Joint ventures (JVs) are one of the best ways to lure new leads and customers. By partnering with other businesses whose customers are part of your market, you have an additional profit center of incremental income. For example, an attorney can refer his clients to an accountant, and the accountant in turn refers clients to the attorney. It’s a win/win situation, because many times a new business will need both an attorney and an accountant. Depending on which one they approach first (the lawyer or accountant), they’ll be referred to the other.
JVs can go much further than this simple arrangement, however. They can be very complex, and there can be 3-way deals going on. In fact, JV brokers make their money by taking a slice of the profits between two or more different businesses, where he has brokered the deal and set up everything between them.
The key to making these deals work is to make sure that you let a prospective JV partner know from the start that:
- You’ve discovered an additional profit center for them that they are probably unaware of (offer projected profits, if possible).
- The additional profit center will not detract in any way from their current income stream.
- The additional profit center will not incur any additional costs or labor on their part to implement.
- The additional profit center will not incur any risk whatsoever on their part.
- You will perform all of the leg work to set it up.
- They can stop at any time for any reason.
There are so many potential JVs that are possible that there’s no way to cover every conceivable one here. So instead I will give some examples. Some of them may be applicable to your business. Some may not. And, like the accountant and lawyer example I gave above, it’s not feasible for me to cover every type of business. Therefore, you should look at each example and see how it may apply to your business. These examples are designed to get you thinking creatively. By no means is this an exhaustive list. It’s designed to put you in the right mindset, where you will look at your business and others around you and see possibilities that you never noticed before.
A great course on JVs is the JV Mastery Course, by Jay Abraham and Marc Goldman. It may be out of print now, but if you can get a hold of it, I highly recommend it. If you have it, you may recognize some of these examples from the course (no need to reinvent the wheel here). Others are variations and some examples that I have personally done.
One Tip: If you try to set up a JV with a business, and they already have a deal in place with someone else, you can take that information to their competitor and say “Your biggest competitor is already doing this.” And if your partner ever decides to stop the JV deal, you can go to their competitors and say the same thing (Hint: if you let them know you are going to do that, they may reconsider). Never feel that you have to partner with one specific business exclusively. Ideally you should have JV deals going on all over the place.
You can also do JVs between your business and another, or you can broker JVs between two different businesses and take a cut.
- Sell an Idea – A lawyer knew how to make a million dollars in a year with one person and three associates. Since many attorneys don’t make that much, he codified his knowledge and had someone sell it. A realtor had a list three times better than anyone else, so she trained other realtors for a fee. A lumber mill knew how to kiln dry wood and get greater quality wood in less time with half the energy cost, saving him millions of dollars. He taught his techniques to other lumber mills. If there’s something remarkable about your business, or something you know how to do better than 99% of everyone else, you have an opportunity to license or teach your skills to others.
- JV With Your Suppliers – Your suppliers generally want you to be more successful, since it means more sales for them. They may fund sales people, mailings, extra staff, etc. You’ll never know unless you ask them.
- Seek Out Other Business That Cater to Your Market – I used the lawyer and accountant example above. A realtor may JV with moving companies, custom framers, carpet cleaners, pest control services, lawn care companies, painters, electricians, plumbers, the list goes on. Just be sure to JV with those businesses who have products and/or services your customers may need (i.e. a realtor JVing with a video game company doesn’t make much sense).Make a list of businesses who want and need a constant flow of leads: lawyers, doctors, dentists, realtors, home remodeling services, carpet cleaners, pest control services, etc. Broker deals between them where there is a fit to generate leads.
- Leverage Buyers and Sellers – A business broker sent a letter to 30,000 CPA firms saying “We’ve got buyers ready to pay all cash to buy your practice whether you stay or not.” 500 people responded, so he took those 500 people out and mailed the other 29,500 firms saying “We’ve got 500 hundred firms right now that are big money makers ready to be sold. Owners will stay or not. Terms or cash is your choice.” Then it was a simple matter to match the buyers to the sellers, resulting in a million dollars worth of commissions. This is a very powerful technique that can be used in a variety of different ways.
- Match Front-End/Back-End Products – If you sell a high-ticket back-end product, you can seek out people who don’t yet have a back-end product and JV yours via an affiliate program. Likewise, if you don’t have a high-ticket back-end product, the reverse is also true. There are plenty of expensive product and service sellers out there to partner with.You can also broker deals between businesses selling front-end books and tapes and businesses selling back-end expensive seminars, for example.
