Joint ventures are like mini-partnerships when 2 or more individuals or businesses collaborate on a specific project, by pooling resources, talents, time and energy. Ultimately, both partners work together in some capacity for mutual benefit. They agree to share the rewards, as well as any risks. Unlike a business partnership, joint ventures are short term collaborative projects.
Joint ventures expand your reach by accessing a pre-qualified audience.
Collaboration gives you the opportunity to co-create new products or services by collaborating with partners who bring different competencies or expertise to the table.
JV partnerships are the most effective marketing strategy, whether you’re just starting up or you’re ready to take your business to the next level, and here’s why:
* First of all, it’s free: In most cases, joint ventures don’t cost anything. Instead, you work together to generate sales and then split the profit.
* You don’t need an audience to start with: If you have a huge following and a big email list, great! But if you don’t that’s okay too because you can establish a mutually beneficial partnership with someone else that will expose you to their audience, which helps you build your list.
* It’s highly targeted marketing: You can spend countless hours and money trying to identify and target your specific market of ideal clients, or you can collaborate with someone who already works directly with them—and get a warm introduction.
* You get to leverage their credibility: People do business with people or companies they know, like and trust, and by partnering with someone who promotes you to their established following who loves them, you benefit from the good will and trust they’ve already developed. The benefit is that this warm-contact leads to much higher conversion rates than paid advertising.
* Plus, it’s scalable: You can work with as many joint venture partners as you want—there are no limits!
In this course you’ll learn everything you need to start doing joint ventures right away.
* Explore different types of joint ventures, such as referrals, trading, affiliates, interviews, cross-promotions, presenting, and co-creating new products or services.
* Learn best practices for networking to meet potential collaborators, including how to master your elevator pitch.
* Build relationships, gain credibility, and develop content through interviewing experts as well as getting booked as a guest on podcasts, YouTube channels, radio and webinars.
* Capitalize on the magic of leverage by having affiliates market your products for you, increasing your sales and freeing you to focus on doing what you love.
* Use proven strategies for approaching potential partners in a way that expresses the benefits of working with you and eases any resistance.
* Create a JV agreement and contract that sets clear expectations for responsibilities, timeframes, money exchanges, marketing, confidentiality, termination, and more.