In Part 1 of our series on JV (Joint Venture) Brokering we were reminded that there are only two things you can ever do to make money online and we learned that WE didn’t have to do either! We learned what a joint venture is and then talked about the 4 Winners you MUST have in a successful and sustainable joint venture. Today we’re going to dive in a little deeper and focus together on the 3rd winner in a successful and sustainable joint venture, the JV Broker.
As we’ve learned, there are MANY different types of joint ventures and they can be found all around us. For the purpose of our time together, we’re going to focus on internet joint ventures. The lessons that we’ll share and learn together will be lessons that we can apply anywhere but will have a specific practical application to the internet :). Lets get rolling and have some fun!
Imagine with me..
You, my reader, are a very successful JV Broker. You’ve agreed to spend some of your very valuable time with me and during that time, you’re going to share some of what you’ve learned along the way towards your success! As a very successful JV Broker, you know that there are two paths that you must take to form a successful, and yes, a sustainable, joint venture.
What are those paths? You smile and explain.
A joint venture is the act of bringing together a source of traffic with a source of conversion. In order for that to be successful, you must have those sources TO bring together. The two paths you must follow are the ways you go about finding those sources. Those paths, when followed to the end, join together and become one path, which is your joint venture.
Lets start with Path 1 and follow the steps you take towards finding a good source of traffic.
Path One – Traffic Source
- Step 1 – Find the Source – To help us as we find a source of traffic, its very important for us to know what a source is. A source of traffic is anything that, well.. generates traffic :). Using our internet focus it could be a website, a forum, an email list, a by line on an article, a credit on a virally distributed video, etc.. it could be anything. Your job as a JV Broker is to locate a source of traffic.
- Step 2 – See if they are willing to Joint Venture – Once you’ve found a source, ask if they’re willing to joint venture! You may find an awesome source, but if they’re not willing to work with you it’s gonna be challenging :). As you find a source, contact them. Find out if they’re open to joint venturing opportunities. If they say no, be thoughtful and polite, and ask why. Learn all you can from each opportunity you pursue. If they say yes.. move on to step 3!
- Step 3 – Educate them on the Process – As you find someone who’s interested, spend time with them and educate them on the process of joint venturing. If it’s their first time, encourage them to ask a lot of questions and really focus on building your relationship together as you invest your time and answer each of their questions. Let them know that you are looking out for opportunities to bring to them. Explain to them what will happen once you’ve found a match (We’ll talk more about that in Part 3!). And while you’re doing this, let it flow smoothly into the final step in our path..
- Step 4 – Find and Learn Their Limitations – Get to know them. Get to know what they provide. Learn how things work. Learn what they are able to do. Learn what they are willing to do. There may be things that they may want to do but can’t yet. Your job as a successful JV Broker is to really know those you are bringing together. Discover their strengths, know their weaknesses. These will all play a very important part towards the success of each joint venture as you work towards creating a win/win for all.
And those are the steps! Here are a few quick tips as we wrap up for Part 3:
- Become a Friendly Stalker – You heard me ;). Learn everything that you possibly can about your potential source of traffic and create a profile! Save everything and keep it neat and organized. Learn the things that they like, the things they don’t like. Be sure that if they share anything remotely confidential you always get their permission before sharing it with anyone else. Gaining and keeping their trust is vital. Keep records of all the things you do and be sure to always follow-up. And that leads us too..
- Be Consistent! – Become someone that they know that they can count on, no matter what! If you promise to do something make SURE that you do it!
- Be Helpful! – Search for every opportunity to help them and go for it! If they have a website, you could look for ways that their site could be improved and offer, in a polite and cheerful way, to share them. Go above and beyond your responsibilities and become a support to them. You’d be surprised how much of a difference helping out with even the smallest things can make. Show them that you care and that you have their best interests in mind.
- Maintain your relationships – As you get to know your sources, be sure to maintain the relationship. Email or call them at least once a month and check up on them! Use these opportunities to learn more about them and to look for ways that you can help.
And that’s that for now. In Part 3 we’re going to learn about the Second Path and then finish up by bringing the two paths together! I look forward to each of your questions and comments :)!
Have an awesome evening!