- JV a Sales Force – There are plenty of professional sales people that sell a variety of different products on a commission basis. It’s a snap to put an ad in the paper to get these folks to sell your products and services.
- The Neon Sign Approach – I call this the “Neon Sign Approach” because Jay Abraham talked about a particular JV deal with a neon sign maker. He would have high school and college students drive around at night and look for neon signs that were not lit or only partially lit. Then he would pay them per “find,” and report those locations to the neon sign maker. Voila! Instant leads.A variation on this approach could be done with motor vehicles. There are numerous services to get the names and addresses from a motor vehicle registration plate. Those same high school and college students can be on the lookout for broken taillights, body damage, cracked windshields and the like. When they find one, they write down the license plate information and give it to you. You can then supply the leads to auto repair shops, body shops, windshield replacement shops.
What if you owned a furniture store? You could JV with door-to-door salespeople and have them on the lookout for badly worn furniture. They’re already going to be in their prospect’s living room, right?
How about the furnace maintenance person who keeps an eye out for water damage in the basement? If you offered basement-sealing services, wouldn’t you want as many furnace maintenance folks as possible getting you leads?
- JV Mailings – For certain product or service offerings, direct mail can be prohibitively expensive. That’s why card decks and Value-Paks are so popular. But aside from those types of mailings, you can always partner with a non-competitor (or two or three) that offer a complementary or similar product/service with the same target market as yours. By splitting the cost of the mailing, you still get your message out, but at a much-reduced cost.
- JV Inserts/Flyers/Circulars – Similar to JV mailings, you could arrange to have your flyer, insert, or circular inserted into another publication already being mailed. This “hitching a ride” approach works best when your audience is targeted, although newspaper inserts are popular with local bricks and mortar businesses. The JV part comes into play when you pay so much per lead or a percentage of all sales resulting from the arrangement. Depending on your price structure, you can pay a percentage of the first sale only, or a tiered approach where a smaller percentage is paid for all first year purchases, a percentage of the back-end purchase, etc. You need to determine what types of deals bring in the biggest profits for you, while still providing a valuable incentive for your JV partners. And that really goes for any type of deal.
- JV a Mini-Seminar or Teleseminar – Using the lawyer/accountant example again, the two could get together and hold a seminar for new business owners, offering a package deal for both of their services.
- Sell Your JV – When you have an income stream from a JV deal you have worked out, you can always sell the rights to that deal to someone else. Just like a money-making website that you can sell, JVs that have a positive cash flow are assets in their own right.
- JV Deals to Observe and Learn From a Guru – Basically, you can act as a broker or middle agent between a person with a certain expertise and others who want to learn from the expert.
- If You’re the Guru, Vice Versa – If you are the expert, the reverse is also true. You could JV with a middleman to bring people to you to pay for access to your expertise. Coaching programs are an obvious choice for this approach.
- JV a Dealmaker – If brokering deals isn’t your forte, you can always JV with someone who sells well and knows how to negotiate to pitch and put the actual deals together for you. This way you can sit back and pull all the strings while your “agent” handles the stuff you aren’t comfortable doing.
- Painting Fire Hydrants – One of the first deals Jay Abraham put together was paying kids to paint fire hydrants. He’d put all the deals together, the kids would go out and paint, and he’d pay them a percentage of what he was getting paid. His value was that he was the one to put it all together, he set up the deals, and he got the labor organized. This approach works well anytime there is someone willing to perform the service for less that you are getting paid.Even ‘ol Tom Sawyer did this when he had to white wash a fence in Mark Twain’s
Tom Sawyer. He got the local kids to do it, and they loved it.
- Overstock/Surplus Selling – It’s not difficult to find businesses with excess inventory, tie up the rights to unload it at a discount, then find outlets to sell it at retail. You pocket the difference. On the flip side, if you yourself have excess inventory, you could JV to find someone to unload it from you in the same fashion.
- JV to the Affluent – If you can partner with a business that sells a high-ticket item to the affluent, here’s a blueprint worth testing:
- Choose the most popular high-ticket item they sell.
- Send a letter via Fedex to their “A” list, those 20% of customers that are responsible for 80% of their profits. Tell them about a special one-day closed door private by invite-only “showing” for that one specific product/service. Hire a professional copywriter to write a specific sales letter for that one product or service.
