But there is a lot of mystery and confusion surrounding joint ventures. What’s the difference between a joint venture and an affiliate? How do you do a joint venture? How do you find joint venture partners? Who would be a good joint venture partner for you?
Let’s start by understanding what we mean by a joint venture partner, and then we’ll look at what you should look for in a joint venture partner.
In the world of marketing your coaching, consulting or other service-based business, a joint venture partner is someone you collaborate with to build your list, sell your programs and expand your reach.
There are many different types of joint ventures you can pursue, such as expert interviews, telesummits, giveaway events, collaborative books, programs you co-create, etc. I can’t possibly get into all the detail about each of these types or how to do a joint venture here (but keep an eye out for future posts and let me know what questions you have below).
So let’s start by looking at what you should look for in a joint venture partner.
- They are joint venture ready. This means they have a targeted and responsive list, an affiliate program, and valuable programs. They should also have some basic systems in place. What those systems should look like depends on the kind of joint venture you’re doing, but at a minimum, they should have high quality marketing material in place to help you easily promote their program.
- Their solutions and programs are a good fit. They should serve the same target market but offer a complementary solution. There might be some overlap with what you offer, and that’s okay. You shine in your own part of your niche, and in your own unique way.
- They value relationships. You can do a hit and run joint venture, but that’s a pretty short-sighted approach. I have joint venture partners who I’ve collaborated with for years. We talk outside of launches, we share our insights and advice with one another, and even share our programs.
- They are willing to play the game. You want someone who is willing to step up and promote you. They’ll send multiple emails, promote you on social media, interview you, offer their own bonuses, etc.
- You like them. I know this might sound silly, but I only want to joint venture with people I genuinely like. It’s about relationships but it’s also about authenticity and protecting your list. Now, I’m only speaking for myself personally here, but I can only promote someone if I like their work and I like them. Otherwise, my heart won’t be in it and I won’t do a good job, so I may as well not bother. It’s also important to me to protect my list. The people in my community have shown trust in me and I don’t want to blow that trust by promoting someone who does mediocre work or who is blatantly obnoxious.