch up on other “Profitable Joint Ventures” episodes + resources mentioned in the video:
- [Video] How to get a potential Joint Venture partner to say “Yes!”
- [Video] Sample Joint Venture (JV) Inquiry Letter
- [Video] Joint Ventures – How to Show You’re a Pro
- Low-cost affiliate program options:
- WPeStore and WPAffiliate WordPress Plugins- A complete solution to sell digital products from your WordPress blog securely. If you don’t want to pay ongoing fees and commissions to sell via a third party web site, then WPeStore is a great solution.
- eJunkie is very inexpensive, and you can increase your plan as you grow. For example, for 10 products it is only $5 per month. It also has a built-in affiliate program (albeit very spartan!) and it integrates with Paypal so no need for an additional merchant account.
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