- Serve coffee, tea, muffins, or whatever is appropriate for that target market on the day of the showing. Make it an event, more than just the product or service itself. Look for ways to gain media exposure. Yes, it’s a private showing, but if their “A’ list hears about it from the media, they’ll want to be there.
- Make sure they have their most knowledgeable staff on hand for the showing. You’re selling to the affluent here, so you don’t want to cut any corners. Find out what they want and give it, to them.
- Collect your profits, but be sure to follow-up with a thank you letter, ideally also Fedex’d to them. And unadvertised bonuses always help!
- Lead Generation JVs – Find out what other businesses your target market visits. For example, I sell to entrepreneurs, and a lot of them frequent the UPS Store and other such places. Fedex/Kinkos and other “copy shops” are also ideal places where I live. Many of these places don’t capture their customer’s name, address, email address, etc. So I made an arrangement with them. I setup “take ones,” where they can take a brochure for free, go online to my website, fax me, or mail me their contact info, then I send them a free report relevant to them. I give their contact info to the store I JV with (and I notify the prospects of this fact…it hasn’t seem to hurt my leads significantly so far). For those businesses (a Staples store, being one of them) that are stubborn, I offer to give them the contact info I collect from all the stores I JV with in their area. Again, you need to include a disclaimer when doing that, but in my tests, the benefit has outweighed the losses.
In a discussion with Michel Fortin recently, he mentioned that you need to really provide an incentive for these businesses to promote you. So the “take one” box may not be enough by itself. True, they are getting the contact info of some of their customers (something they themselves should be gathering), but if they don’t know enough to get that information in the first place, they may not be as anxious to promote your free report or premium. I’m experimenting with several other ways to measure how well they will promote me, and I’ll provide updates as they become available.
- Endorsements – There are people and businesses that have a great personal relationship with their customers and prospects. They may not necessarily know this fact. In fact, a lot of them don’t even realize the amount of pull they have with their audience. People who recommend certain stocks or trends, people who give great content and information to their subscribers, people who give investment advice, generally people who have a certain rapport with their subscribers. They are the ones you want to target. If their niche is non-marketing-related, so much the better in order to cut through this niche’s clutter. I know someone who targeted golf enthusiasts for a marketing product, simply because of their test results. In any case, if you can JV with this sort of person who will endorse your product or service, you have a huge advantage. It’s simply one of the best ways to print money on demand. Please don’t overlook this technique.These people may not even realize the relationship they have with their list. So you would be well advised to start with those folks.
- JV Your List Building: Large List – If you have a large list, one of the easiest ways to build it even further is to do a cross mailing. That is, you partner with another large list owner in your target market. You send out his message to your list, he sends out your message to his list. Simple. Just remember, once your prospects or customers are on another list that sells to them, there is increased message clutter. That is, they are now being pitched by your JV partner AND you. It’s a tradeoff you need to consider.
- JV Your List-Building: Small List – Ok, if your existing list isn’t large enough to warrant a cross JV mailing as described above, here’s a clever way to build your list up quickly. I’ve done this, but not to the extent I should. I’ve got more deals like this in the works. Here’s how it works:
Let’s say your list is on the small side. “John Smith” has a huge list. You want to JV with him, but a cross swap isn’t going to persuade him. You need to be the middleperson between John Smith and another large list owner.
”Jane Doe” is another huge list owner. What if you can put John Smith and Jane Doe together to do a cross mailing, and you get exposure as well. Instead of a cut of profits, you agree to get a slice of the list. In other words, perhaps in order to get onto Jane’s list from John’s, they have to come through you first. Or, you could have John mail his list with the agreement that whatever prospects Jane gets, she’ll share with you. It’s a win/win/win situation, because all of you are gaining new prospects on your lists.
John gets some of Jane’s list.
Jane gets some of John’s list.
You get some of Jane’s list. Or, ideally, you get some of both lists. You are the dealmaker. It wouldn’t have happened without you, so depending on the deal you make, why shouldn’t you get access to both lists?
