A key element in successful joint ventures is to find someone who has a complementary product. Figure out what it is that you have that's unbelievable, that you know for a fact you do better than pretty much anyone else out there.
Use your product to extend the product offering for someone else. You would be following a complementary product, and then you're going to go and say, "Add this to your product mix,” and you can put together a revenue share on that.
If you want to build your list, figure out what your core competency is, what your value is, and then trade that for people to do an endorsement for you. To build your own list you're going to have to get creative, and the way to do that is to figure out who has access to bigger lists. Maybe you have some amazing content for a teleseminar. If you can align yourself with someone and really do something good for their company, it’s likely that you can convince them to do an endorsement for you at some point.
The real secret is to just combine your efforts with someone else who has a list. It’s also the easiest thing to do. Then you look at doing some sort of joint marketing, joint selling, or joint distribution. You might convince someone to repackage their product with yours. Or maybe your forte is having lots of money, and you can raise some money to acquire some distribution networks.
Dolan Gadoury, joint venture specialist and host of the popular Key To Powerful Relationships workshop suggests, “Make sure that you have a product that is a list building product.
You can put together joint ventures, but having a product that's going to help you build your list is crucial. A list building product is something like an opt-in product. Generally, it's a newsletter or a quote of the day or tips of the week. A lot of people now are getting into audios.
If your website doesn’t have a list building product, how do you expect to build a list when you put together a joint venture?
Many products are available, but many people have under- utilized or under-performing assets. It's hidden assets within their business that they really have no idea that are just sitting there dormant.
Figure out where you're strong and where you're weak, and this is the basis for setting up a joint venture program. As soon as you know where your uniqueness is and where your value is, that’s what you're going to start offering as part of your joint venture program.
Everyone has some sort of value to offer. It doesn't have to be a straight or reciprocal email blast, and the size of your list may not really matter so much. What the offer has to be is creative, and that's another secret to a successful joint venture.
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The first thing you need to know is that joint venturing isn't just limited to your database. Joint ventures are only limited by your creativity. You can use a joint venture for pretty much anything. Nothing is set in stone, and even if you start out as the middle person putting together deals and you don't have a database at all, you can still make it work.
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Is integrity lost? I think not... you just get what you think about the most and expect. If you deal with people with integrity, you will always get it in return.
