Joint Venture Secrets For Entrepreneurs

Imagine if you knew a few joint venture secrets that could get other non-competing businesses in your trading area (and even online) to sell your products for you!

joint venture secretsAnd imagine if you only paid them once a sale was made.

Well, I am now going to explain exactly…

How these joint venture secrets can make this “dream” scenario happen.

But first, a couple of quick examples…

The Starbucks Corporation started in 1971 with a single location at 2000 Western Avenue, Seattle, Washington 98121.

Today, the coffeehouse chain operates 26,696 locations worldwide.

Over 238,000 employees work there… and… the company generates north of $19-billion a year.

One of the company’s strategies for spreading the word and boosting profits was (you guessed it) getting partners on board by using a few joint venture secrets of their own.

Rebecca Larson (assistant Professor of Business at Liberty University) has pointed out that Starbucks set up several successful partnerships including…

A partnership with Barnes & Nobles bookstores in 1993 to provide in-house coffee shops.

Another partnership with PepsiCo in 1996 to bottle, distribute and sell the popular coffee-based drink, Frappacino.

Yet another very successful strategic alliance with United Airlines for Starbucks’ coffee to be offered on flights… with… the Starbucks logo on the cups.

And a partnership with Kraft foods giving Starbucks coffee coveted shelf-space in grocery stores nationwide.

Here’s another example…

apple and ibm joint venture secretsApple & IBM: To quote IBM, its new partnership with Apple…

“brings together the analytics and enterprise-scale computing of IBM with the elegant user experience of iPhone and iPad to deliver a new level of value for businesses”.

The two tech giants…

Decided to partner-up for a couple of very good reasons.

First, the partnership will leverage Apple’s consumer experience, hardware and software integration in an effort to bolster IBM’s sagging image.

Second, this arrangement is set up for Apple to tap into IBM’s big data analytics and 100,000-plus industry sales consultants and software developers.

The idea behind this joint venture is to help Apple successfully enter the global corporate enterprise market.

Apple was quoted as saying…

“the partnership will add a new class of apps to connect users to big data & analytics, on their iOS devices”.

Now that sounds great for huge multi-billion dollar international corporations… but… what about the small to mid-size business running a local or regional operation?

Can these joint venture secrets help set up such dream partnerships for a local jeweler… or dentist… or barber… or real estate broker, etc.?

The answer is… Yes!

For example, there’s the true story of the…

First million dollar day on the Internet.

John Reese had an idea for a course entitled Traffic Secrets.

john reeseThe course showed anyone doing business online how to drive tons of traffic to their website.

Reese used a few street-smart joint venture secrets to create multiple alliances with heavy-hitters in the Internet marketing space.

He then put on a live event teaching his traffic secrets.

Cameras captured the entire event on video… and… Reese turned the recorded material into a home study course.

He then launched the course via his network of partnerships and generated over one-million dollars in a single 24-hour period.

But look, you don’t have to be a big company… or… someone with celebrity status within your industry to make this happen.

The first thing you need to understand is the above scenario happens every day.

Complimentary businesses strike a deal and sell to each other’s customer databases by applying some simple…

Joint venture secrets!

According to Forbes, research firm Bain & Company found that the value of joint ventures grew 20% annually in a ten-year period — twice the rate of mergers and acquisitions deals.

Online businesses refer to this kind of arrangement as “affiliate marketing”.

Whatever you call it, it boils down to the same thing.

One business sells their products or services to the other.

When a sale is made… and only when a sale is made… profits are split.

Depending on the price point of the product the profit split is as high as 50% per sale.

But hey, what does that matter?

In reality, you just got paid to acquire a new customer you can sell to over and over again.

The beauty of these deals is that it’s almost impossible to lose if you know a handful of joint venture secrets. 

And, more important, the chances of creating a nice cash flow surge are fairly high.

Consider this: The hardest sale to make is to a cold prospect.

On the other hand, the easiest sale to make is to a…

Satisfied current customer. 

In fact, marketing industry experts agree, selling to your own customer database is about 10 times easier and up to 20 times more profitable than selling to prospects who don’t know you and don’t trust you.

The two big joint venture secrets that make this work are: (1) your product is being endorsed by your JV partner to their list.

And (2) you get to benefit from the trust and goodwill the JV partner built with the customers on his list over the years.

Now, the big question is…

small business joint venture secretsHow do you find the right joint venture partners… and… convince them to get on board?

The rest of this report is dedicated to answering the above question in no uncertain terms, and giving you a few basic joint venture secrets to start using immediately. 

Let’s first start with how to find them.

Actually, this is the easy part.

Because all you do is make a list of all the non-competing businesses that have customers…

Who could be your customers too.

Say you sell jewelry.

Ask yourself this question…

What do people who buy jewelry buy before, after and during their purchase?

Another question you can ask is…

What events in people’s lives compel them to buy jewelry?

How about anniversaries? Engagements? Birthdays? Etc. 

Who else sells products around those events?

Your list of prospective joint venture partners could look like this: florists, boutiques, spas, high-end clothing stores, etc.

That’s just a small sample of the possible joint venture prospects you can approach.

And those are the “logical” choices. You can branch out from there.