- JV Advertising Space – Remnant advertising is big business these days for those who how to exploit it. What is remnant advertising, aka “stand-by advertising?” A reprint from my newsletter will explain:
If you already have an effective direct mail campaign, why not tweak the same winning letter and turn it into a space ad? You already have a winning piece. You can save on costs by merely reformatting it a little to create a whole new ad. Of course, depending on your sales letter, this may or may not work. Some letters are specifically targeted for a particular niche market (as they should be). In that case, you may need to change the headline or tweak the lead, but it can usually be done for a lot less than writing a new ad from scratch. And you also gain the added advantage of speed. You can get your space ad written in this fashion a lot faster than writing from scratch. Of course, that’s assuming you have the budget to take out half-page or full-page ads. What if your budget only allows for a smaller space ad?
One of the most challenging things about small space ads is trying to fit in enough copy to get the job done. “The more you tell, the more you sell” is especially true when the goal of the ad is to provoke an action from the prospect, especially an action that involves more than just picking up the phone or dropping a reply card in the mail.
So what’s the most effective type of space you can use in a newspaper?
A larger one. One that gives you plenty of room to include your long and persuasive copy. If a prospect doesn’t know enough about your product or service, and isn’t convinced enough to act immediately, you’ve lost an opportunity. Repeat this to a circulation of tens or hundreds of thousands, and your ad is like flushing perfectly good money right down the toilet.
Now, there’s a woman, Nancy Jones, who near single-handedly invented stand-by advertising. What is stand-by advertising? I’ve gotten her consent to share a letter she wrote to newspapers some twenty-odd years ago that will explain the concept:
|Dear Advertising Director,
Over the past several years, our client, the XYZ Company, has repeatedly expressed an interest in having his advertisements published in your newspaper.
However, our agency has compared your open rate with that of newspapers where the advertisement has already been published and we have found it necessary to advise the client against including your newspaper in his advertising schedules. This decision was based mainly on the fact the client’s advertisement has been profitable only in those newspapers where a stand-by or remnant rate has been offered
As you know, stand-by simply means a newspaper agrees to publish an advertisement whenever or wherever space becomes available and offers to reduce the open line rate to the advertiser for “standing by.” Space may become available due to last minute cancellations of scheduled advertisements or because of production difficulties. Whatever the reason, the newspaper will generally insert a house ad or a public service ad to fill the hole in the newspaper. Therefore, more often than not, the newspaper receives no revenue for the use of this space.
Thus, stand-by advertising has become advantageous for both the newspaper and the advertiser. The newspaper has the opportunity to make money on space it might otherwise have to give away. The advertiser is able to use a publication it could not use at the open rate.
More and more newspapers are becoming involved in stand-by advertising. Enclosed is a current list of newspapers offering a stand-by program and the discounts they allow. We are aware your newspaper has not offered a stand-by rate in the past but we would like very much for you to consider this possibility now. We are enclosing an insertion order for a full page, a mechanical and a check for the new amount of the order. The net amount has been computed at the open rate discounted by 50% for stand-by, normal for the industry, and 15% for the standard agency discount.
If you accept our offer, simply hold the material until space becomes available. If and when the opportunity presents itself, run the ad, cash the check and send us a tear sheet. If you do not wish to participate at this time, simply return the check to the agency and destroy the mechanical.
This offer expires in 15 days. Please feel free to call if you have any questions about the offer or our client.
The newspaper just can’t resist the fact that they have a check in hand, more profits for them, for utilizing advertising space that would have otherwise yielded zero dollars in revenue.
In a recent telephone call with Nancy, she told me that advertisers typically pay 3 times the amount for a 4-inch by 4-inch ad than she can get for a quarter-page ad. She has such purchasing power now that she can get ads at around 10% the normal going rate! And that includes her fees. That means with stand-by advertising, you can get the same size ad as your competitors for one-tenth the cost!
I hope your mind is spinning with the possibilities here. You can reach Nancy at 727-535-7899
I suggest you check out the following about her from the Gary Halbert Letter at:
It includes her letter above, plus a lot of useful information from Gary. I won’t repeat what Gary says about positioning your ad, or any of the great advice he gives, so head on over to read it all.
By the way, if you haven’t heard of Gary, he’s one of the best marketers and copywriters in the world. I highly recommend reading all his newsletters if you don’t already, which you can find at:
There are more proven marketing ideas in his newsletters than there are leaves on a tree, so get on over there and start reading. WARNING: If you’re like me, you’ll have trouble sleeping after reading it, because your mind will be racing with ideas!
