Sometimes when I mention joint ventures to clients, I hear an instant ‘groan’ or ‘sigh’ from the other end of the line.
They don’t see joint ventures as a risk free way to add new subscribers, grow a buyer’s list quickly, or build evergreen streams of lifetime income.
Joint venture pimps have ruined all their previous experiences.
What’s a joint venture pimp?
They’re the person who hits up EVERY list owner…related or unrelated…for every big product launch.
Scratch my back and I’ll scratch yours.
Get in the long line of product launches and whore out your list for every new product that comes out.
A new day equals a brand new ‘never before seen’ offer that will change your life forever.
It works for a while.
But eventually your list wises up to you pimping them out for every new product launch.
It burns out your list.
And I don’t say this to be judgmental of anyone.
I’ve screwed up and promoted people I shouldn’t have in the past.
I didn’t vet them or their offer well enough. Partner with the wrong people and you get burned.
This is how the normal product promotion merry-go-round works.
You ask Sherry to promote your product. She says, “Yes,” and then in return expects you to promote her upcoming product launch.
It’s only fair, right?
But what if Sherry’s upcoming product isn’t the right choice for your audience?
That’s a problem.
Just gritting your teeth and hitting ‘send’ to your list is not the right choice in this situation.
Here’s an example from a couple of years ago.
I agreed to promote a product. It was low cost and it was an excellent deal.
The problem was the sales copy.
It was too hypey and made some pretty big promises. I checked out the product. Even though the product was well worth the price, I felt the copy was too overboard to just say “check this out.”
In my email I talked about the product, but also warned my readers about the hyped up sales copy in advance.
I let them know the sales copy left a bad taste in my mouth and it was over the top. But here’s why the product itself was good anyway.
It surprised me at the time, but we had good sales from my ‘negative’ promotion…along with multiple people emailing me about how they appreciated the warning and the product both.
Be real with your audience.
And the same goes with your potential joint venture partners. Don’t commit to doing a reciprocal promotion for everyone you contact.
Instead figure out what you can do for them. Perhaps it’s not a mailing. Maybe you have some other skill you can offer…or content you can create exclusively for them…or an introduction you can make for them with another expert.
In a joint venture, everyone wins…but the best partnerships happen when different benefits are brought to the table from each partner.
In my last email I asked you to create your perfect prospect. Define your customer as clearly as possible.
Now make a list of the experts and businesses who currently reach your customer. In some cases, these could be competitors. You’ll find infopreneurs partner with ‘competitors’ because customers buy more than one information product on a subject.
But in other businesses that doesn’t work. Obviously a web host for example can’t partner with other web hosts UNLESS they offer a service the other host doesn’t (such as dedicated servers). But who could the web host partner with? They could partner with experts, authors, speakers, consultants, software developers, marketing agencies, and anyone who reaches start-up businesses.
You’ve probably noticed by now I’m not big on one-and-done joint ventures. Instead I prefer those joint ventures that create income streams which last for months, years, or even decades.
I’ll share more about those in my next email…