Joint Ventures
Online business strategist Marie Mack joins the show to talk about how to unlock the power of joint ventures as a podcast host or podcast guest!
Listen to learn about what makes a joint venture partnership a great one, the three wins joint ventures should have, and how to suggest – and actually start – a joint venture collaboration and grow your business with it.
Defining Joint Ventures
- When hearing ‘joint ventures’ people often think of big corporations like Coca-Cola and McDonald’s but it has nothing to do with that.
- Marie defines a joint venture as ‘a relationship where two parties agree to support one another in some sort of visibility’.
- Marie looks at joint ventures as a sort of collaboration.
Examples of Collaboration
- Podcast guesting is an example of a joint venture, it’s a relationship-building start.
- Affiliate collaborations, on the other hand, focus on a mutual agreement of someone promoting a person’s product or service in exchange for a commission.
- Joint ventures are different. They’re about building good long-term relationships instead of having a scenario where someone says ‘Hey, I’m going to send out this email for you, you give me a 50% commission on each sale’ and then the relationship is over.
- Sometimes, great joint venture partnerships are the marriage between people or companies providing products or services that complement each other.
The Three Wins of Joint Ventures
- In order to be successful, joint venture partnerships should create a win-win-win scenario.
- The first win is for the community who gets something of real value – people read through the BS, so you want it to be something really helpful.
- The second win is for your partner. How does the joint venture relationship benefit them?
- And the third win is for you – how will your business benefit from the partnership?
Getting Started With a Joint Venture
- The first step is to do a bit of research. Don’t simply hop on a call without knowing anything about the other person, spend some time to look into what they do and who they serve – take notes on questions, ideas or suggestions you may have and would like to share on the call.
- For Marie, doing some prospecting will help you minimize the number of useless calls you may have with people with a ‘sell $1M in 5 seconds!’ kind of an offer.
- Doing your homework before you talk with someone is going to make it more likely for a call to be beneficial.
How to Suggest a Joint Venture to Someone
- When starting a conversation with someone Marie tries to look at a synergy kind of approach and she focuses on the target market. She asks ‘Who are the people you’re looking for? Who’s your avatar, and how do you serve them?’
- Once there’s clarity on the avatar, then she looks at whether they can make something work.
- Focus on getting to know the person you’re talking to and their business.
- Ask questions and listen, that’s the key to a great start of a potential joint venture.
Doing a Lead-Magnet Swap
- A lead-magnet swap lets you share something of value with your community. It’s a great way of introducing them to someone else without immediately going for the ‘Buy this great $597 product my friend has.’
- This kind of swap is an excellent way to cross-pollinate leads with somebody else.
When you’re wondering whether a specific lead would be useful to your community or not ask yourself this question: ‘Would I be doing my community a disservice if I didn’t tell them about it?’. If the answer is yes, then go for it – share it!
- As far as sharing someone else’s lead magnet is concerned, Marie recommends always using your affiliate link when doing so.
- Using your affiliate link is a way to trace someone clicking the link of the lead magnet you shared and making a purchase a few weeks or even a couple of months after clicking it in the first place.
- There are several ways to help others and get helped with getting more visibility, including: podcast interview swaps, LinkedIn or Facebook lives, giveaways, virtual summits, supporting launches, and doing training inside communities.
ABOUT MARIE
Marie Mack is an online business strategist with expertise in scaling businesses using joint venture partnerships. For the last 3 years, along with her amazing team, she has successfully completed over 1000 online partnership deals to increase the impact for over a dozen online business owners. Marie & her business partner, Sarah, run a boutique agency all while managing busy families and traveling all over the world!
Resources mentioned:
JVManagerCertification.com (Marie’s Top 10 Must-Have for Affiliate Managers)
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