So how can this benefit a JV enthusiast? Well, what do you think Nancy Jones is doing? She’s doing deals with newspapers around the country and offering reduced advertising costs to her clients. If you’re a marketing consultant, do you think Nancy can help you and your clients? Is it possible to make your own deals with newspapers, magazines, and other publications? You betcha! Jay Conrad Levinson even talks a great deal about this in his Guerilla Marketing books. You merely need to move beyond concept into ACTION!
- Rekindle Procrastinating Customers – Here’s something you can do for your own business, or you can do a JV with another business and capture some of the “found” revenue. Many customers tend to procrastinate on their purchases. For example, a dentist may have 3000 patients, but after analysis, 1000 haven’t come back in over a year. A sequence of mailings to these 1000 (with incentives to come back) might bring back a certain percentage, of which you can negotiate up front a slice of the profits.This may be nothing new to you. But most dentists know about dentistry, not marketing.
Or how about the carpet salesman who has customers that haven’t replaced their carpets in six years. If the average customer replaces his carpet every five years, you have an opportunity to offer them an incentive to act now.
- Rekindle Former Customers – In addition to customers that procrastinate, there will always be customers, for one reason or another, that no longer purchase from a business. Perhaps they’ve moved out of the area. They may no longer have a need for your product/service (i.e. baby clothes…the baby eventually grows up). They may have passed away. There are lots of reasons why. And then there are those customers who are dissatisfied.
You want to target most of them. For those that are dissatisfied, you want to offer them an opportunity to make things right, to give them a special deal if they agree to give you another try.
For the others, they are most likely satisfied former customers. For whatever reason, though, they are no longer part of the target market. The best way to capitalize on that situation is to get them to refer business to you. If they are satisfied, they may respond favorably to a gift certificate that they can pass onto a friend or relative who IS still part of the target market.
Either way, it’s “found” business, and you stand to profit from it.
Let’s say you want to target chiropractors. You can locate a bunch of authors who are reputable and recognized by chiropractors, contact them, and tell them what you’re doing. Ask to buy a bunch of copies of their book at a discount if they would be willing to send a letter to these chiropractors along with their book (at your expense). The letter would say something like, “Hi, this is John Smith here. You probably know me through my book, ‘17 Ways to Grow Your Chiropractor Business Today.’ It’s been reviewed in Health Economics, and I’m sending you a copy of my book with my compliments and introducing you to Jane Doe, because she’s got a great way to reactivate your no longer active patients. I’ve asked her to email you in about a week.”
- JV With an Agent to Bring in “Found” Business – If you want to focus on your core business, like the dentist example I mentioned about (i.e. let’s say that you’re the dentist), and you’re not sure how to go about bringing in this “found” business, there are experienced marketers out there who could handle the nuts and bolts of the campaign. In other words, this would be the reverse of the previous two examples, where you are the professional, and a deal with a marketer would yield you additional business, but without the marketing headaches. At the very least you could pay someone to teach you how its done, or learn by example in observing their methods and asking questions.
- JV a Consulting Back-End With a Static Product Seller – Let’s say that you are a consultant specializing in doing creative real estate deals. You could find someone who sells a static book or course on the subject, then partner with them to offer your coaching or consulting services on the back-end for those that want to go beyond the book or course. You could offer your own course, seminars, coaching programs, whatever.
- JV a Static Product With a Consulting Back-End – And the opposite is also true. If you sell a static information product, why not seek out an expert on the subject that you can partner with and endorse for additional training for your customers. Everybody wins!
- Tie Up the Rights to Real Estate – I don’t mean real estate in the traditional sense. I mean space. Using the chiropractor example, what if you opened a satellite office that’s manned once or twice a week in a health club or health food store? You could put lots of things in those places. Acupuncture, Shiatsu, massage therapy, weight-loss clinics, exercise products, the list goes on.Instead of an office, you could tie up the rights to a display space or an impulse buy counter near the register. How about a segment of the store, the rear section of a store, or the front corner where merchandise or services can be placed? Banks now put branches in grocery stores. So do flower shops. Sears put Allstate Insurance in their stores and created a billion dollar business. Designer shampoos have space in salons.
If you tie up the space first, then you can go out and find inventory that you will in essence consign to the space. Anywhere there is foot traffic is really fair game. Just be sure to find a product or service that is a match to the foot traffic’s preferences (i.e. the target market).
