Learn What You Must Have in Place Before You do a JV! The goal is find the benefit for the other. You all know that the best and fastest way to grow your business is through joint ventures. Someone can invest millions of dollars on their client list and database of leads (like we have) and many times you can access it for ZERO COST to you, if you do it properly. Yet, I see it bungled by so many people on a weekly basis. Especially, those who attempt to do them with me. If you are getting anywhere with me, you probably are with others. If fact, recently a prospect, not a client, who saw me speak at an event, stopped by my office to “pitch me” on why I should be a partner in a business opportunity (first mistake, going for a literal partnership off the bat, it’s a big leap that most will fail at). From my perspective, he became a little upset, he thought that his idea/service should be a priority to my clients and couldn’t understand why I didn’t offer it. NULL
There was a part that I may have had an interest in. While I was getting a report together for him, I delegated my IT person to spend 3 minutes with him to exchange pleasantries and tell the person that when his service was up and running, let us know. From some unknown reason, this person left in a huff without presenting what his company was to my IT person. When I came back, with the report, this guy was gone! I hope you would never approach things this way. Let’s identity the mistakes and believe me, there were several: Basic rapport building 101.
Don’t start talking about your product or service right away (unless directed to), build some basic rapport.
Ask how their business is doing… better yet; bring three referrals in hand before the meeting starts. I would recommend everyone re-read, How to Win Friends and Influence People, and when I say, re-read, I hope you read it the first time; it is a must, by Dale Carnegie. Next step, learn more advanced skills of NLP (neuro linguist programming) to pace and lead, match and mirror… Bringing gifts never hurts either! I am serious! If you are attempting to do a JV with someone and access their database for FREE the least you could do is spend $20 on something. Referrals are better, better yet, let them know your last three referrals all became clients in the last 30 days!
Don’t suggest a partnership where one partner invests money with you up front.
Demonstrate results first and do a JV with someone. Show stats on how this has helped others first. Don’t let your JV candidate have to do due diligence on you, your product or service. You should provide all of that data to make it turnkey. I am not against partnerships or investors, that is a totally different subject. Upon discovering their program was not a priority for me, the proper approach would have been to find out when it would be a priority and what would need to be added to make it more turnkey for me. Ask some questions. Listen to what I need (or who you are presenting to). Then backtrack to make sure you are on the same page. Example: Let me backtrack for a moment to make sure I am hearing you properly. You have three other priorities this summer to get in place and a program that builds websites would not be a priority now but perhaps at the end of the summer, is that correct? Yes, that is correct. What would have to happen in order for it to be more of a priority for you and your clients (perhaps additional benefits it may include)? The person may say, well it’s not just a website template but an online business template. That may speed up my timeframe. Good news, ours does that. May I take 90 seconds to explain? Yes! Do not blab on for 15 minutes if you were not given 15 minutes. I met a top executive who is on the board of directors of several companies and he always has appointments in units of time. Each unit of time is 5 minutes. Rarely, do you get more than one unit of time when you meet with him. In fact, he insists emails to him can be answered with a reply of either “yes or no”. If you do not phrase the question that way, you are wasting his time and he will not reply to your email. It is all about time and time is money. Here is an example of how you may explain an ideal solution:
This is how I believe we can help your clients make more profits faster in their business. Our software will not only create squeeze pages for your clients, it will facilitate with the sales page, and the auto-responder is all set up. The one time offer and offer at the shopping cart is all plugged in with a template. Plus it connects to your next upsell. There are fill in the blanks all the way. We have outsourced copywriters who at a reasonable rate will review your squeeze page, sales page and all your emails! This is all for one low monthly fee and it takes about 1 hour to do a complete website, emails, if you have all the content written. With none written, may take you 4-5 hours. Don’t know what product to offer at what price? We give you a template of what goes for what price and what should be included to get that price!
‘WOW!’ Now we are talking! I actually made that entirely up, but if that was really all in one place that would be pretty cool – and it probably is somewhere)! “And… Scott you get a free trial for 30 days to demonstrate it and see how easy it is!” Now, this is more ideal for me.
Too many worry about what is ideal for them. Who cares! You know the saying; nobody cares how much you know until they know how much you care about them!
Never leave in an apparent huff, if things do not go your way. Thank someone for the meeting (do not thank them for their time, that sends a message you do not value your time). Do a follow up, in multiple formats, send a letter, a fax, phone call, sample, and follow up weekly perhaps monthly. Most people hear no and 54% of people quit after the first no! As Armand Morin said about selling in front of a room, if you did not sell well, you suck at selling or your product sucks. There are no excuses; people are cheap or don’t have the money. If they did not have the money, you did not show enough value! I love Dan Kennedy’s example of money and priorities. He says when you look at a broken down trailer park, with run down trailers, doors hanging on the hinge, the car up on blocks in the front, the kids running around with ripped old clothes, what do you see on top of the trailer? A satellite dish and more than likely a big screen TV inside! They seemed to have enough money for TV but not other things that most would see as more important. The point is you need to offer enough value! Other Tips for Joint Ventures: 1. How do you find out someone’s criteria for a JV? Simple, ask them! What has to happen in order for you to do a JV with someone? That is called an evidence procedure question – “What has to happen in order for _________.” That could be concluded with… to do business with me, invest in my opportunity, to get married to me! Always nice to know the rules of the game (not yours, but someone else’s) before you attempt to play the game!
Take notes on their answer and DO NOT change the sequence of steps that have to happen.
If they say, “you have to mail (email) your list first with one of my products and service. Make money for me. Develop a quality product or service…” Don’t then approach it with, “Here is my great product or service would you do a JV with me?” No, No… The first step was… ”I would like to promote one of your programs to my list, which ones are available to promote?” Most make the mistakes of not following through on the exact same order that was recommended! One of Armand Morin’s requirements to speak at his Big Seminar (which is on my love to do list) is that Armand has to see you speak at an
event that he is at. I want to be speaking at an event where he is also speaking! Hopefully we speak the same day so he is there to hear me. I am not going to approach him about speaking at his event until that happens. And he made it very clear he did it once and he got burned and he will NEVER DO THAT AGAIN. It was very clear. 2. What to Have in Place Before You do the Joint Venture!
The goal is to make the process turnkey!
Here are a list of key items to have in place and ready to go: a. A bio and testimonials on your product, service or presentation. b. Interview questions for them to ask you. If you are asked to sell your product or service at the back end of a teleseminar and the person asks you ahead of time what you prefer, some like a Matt Bacak, would rather here, “just introduce me, and let me go for 50-80 minutes.”
- How to Automate Joint Ventures to Grow by Scott Letourneau - April 1, 2014
- Joint Venture Follow up Tips for Success by Scott Letourneau - January 1, 2014
- Protect Your Wealth – A Simple Master Plan You Can Launch Today by Scott Letourneau - October 1, 2013