Unlocking the Power of Joint Venture Partnerships

Insights from a Virtual Networking Conference

joint venture partnershipsLast week I attended a 3-day virtual conference, called the Strategic Alliance Event” about networking with potential joint venture partners. As you probably know, one of the best ways to grow your business faster is to have other people promote it.

The conference taught us some new ways of partnering, and some others that I have used but now have added ideas about.  

1-Giveaways

For example, one way to partner is to contribute to a giveaway, or hold one of your own. I have participated in many giveaways (given by others) and have always gained new subscribers. Last year I started to do my own giveaways and gained many more subscribers. Plus I got several new JV partners. (My next giveaway is coming up at the end of April, so watch for it in my posts/emails.)

This is one of the easiest and least time-consuming ways to partner with someone and grow your list, so I highly recommend it. 

I started out by watching my email for giveaways that I thought I could be in and made a list of them with the dates and the producers’ names and emails. Then I could contact them about being in the next one they held. You can start doing that too. Eventually, I asked them to be in my giveaway.

If you’d like to do your own giveaways, let me know in the comments and if there’s enough interest, I’ll create a course on how I do them.

2-Bundles

Another similar joint venture partnership can be made by contributing to or holding a bundle event. This is the same as a giveaway, only visitors have to pay to get access to all the gifts. Prices range from $7 to $97. Bundles create monetization for both the producer and the contributors. The contributors become affiliates of the producer, and then they, the contributors, get a commission for any sales that come from their subscribers.

Again, it’s good to start a list of bundles and when they occur (most producers do them at the same time every year), so you can decide which ones to be in based on your promotion schedule.

3-Bonuses

A third way to utilize joint venture partnerships is to offer one of your products as a bonus to one of their products. During the virtual conference I attended, we broke into groups where each person told what their product was. Then each of us told them what we could offer as a bonus to that product. One of your freebies can make a good bonus for other people’s products

You can do this bonus sharing on your own by contacting your affiliates and JV partners, or potential ones, and offer a product to be a bonus with one of their products. You’ll have to research their products and then find something that would complement one of them. This kind of partnership gives more value to your partner’s product and exposes you (authoritatively) to their audience.

4-Co-Create

A fourth way you can partner with colleagues is to co-create a product. I did that recently with one of my JV partners. You may have seen my announcements about our new course, “Coaches on Fire.”  That program was created by James I. Bond and me. And, after working alone on so many projects, it was a lot of fun working with someone on this one. 

You could also co-create a live group coaching program where both of you get to showcase your expertise and engage with the other person’s audience.

Although the virtual conference I attended took up 3 days of my time, it was worth it. Not only did I learn more about how to utilize joint venture partnerships, but I also made many new connections. They even gave all attendees access to a JV Directory for 30 days which has over 1500 active members. I’ve already started created a list of possible partners from it.

The “Strategic Alliance Event” happens several times a year and only costs $1. Watch my posts/email for the next event to get the $1 coupon (in November 2024 for U.S. time zone).

In the meantime, here are three sources that I have used to find JV partners:  

1- Ellen Finkelstein’s Freebie Swap Network https://iaplifecoaches.org/freebie-swap 

2- Dave Riklan/Mark Porteous’s JV Directory https://www.jvdirectory.com/ 

3- Rich German’s Joint Venture Inner Circle (JVIC) https://jvinsidercircle.com/