There are lots of one or two-person companies who manufacture their own jewelry, or candy, or cookies, or toys, or crafts. Maybe a local hotdog joint doesn’t have cookies on their menu. Put them together and take a cut. How about craft supplies and raw materials at a craft show? A service in a hotel that perhaps that hotel doesn’t offer? Maybe free wireless Internet access in exchange for their contact info. The nice thing is you don’t have to put up any inventory.
Vacant lots are great to put in cars for sale. Or organize your own flea market or craft show. A haunted house around Halloween, sponsored by the local costume shop. A golfing goods tent that coincides with the timing of the US Open.
I’ve mentioned some of these ideas already, but this example is about tying up the rights to space. Get the rights first, then looks for ways to fill it.
- JV With Those Who Already Have Business Relationships – I mentioned at the start of this section that some of the best companies to JV with are those whom you already have a preexisting relationship with. What if you don’t have any?
You can JV with those people who do! Put an ad in your local paper. Go online and network with people who do have these relationships. Then cut them in on the deal and let them introduce you. It’s the difference between a cold intro and a warm or hot one.
- Start Small – Do you have a big idea for a deal but no relationship with the potential partner company? You can always start out small, with a test to validate your experience and the results before moving onto the big deal you had in mind. By the time your small deal is validated, you know have that relationship to move to the next level.
- Let Them White Label You – Let’s assume you are an IT consulting firm, and you decide to JV with hardware companies to access their customer base and have them endorse your services. The trouble is, you want to JV with several hardware makers, and each one wants you to use only their hardware. How do you get around that and still have access to all of their lists and endorsements?
One way is to let them “white label” your services. In other words, when you consult for their customers, you represent that hardware company. So every time you go out, you change “shirts and hats,” so to speak. That way each hardware company has you representing them. Basically, they would sell your services as their own.
Think of it as a “private label rights” situation, where you sell your works to other companies that they can in turn repackage as their own. If you’re looking to drum up more business, this one approach alone could bring you more than you can handle. In other words, you may have to hire more staff. It’s that powerful.
Listen, do you think all of the “Geek Squads” and such are all owned by the companies dispatching them? No, many are contracted. These are large-scale corporate deals, but nothing says you can’t do something similar on a smaller scale to start.
- JV the Costs – Whether it’s an office you share, or a receptionist, or an administrative assistant, or standby conference call lines, you can make deals with other businesses that may not need a full-time receptionist, for example, to keep the costs down. A local school supply business shares an office with a surveyor. A small downtown Hartford mail order firm shares office space and conference rooms with an advertising agency. A New York investment consulting firm shares the mailing address with a Florida realtor who is also licensed in New York and wants a local presence. Things like office and mail services, help desk support, and other shared services are becoming more common. If you can’t find one that makes sense for your business, why not invent your own solution?
- JV to Build Your List – Your list is your greatest asset, right? But if you only have 1,000 names where 50,000 or 100,000 is the norm (more is better, right?), then why not JV a list exchange. Bear with me. It’s true that you may not have much to offer to the list owner of 100,000+ names, when you only have 1,000. But it can be done.
One way to do this? Ok, let’s pretend that I convince a speaker to do a teleseminar with me that I know at least 2 or 3 other 100k+ list size owners would love to tell their subscribers about. Let’s couple that with the fact that these list owners want to build their lists even more. And you do too. You could make a deal with some of these list owners that whoever opts in to your teleseminar, you’ll do a solo mailing of a product of their choice to the entire list if they promote the call. Remember they’re delivering a message to their list that their list would be interested in, and they’re interested in getting the names of the other list owners that will opt-in. So you act as the middle-person and make all sides happy, while greatly adding to the size of your list.
I’ve personally done this, and I’ve got some big promotions on the way that will grow my list even further. All you need to do is to contact these people and let them know how they benefit from the arrangement.
Will everyone welcome the deal? No. But there are plenty who will. And everyone wins (those are the best kinds of deals, by the way). This is one of those ideas that will work just as good online as they do offline.
- School Deals – You can contact local community colleges and other educational learning institutes and offer to teach a course for free or for a salary. While you’ll teach them valuable skills, the logical outcome of your course is for them to purchase your full-course and other information products. While I haven’t personally done this, I know of others who have, and it’s a great way to both establish you as an expert and make money on the back-end as well. And the inevitable publicity doesn’t hurt, either.
- Company Speeches/Seminars – Lots of companies give in-house speeches and seminars. Most charge a nominal sum. You can do the same, and sell your products and services. It’s a great way to get into a company and do your pitch.
