How Do You Set Up A Profitable Deal With Joint Ventures
To stack the cards in your favor from day one look for businesses that are already doing well. Now this doesn’t mean that they have to be “big” but it will be a hundred times easier for you if you’re working with a product or a client base that’s already profitable trust me.
In fact it’s not hard to find a business with a superior product that has the potential to crush its competitors and dominate its niche if only someone could do it justice with some effective marketing and sufficient exposure a perfect recipe for a JV…
Nothing is worse than getting stuck with a “dud” product or a dead “list”.
Now you’re going to want to look for ways to earn as much as you possibly can from each deal that you put together obviously. What this entails is finding products with highticket pricepoints or items of a “recurring” nature. If you can find both then that’s even better…
For example it’s almost always easier to sell 3 items at 1000 each then it is to sell 1000 items for 3.00 each.
Note: Find highticket products that have a very high profit margin.
For the sake of simplicity let’s pretend that the product in this case is a travel package.
Now if you were to set up a JV with a relevent “travel” newsletter that would effectively reach your target market and if they had 100000 paying subscribers you could potentially stand to make alot of money…
If even one percent if the newsletter’s readership 1000 people decided to buy a travel package for 1000 you will have just earned 100000 for simply arranging the deal.
Not too bad is it?
Now perhaps even better than a highticket product is one that could potentially provide an ongoing lifetime income as compensation for you brokering the deal. If done right this type of arrangement will turn a “onetime deal” into lifelong profits…
For example:
Doing JV’s with merchant services that enable their clients to accept credit cards and negotiating a percentage of the “residual” flat rate per client transaction
Doing JV’s with subscriptionbased services and taking a percentage of all subscriptions indefinitely
Doing JV’s involving financial products and negotiating a cut of the firm’s revenues.
Doing JV’s involving insurance products and negotiating a cut of monthly premiums
As you can clearly see the amount of money to be made as a JV Broker is enormous and it can last for the rest of your life if you set it up to do so…
Approaching people as a broker can be intimidating at first because it might “feel” like you have nothing to offer which obviously isn’t the case.
However while there are several ways to approach a business to work with I’m going to share with you the single most powerful yet overlooked strategy for putting together JV’s with “cold” prospects that have never done a JV before that has practically always worked every time:
Build relationships with your prospects.
Really. This works like gangbusters. This might sound “cliche” but building a solid relationship with anyone will absolutely skyrocket your chances of doing business with them at any given time shortterm or longterm.
And this is easier to do than you might think. In fact I would recommend in some cases that you start out by helping out a company for free. Show them how to test and track their ads. Help them improve their sales copy and marketing material. Tell them about “backend” strategies and teach them about how to use email marketing effectively and so on. Prove yourself first.
How?
Tell them that you’re a marketing consultant and you’re looking to build up a strong portfolio by helping other businesses succeed and that you’re only willing to work for a percentage of an increase in sales or free to begin with until you pitch the JV.
Once they see the value and validity of your advice they’ll trust your decisions. At this point they’d probably welcome your JV proposal with open arms.
This process doesn’t have to take a long time. It might not even have to take more than a few hours. The bottom line is that if you see that there is some real proven potential in this company’s product or client base then this “proving time” will be more than worth it for you in the end…
Now once you’ve solidified yourself as an ally with this company you can then basically repeat the process with their potential partners and so on.
Note: This strategy isn’t necessarily applicable to every situation but the principle behind it is. Build trust by being truly helpful and clearly explain that you will only earn a percentage of the sales that you generate directly.
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