When you are working to bring your business to the next level, building your list becomes a crucial element of your marketing efforts. One powerful way to do this quickly is by hooking up with big joint venture partners.
Who Should You Partner With?
When seeking joint venture partners, look for:
- Businesses that serve the same ideal client
- Coaches who focus on a different aspect of business than you
- Companies with synergy where you can both benefit or build on each other’s work
Think about partners who you already know about, who you follow, who you admire.Those are the best business owners to start with. In addition, review your list of contacts to discover who you could ask for recommendations of partners. Lastly, look through your LinkedIn connections to see what you can leverage there.
How to Pitch Your Idea
Remember when you make your pitch, highlight the benefits of your relationship from “their perspective”. It all goes back to the idea of “What’s in it for me?” just like with your ideal clients. When writing your pitch, don’t go on and on. Get to the point quickly so there is a better chance your pitch email or letter will be read and considered.
Enticing Big Partners
There is a lot of truth in the statement, “Money talks”. When I was first trying to set up these joint venture opportunities, I wasn’t providing enough incentive. The bigwigs in our industry aren’t likely to pay attention until you start offering commissions like $500 – $1,000 per purchase. You have to make it worth their while, because the truth is, they don’t really need you. You need them to build your list. Once you are willing to compensate partners at this level, they will start coming out of the woodwork.
Are you wondering how you can afford to do this? To determine the value of a new client, think about the average fee your clients pay over the length of your relationship. Looking at the commission from this perspective helps you realize its well worth the price. In addition, your partner is endorsing you by sharing a call which helps attendees to trust you more quickly. And that has tremendous impact for removing some of the barriers for callers to make a purchase.
Your Client Attraction Assignment
Who do you know that would make a great JV partner? Think about what type of expert will provide good synergy with your business. Check your LinkedIn account and consider your current contact list for additional options. Make a prospecting list and a plan for contacting them.