Joint Ventures

JV Tips $100 prize

These are just a few of extra JV tips that I thought of while writing yesterdays post, but couldn’t work in to the flow of the post, details of the $100 competition are at the bottom: –

1. The simplest way to start a “relationship” with a potential JV partner is to get on their newsletter, read it for a while, and when something comes up that you don’t understand or that you could help them with (i.e. have a genuine reason, don’t just make one up), get in touch.

note: being on a marketers newsletter for a while will also give you an idea of the sort of things that they promote to their subscribers. Don’t waste your time (or theirs) getting in touch with someone who only promotes a particular type of product or service if your offer is totally unrelated to it, focus on those who are likely to be intrested in what you have.

2. Always try and offer the potential JV partner that you’re approaching more than you will be getting in return, for instance rather than just sending out a promo email for them, you could also add a blog post that gives them a permanent promo for their product/offer, as well as a link back to their site

3. Sending something via old fashioned “snail mail” can be a great way of getting a potential JV partners attention, I’ve received not only postcard invites for JV offers, but even a mini remote control helicopter, although it turned out that was actually intended for another well known marketer. 🙂

4. Never ever send a broadcast email to several people, even if you use “BCC”. If you’re trying to build a relationship with someone, which is what a JV partnership is, it has to be based on trust and respect. Even the slightest hint that you’ve sent a “broadcast” email is going to get you off on totally the wrong foot.

5. Never be afraid to ask, if you don’t ask you can’t get a “yes”, but ALWAYS be polite and respectful.

That’s just a few extra tips that popped in to my mind while writing yesterdays post on building JV partnerships, so here’s your chance to win $100 cash (paid via PayPal)…

Post your best tips in the comments and I’ll pick my favorite from all the comments as the winner and send the poster $100, can’t say fairer than that can I…
🙂

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11 Comments

  1. June 11, 2008 at 2:29 pm

    Hey Matt,

    Good ideas.

    My best tips have been to do the following

    1. Buy their product
    2. Promote their product (make them a bunch of sales)
    3. Give them a testimonial
    4. Give them a suggestion or tip to help improve the product or conversions
    5. Phone
    6. Snail Mail
    7. Instant Messenger (hint a lot of us use our name as our messenger id)
    8. Meet them at a seminar and get to know them
    9. Create a product with them (interview)
    10. Do something to help them build their list or grow their business without having them do much if any work
    11. Also be sure to have a killer product of your own, great sales copy and bend over backwards to accommodate them (such as getting them setup, providing them with promotional tools and reminding them to promote, also a contest helps a lot)

    If you do any of those or a combination of them it should help you increase your odds of getting them to be a strong partner for you in the future.

    Reed Floren

    • June 11, 2008 at 7:30 pm

      Blimey Reed, you’ve kinda set the bar high for the competition, you must be keen on winning the $100!
      🙂
      So who’s gonna spot what Reed’s missed..?

  2. June 11, 2008 at 7:37 pm

    I just wanna get the comments started for ya 🙂

  3. Matt Garrett
    June 11, 2008 at 9:33 pm

    I should probably mention that I’m about to head off to Spain for a holiday with my family and I’m not sure what internet connection there’s going to be over there, so any new comments posted may not get approved for a day or two, but please do post!
    🙂
    Matt Garrett

  4. June 12, 2008 at 12:49 am

    Hi Matt,
    Here is my tips:
    1)Subscribe to their list and see what is their emailing style and what they are offering or the need that they may have.
    2)Offer to help in the area of their need without any return
    3)Chat with them on Messenger
    4)Buy their product and consume them
    5)Create a product promoting their product by conducting an interview with them
    6)Sell the product
    7)Continue to build relationship through messenger
    8)Create a video to request for JV than normal email to add some personal touch
    9)Another idea is send them money to their paypal just to thank them for their great information provided through email. If possible a testimonial of their product
    10)Just like Reed say, your product had to be good.

    That about it. Hope you have a great holiday buddy.
    John Tan

  5. Ben Shaffer
    June 12, 2008 at 7:00 am

    Can I just give one?

    The problem that I have on most JV requests is that it is totally unclear on what the offer is or the product/salespage aren’t ready yet.

    What I need are:
    – what the product is in one or two sentences
    – a download link for the product
    – a preview of the salespage
    – why my list would benefit from it
    – is there a chance for backend integration
    – who else has committed to promoting
    – is this an original product

    If you hit these buttons then you have a really good chance of getting a promotion from me especially if you haven’t screwed me over before 🙂

    Ben

  6. June 16, 2008 at 1:45 pm

    A lot of valuable advice here. Thank you Matt, Reed and John.

    Scott Barker

  7. June 25, 2008 at 8:42 pm

    Hi Matt,

    You’ve had a couple of good replies that cover the detail of JVs so I’d like to contribute a more strategic approach:

    Many people are inwardly focused on their own business and their own product when considering JVs.

    It’s common for people to finish their product and get the delivery ready and then go into ‘Launch’ mode and just start looking for JV partners. Quite often they’ll even approach people they don’t know with a message about their product and how that person could earn money promoting it.

    This is a common but fairly selfish approach and unless the other person is already a friend or is desparate for revenue it tends to get less than great results.

    JVs are all about relationships. It’s great to get the other persons ezine and all that good stuff, but fundamentally you need to create some sort of relationship before you can fully benefit from JVs.

    Getting people to send a one-time email is fine, but ideally you want them to like and endorse your product but also plug their endorsement into their own email systems so that you both benefit from continued revenue.

    People tend to prefer ongoing commissions so membership sites and recurring billing models always get more interest, but in most cases you need to bring something more than the offer of commissions to the table.

    The way I approach JVs is to create a list of potential JV partners and then research the business models of those people and see where I can help them make more money – BEFORE talking about any of my products.

    In many cases once you’ve made money for someone else they look differently at any suggestion of a JV.

    Whether you send them traffic, support their promotional activities, or endorse one of their products to your list – if you first consider what you can do for them before thinking about what they can do for you, you can build a much stronger JV relationship.

    When you both make money together – it’s much easier to repeat.

    So in short I’m saying, don’t be self focused, make someone money and they’ll be much more open to a JV which will last longer than a one-shot email.

    If you see an opportunity to help other people make money the repurcussions can be significant.

    Regards
    Andy

  8. Matt
    August 1, 2008 at 7:20 pm

    Ooops!
    Guess I better pick a winner and get this competition closed…
    This is 24 hour notice, I’ll pick a winner at this time (ish) tomorrow, so any last entries better be quick!
    😉
    Matt

  9. August 7, 2008 at 1:45 pm

    I’ve finally found time to close this competition and post the “winner”, you can check it out here: –
    http://mattgarrett.com/jv-tips-blog-post-winner/
    Matt