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Have You Been Making These Joint Venture Mistakes?

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Have You Been Making These Joint Venture Mistakes?

Postby JV Expert » Thu May 29, 2008 6:46 pm

Hello everyone,

These are just a few of the mistakes most people make when doing JVs.

JV Mistake No. 1: ‘‘Cold’’ Contacting Your Potential Partners

I am appalled by the number of marketers who do this.

They think they are saving time by blasting proposal after proposal out to people who do not know them from Adam, as opposed to taking the time to build a relationship with them first. What’s the rush?

When you first contact the people you want to work with, NEVER mention a JV deal initially. Never. Start by building a relationship with them.

How?

One way to do this is to add value to them. In other words, do something for them.

How about using Camtasia or making a short video of a case study of how you used your potential partners’ information, the excellent results you have gotten, and why you like their product.

Put some effort into it, make it nice and then upload it to YouTube.

Then contact the person you want to work with, either send them an e-mail or get in contact with them via their support desk. The subject line/content could be something like:

--- Start ---

Dear Name, massive [name of product] success story...

Hi Name,

This is just a quick note to tell you that I made a video case-study of the results I have gotten from using your product. I uploaded it to Google Video / YouTube so it can get some exposure and also get ranked in Google.

Take a look at the video here: www.youtube.com/linkforvideo

I uploaded it on (date), and it has already been viewed XXX times.

If I can do anything for you Name, let me know.

Your name,
www.yourwebsite.com
Your e-mail

--- End ---

Remember to also put your URL in that video, so your prospect can take a look at your site.

I know someone who did the above. His short-term goal was to get his prospects' attention, and spark a relationship with him.

Now his medium/long-term goal was to get endorsed in the person's huge and responsive mailing list.

The result?

His potential partner wrote him and said something like: ''Excellent idea. I appreciate what you did. I want to endorse you to my list next Tuesday.''

Something else you can do is broker a deal for them, and stress the fact that you don’t want to get paid.

You could send the following proposal to someone:

"I bought your product and absolutely love it. I have a JV partner that I
have dealt with many times in the past, and his buyer list is very responsive. I am sure his buyers would enjoy your product. My friend is a blast to work with, and he is very professional.

If you are interested in having him endorse you, let me know and I will
contact him on your behalf. I will also take the liberty to send him your product for review, so you won’t have to do it yourself.

Don’t pay me brokering fees for setting you up. I expect nothing in return."

You really should NOT expect anything in return. It’s when you don’t
expect anything in return that the good you do for others tends to come back to you.

In any case, they may very well insist on paying you. It’s happened to me.

By using this simple strategy, you get their attention in two ways:

-You do something that is very different. Many entrepreneurs are sick of
getting what I call, "self-serving, can-you-do-this-for-me" proposals. You instantly distinguish yourself as someone who understands the game. You focus first and foremost on what’s in it for them. And it is absolutely refreshing.

-Secondly, you focus on their desire to sell their product (which can be
very appealing to them.) Not only that, you offer to set them up for free.
You will profit later on, by building relationships with your partners and
then collaborating with them on future projects.

Now imagine you are on the ‘‘receiving end,’’ and contrast these two simple ideas vs. getting a pathetic, self-serving (to the sender) can-you-do-this-for-me proposal from someone you do not know.

‘‘Hey, you don’t know me, but it doesn’t matter ‘cause I got good product. It’s $47 and your list will like it. The payout is 50%. Don’t let this incredible opportunity pass you by!’’

Sheesh...

JVs are all about building relationships.

JV Mistake No. 2: Scaring Your JV Partners Away

I have received and read numerous proposals. And, sad to say, many marketers tend to come on too strong, too fast, and they often want me to endorse or otherwise work with them ‘‘yesterday.’’

Have you ever heard of the fight or flight response?

The seat of the fight or flight response is a part of the brain called the
Amygdala. This region of the brain gets triggered every time you feel threatened, or you feel forced on some level to do something, or you have to make changes that are too big for your nervous system to accept.

Once the Amygdala gets activated, whatever desire or motivation you had
for something vanishes (if indeed you had any interest.)

Have you ever had someone get into your personal space too quickly?

Perhaps they wanted to work with you on some deal, and they were a bit too eager and pushy and came on too hard? Perhaps they wanted you to do something right then and there? Or, in the least, they insisted you complete some tasks in the next few days, and you didn’t have the time to carry it out, because your schedule was full?

If so, you probably "fled" by ending the conversation, turning the person
down, or getting out of there.

If you don’t want to scare your partners off, only let them take small, nonthreatening steps, one at a time.

Small steps circumvent the brain’s built-in resistance to new behaviour.

If you start very small (and thus avoid triggering their fight or flight
response), and get them moving in the right direction, pretty soon they’ll have invested more in the arrangement and they will probably not back down. Things that are in motion tend to stay in motion.

