7 Steps to Landing a Million-Dollar Joint Venture
I was recently booked to speak at a seminar, and while I was there, witnessed some very disturbing business practices.
Not the least of which was the blatant "Attack of the Needy JV" play.
So many individuals were bombarding others in an attempt to GET someone else to JV with them on their terms.
Especially for those who have built and protected their databases for years, this approach rarely works.
But more importantly, this approach is entirely out of harmony with universal principles.
So many people are trying GET first - before putting any thought into giving - and then they wonder why they others don't want to enter into co-promotions with them.
My GM won't even put a JV in front of me if it doesn't clearly present how the outcome will benefit our company (and theirs) to such an extent where we'd be crazy not to fit it in.
And because I am in business, I want to see numbers...
yes numbers! I don't want a "feel-good hypothetical" situation.
My promotion time is valuable...
and yours should be also.
If something is not a great fit in the minds of both parties, it simply does not make sense to move forward.
That being said, here are 7 critical steps to landing a successful 6 or 7-figure JV:
- Determine first whom you ideally want to JV with.
Leverage is the key here.
Study your potential JV partner from the perspective of wanting to learn how you can add value for THEM. - Be prepared to give more than you're asking to receive.
If your strength is your product and theirs is a responsive database, ask yourself this question: What do you want more - a few fast sales, or the potential for ongoing business? If a continued JV relationship is important, then it makes sense to give up more to initiate the JV partnership. - Offer to give and do more than anyone else.
Would you like to be the #1 JV partner of another's long line of JV partners? Not only offer to give more than you're asking to receive, but offer more than anyone else is possibly offering.
Make your offer a no-brainer! When you help them make money effortlessly, they will be much more open to helping you achieve the same level of success that they have built. - Prepare well to make your offer.
Successful people get tons of JV offers, yet few even get noticed for three reasons: A) They are not aligned with the needs of the database being approached; B) Nothing about the offer stands out as being exceptional; and C) The offer is presented in desperation - from a needy place - and not from a sincere desire to help others. - Find a unique way in to your prospect.
Do not simply fire off an email, as the decision-maker in question likely won't see it anyway.
Be unique, be creative and stand out in all ways as a person who wants to provide great service and help others to achieve their goals, financially and otherwise. - Think BIG.
If the JV that you're presenting doesn't clearly have the foundation for a 7-figure endeavor, then you're not thinking and playing BIG enough.
STOP and re-examine your offer.
Breakdown and discard the limits you are working within.
Start by deciding upon a 7-figure outcome, and work backwards from there to create the opportunity that will yield the numbers that you desire. - The last secret to making 6 or 7-figure JVs is to find a way to help your prospective JV partner do the same.
Yes, it takes some work on your end, but the rewards are worth the effort.
Remember it should be a no brainer for THEM first...
and you second!