Even though joint ventures have the potential to make your business explode with growth, a lot of coaches are uneasy about pursuing them. Usually, it’s because they lack the process.
Collaborating is entirely different than asking for favors. -Taki Moore [Tweet This]
When it comes to having the conversation, our job is straight-forward. We need to collaborate with this person, and it’s important to remember that collaborating is completely different than asking for a favor.
Our main goal is to achieve true mutuality — a win-win situation for both the JV partner and us.
One of the big questions I hear coaches ask is, “What could I possibly offer someone that would convince them to endorse me to their list?”
It’s a fair question, especially if you’re new to the coaching game. Your contact list might not be big enough to benefit the JV partner, and that’s fine — you have more to offer than just your contact list.
To create a mutually beneficial partnership where both parties come out on top, we need to do three things.
First, we need to connect with them personally. Take the time to get to know them. Learn about them, their business, how they started it, and how it works.
This creates a personal connection that should make both of you feel better about entering a joint venture together.
Then we need to find how we’ll bring value to them.
In JV partnerships or affiliate marketing, lots of people think you need to pay commissions on the business you get from it. Yes, in many cases, JV partners will want to be financially compensated — but not always.
In fact, in about 70% of the JV’s I’ve been a part of, I paid partners in currencies other than cash.
How else could you actually pay someone? You might need to get creative, but it’s not difficult.
For example, most businesses do a lousy job of loving their clients. The fact that you’ll come in 1-3 times a year to teach their clients great stuff gives them an easy way to show love to their clients — especially if the only offer you give is a soft triage call.
It appears that you’re doing nothing but serve, serve, serve but it actually serves you really well at the same time.
So, first we’ll connect with the potential partner. Then, we’ll find ways we can help them out.
For JV partners in the past, I’ve done several things to compensate them. Obviously, at times I’ve paid commissions, but I’ve also
- trained JV partners on how to run webinars that sell;
- had my own designer design stuff for them;
- given a presentation at a partner’s seminar;
- delivered training webinars to their clients;
- provided them with complimentary tickets to give their clients; and
- offered free trials of an entry-level program.
In the very early days, I even showed up early to a partner’s seminar and helped them set up for the event by putting out chairs. They were completely blown away, and it was an easy decision for me because it was another currency I could pay them with.
After we’ve connected with them and figured out the how we can compensate them, then we can create an action plan of how we’ll roll out the value to their clients.
Through serving, we show how we’ll help them. In strategizing, we show how we’ll help their audience.