Okay, so what you do next is choose one of those categories.

For the sake of discussion let’s pick florists.

Call a mailing list broker in the nearest big city and get a list of all the florists in your city.

Select florists in business for at least 3 years. They have a customer base.

Then come up with…

An offer they can’t refuse!

One of the most important joint venture secrets to understand is how to approach potential partners.

My suggestion is to write a one-page letter explaining your “can’t lose” offer.

Mail that letter to all the florists on the list you rented.  

What would the letter say? Good question.

Maybe something like this…

Dear Mr. Florist,

My name is Joe Jackson.

I own the jewelry store “Jackson Jewelry” located downtown at 123 Main St.

I’m writing you for a very important reason. As you know, the cost of advertising is sky high. So I’ve got an idea that could make us both a lot more money with almost zero risk.

Here’s what it’s all about:

I’d like to pay you to promote one of my special jewelry offers to your list of customers and prospects. I’ll pay you 25% or $150 of every sale made. If you have a big list this is all extra profit you can add to the bottom line.

Then, if you want, we can promote one of your special offers to my list of customers. It’s a win-win all the way around.

Anyway, I’ll call you in a few days to see if this would make sense. We can discuss all the details then and put together a campaign that makes us both more money.

Sincerely,

Joe Jackson

P.S. From my research, I found out these kinds of promotions pull in 300% to 500% more sales. That’s because we would be endorsing each other’s products. This could be big!

You can also read this post on how to write a simple letter that gets read. 

To make this as low risk as possible

Test a small batch of letters first.

Send out 200 or 300 letters and see what the response is.

joint venture letterA big key to making this process succeed is you (or someone you assign the task) get on the phone and follow up as promised in the letter.

In fact, don’t expect a big response to your mailer.

The purpose of the letter is to pave the way for your follow up call. 

You’ll make the deal on the call when you actually talk to these other business owners. 

That’s one of the biggest joint venture secrets you need to embrace. 

The sale is made during the follow up and not from the approach letter. 

Look, if you’ve never done one of these deals, it’s hard to imagine how lucrative it could be.

The fact is there are companies who…

Make half or more of all sales with joint venture marketing!

Small to mid-size companies all the way to companies like McDonald’s, Nike, Microsoft, etc. all set up deals like this from time to time.

That’s why, by knowing a few joint venture secrets, you can easily boost your sales too. 

Are you a little worried your JV partner might rip you off?

I wouldn’t be because if the deal works out he’ll want to do it again.

However, you do need to track sales.

If you do this online it’s easy. Have your web programmer set up a page that tracks visits and sales.

They’ll know how. Offline track sales by having people redeem a coupon.

What you do is print up a coupon the customer must bring in when they make a purchase.

You can offer them a certain percent off or some other giveaway to entice them to buy.

Again, you don’t have much to fuss over.

Because not only are you selling to your JV partner’s list… but… they will sell to your list.

So it’s in everybody’s best interest to keep things on the “up and up” in every transaction.

Here’s the best part: By putting forth a little effort upfront you can quickly set up multiple JV deals.

Some of these deals will turn into a…

A continuous stream of monthly cash glow!

How? Simple.

Go back to the JV partners you had good success with and put the promotion on autopilot.

All of his new customers get your sales pitch… and… all of your new customers get his sales pitch.

That means you have two consistent revenue streams from one JV partner.

Get a handful of other businesses on board and just think of the possibilities.

I’ve personally started two “micro businesses” with joint ventures.

The first one was for a product showing a niche market how to promote and sell their services.

cash flowI had no list.

A list of this market did not exist so, I could not rent a mailing list. 

I had no magazines to run space ads.

They didn’t exist either for this market.

Bottom line: My only option was to find other business owners who had somehow built their own list of the people I wanted to reach.

After searching for a little while I found what I was looking for.

So I approached the business owner in much the same way I am telling you.

The very first joint venture deal we did – where he promoted my product to his list – resulted in a staggering…

28% response!

I’m talking 28% of the people on the list bought my product priced at $297.

That’s a high-ticket sale.

What accounted for such great results?

The endorsement from the JV partner to his list.

On that deal, we split the profits 50/50.

Then we did this again a couple of more times.

All the while, I contacted other business owners with similar lists and did JV’s with them too.

This little micro biz generated over $60,000 in pure profit.

Because I did not have to pay for advertising upfront out of pocket.

Take a look at this video from joint venture secrets master, Jay Abraham, on how you can earn a lot of money with these strategies very quickly. 

Anyway, here’s what you should do based on the information in this report…

1. Make a long list of all the logical businesses in your trading area (or online) who have customers that could also be your customers. Use the Yellow Pages for ideas.

2. Talk to at least one list broker and rent at least one list of business owners you’d like to approach with a JV offer.

3. Test a small batch of 200 to 300 from the list you rented and see what happens. If you follow my “MO” you should have several business owners take you up on the offer.

4. Run a promotion to your JV partner’s list and vice versa. Try to get as many JV partners as you can to do one promotion per month every month.

5. Repeat.

I guarantee joint ventures will open up whole new distribution channels for your products and, quite often, they lead to even more profitable deals along the way.

Now, go for it!

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