Furthermore, if they take a step in the right direction, they will be infinitely
more likely to complete a bigger task – which is what you wanted them to do all along.

JV Mistake No. 3: Not Adopting the JV Mindset

Everyone has a built-in B.S. detector. People can easily know if you are
the real deal, or if you are faking it.

If you don’t believe what you are saying, they will sense it. If you just want
to make a quick buck, they will pick it up. If you are desperate, you will reek of it. And it is absolutely unappealing.

When you start doing deals, it is vitally important that you start seeing
yourself as someone who is on a mission to add value. You want to help others. You know exactly what your partners need, you know full well what would be of benefit to their clients, and you make it happen. You give them what they want most.

If you are enthusiastic and thrilled, it will flow out and infect your partners.
They’ll get the "bug" because it is contagious.

If you want them to feel something, you must feel it on a very deep level
first.

If you want them to see you as an expert for example, you must first see
yourself as an expert.

If you live it, breath it and project it, doors will open and you will start
seeing impressive results.

One of the best hypnotists in the world, Dr. Richard Bandler, can hypnotize people in mere seconds. How does he do it? He puts himself in a deep trance while doing the rapid induction.

Whether you want to believe it or not, we are all connected, and we influence each other constantly.

If you want to sell others, you have to be sold yourself.

I have heard of a salesman who used the above strategy. In fact, he took it to the nth level by putting himself in an absolute peak state of being sold on the quality of the product, and on the value that his clients were going to get out of it. Do you know what his closing rate was? 100%.

In his words: ‘‘I was so sold myself that they didn’t have a chance.’’

Moving on...

Build trust and credibility. Find out all you can about your prospect. Ask
questions about them (people love talking about themselves). Give them advice, send some business their way, and set them up with people you know and trust (and who can help them achieve their goals more easily.)

When you give, it’s like throwing a rock in a small pond. The water ripples
out, hits the edges and comes right back to you.

Show a genuine interest in them and they will open up to you. Find out
about their dreams and desires. Ask them about their achievements and failures. You want to get to know them on a deep level. The reasons for this are two-fold:

One, you want them to be very aware of the fact that you have their best
interest in mind.

And two, the more you know about them, the more you can genuinely help them.

JV Mistake No. 4: Not Knowing What Your Partners’ Values Are

I can’t stress enough how important it is to find out what people’s deepest
desires are before selling them. If you unearth your partners’ real wants, and you apply that knowledge when you sell them, your level of success will boggle your mind.

For instance, an entrepreneur may tell you that he wants to bring his business to the next level. But, if you dig deeper, you may discover that what he really wants is to gain a competitive advantage over his competitors. If you show him how he can achieve this very goal, you will definitely get his attention and spark a whole deal of interest.

If you sell him using a different angle, you will naturally get a different
result.

If your research in another company makes you realize that they have
lost their number one position because a newer, more flexible business is taking clients away from them, showing them how they can beat their darn competitors silly and regain the market share they have lost will get their attention – more so than the promise of "making more money."

It’s pretty much the same thing, but there is a world of difference between
the two. Many competitors don’t especially like each other, and showing
companies how their competition can be left choking in their dust can be a
powerful motivator.

Now can you take this to another level?

As a rule of thumb, the deeper you go, the more leverage you will have.
If possible, try to find the person’s top criteria.

To illustrate this, let’s use the first example above.

Your potential partner says he wants to gain a competitive advantage over
his competitors. So, you ask him, "What is important to you about beating rivaling businesses?"

And he may say, "Then I will really be successful."

And you could reply, "That’s interesting. And what is important to you
about being a success?"

And he may respond with, "Then I’ll know I am not a failure."

And you may follow up with, "What is important to you about not being a
failure?"

And he may say, "Then I could show people who doubted me what I am
really capable of."

Usually people’s voices become softer when they reveal their deepest
wants. If you notice this, you are probably on the right track. Also, it will help you immensely if you are in rapport with the person.

So, if you want to sell this person, you simply have to use his hot button,
which is showing others what he is really capable of.

By the way, before attempting to sell someone after eliciting their values
and uncovering their deepest desires, you must first test their top criteria.
If you show partners how they can get what they want most, with your
help, they may want to work with you again and again.

I hope these ideas will help you in the long run.

Gabriel
JV Expert
 
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Postby ashley059 » Mon Jun 02, 2008 5:15 am

Thanks for sharing....Welcome aboard :D
ashley059
 
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Postby MommyEnterprises » Thu Jun 05, 2008 9:38 pm

Thanks for the info.
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MommyEnterprises
 
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joint venture

Postby auntiej » Thu Jun 26, 2008 4:30 pm

Thanks for all the tips. I have a couple of charity websites and am in business with someone and need to get more partners to be sucsessful. It is sometimes hard getting started. Thanks again :)
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