- Friends and Relatives – One of the best ways to get started in JV deal making is by working with people you already know well and who trust you. I’m talking about friends and relatives who are entrepreneurs. Look, there’s a reason why MLM companies like Tupperware and the Pampered Chef do so well. Most of their first-time salespeople sell to their friends and relatives first. My younger brother sold a set of knives to my mother that she still uses to this day (after years). I used to sell Mason Shoes door to door when I was a teenager (yes, admittedly a LONG time ago). Guess who my first buyers were?
Well, the same thing works for JVs. I have some friends who opened up a restaurant. I’m now working with them, without any money out of their pocket, to develop JV deals that will build additional profit centers for them. And yes, I get a cut.
When you work with folks that are close to you, you tend to have their vested interest at heart. And that sets the stage for JV deals with “cold” prospects, because you also want to be known as having their best interests at heart.
You are the dealmaker. You make it happen and know all of the ins and outs of business. This comes with time, so the more deals you make (even the unprofitable ones), the better you’ll be equipped to handle the bigger more profitable ones.
- JV Anything You Need – Need a room to hold your seminar? A rental car? Your hotel or airfare covered? Any expense, rental, or use of a product or service? Why not use your product or service to JV what you need. Michel Fortin used to do this with a local hotel. He would get the room for free and hold all of his seminars there, getting new leads and business. While his seminar attendees were there, they used the hotel’s business center, giving the hotel business as well. It was a win/win situation.
JP Maroney worked out a deal to get his room for free to hold his mini-seminar as well. Jay Abraham regularly did deals to get cars, airfare, you name it.
- JV for Airtime – Yes, it’s even possible to JV with radio and television stations for free airtime for your ads and infomercials. Every radio or television station has some unsold airtime. They have to use it for something. They only need to fill a certain amount of public service time. After that, the rest of the time is used for the most profitable way they can come up with. If you present a compelling offer to them, yours may be more desirable to them. Simply find out what they want, and offer it to them for an exchange of airtime.
NOTE: This technique is done more often than you think, mostly by ad agencies and bigger companies. But even with that going against you, there is still a considerable amount of unsold time available, especially in the smaller stations. Hint: You don’t have to do the deal with only one station at a time.
100) Leverage JV with Bartering – This is another little-known technique you can
use to make your deals even more lucrative.
Let’s say that you found out that your local radio station WXXX needs a new roof. So you do a deal with the local roofing company J&J Roofing, where you trade your services for a roofing job. J&J charges $10,000 for a new roof needed by WXXX. But it only costs them $3,000 in labor and materials. The other $7,000 is profit. So you provide $3,000 worth of services to J&J, get $3,000 worth of labor and materials in result, and are able to give WXXX a new $10,000 roof for only $3,000 worth of services. Now you get J&J’s $7,000 profit.
Listen, it does work that way more often than you think. Jewelry, cars, furniture, services, and just about anything you can think of produced by a for-profit company always has that kind of leverage if you work the deal the right way.
101) “Think Outside the Box” – Yes, I know it’s a cliché. But in this case, it’s very
true and profitable. The examples I provided here aren’t by a long shot every possible technique you can use. Rather, they are designed to get you thinking in the proper “mindset.” You’ll soon see that there are more possibilities and opportunities around you that you may have not noticed before. So your job is to always be on the lookout for them. And recognize them when they do catch your attention.
Will they always be profitable? Hardly. But as you get more and more exposed to this kind of creative marketing thinking, you’ll be better equipped to spot the ones that are more frequently up front.
The best advice I can give you to that end is to try some of these ideas for yourself. Make them your own. Find out what works best for your business and which ones don’t. Read more than one newspaper each day. Read trade journals and magazines. Read what your target market reads. There’s opportunity everywhere if you know where to look.
I hope these examples have helped you to develop the mindset to be on the lookout for opportunities everywhere.
I’ve tried to arrange these ideas in a logical format, so you can print this report out and go through each one with a highlighter and pen, making notes, and adding your own thoughts.
There’s a great quote: “More occurs from movement than will ever happen from meditation and contemplation.” And so I would strongly urge you to take action. Don’t just read this and put it on a shelf or bury it on your computer’s hard drive. Read it. Use it. Own it.
Take action and reap the rewards. To your great success!