Joint Venture Brokering – Part 3

In Part 1 we learned the basics of Joint Venturing, including what a Joint Venture is and the 4 Winners we must have in a successful and sustainable joint venture. We also got a bit hungry for strawberries ;).

In Part 2 we learned about the two paths a successful JV Broker must follow and we spent time focusing in on the first path, which is locating a source of traffic.

And now as we kick off part 3 we’re going to dive straight into the second path!

Path Two: Source of Conversion

  1. Step One – Find a Great Converter – As with finding a great source of traffic, its very important for us to first know what a “converter” is. In the evangelical world, a ‘converter’ is someone who.. well.. converts people ;). A conversion is anything that leads to an action. In the internet world, we want conversions that eventually lead to a buying action. That could be anything from the sale of an eBook to a drop-shipped physical product, a subscription service to a private consultation. The first step is to find a converter and once you have, you can move on..

  2. Step Two – Learn The Program – Take the time to learn exactly what it is that they’re offering. If they have an eBook, its usually a good idea to buy it. If they have a membership site, its usually a good idea to become a member. This is a great way of beginning your relationship with them and getting them to see that you’re serious. Don’t just ask for a free sample, show that you respect them and that you value what they have to offer.
  3. Step Three – Will they play well with others? – Find out if your potential source of conversion is willing to joint venture. If you’re able to find a match for them, are they willing to work with someone else to sell their product? This may seem like a straight-forward yes, but ya never can tell. Its important to ask and once you’ve found their willingness, move on!
  4. Step Four – Educate! – Just like with our source of traffic now is the time when we get to know our source of conversion and educate them on the JV process. Invest your time in them, answering their questions and providing information. Explain what happens once you’ve found a match and let them know what to look forward to.

    It’s also very important at this point to find out if they’re willing to provide product samples to a potential JV partner. Be polite and tactful on this one :). If they say no, politely ask them why. If it’s a physical product, you can offer to pay shipping. If they don’t go for that, you can try offering to pay cost. If they don’t go for either of these, be sure to spend time and, if you can, find out why. If they aren’t willing to provide samples you can definitely go ahead and buy them on your own, just be cautious, odds are if they didn’t want to be flexible on the samples they aren’t going to be flexible on much in the future either.

  5. Step Five – Discover Their Ideal Match – As any JV Broker knows, one of the secrets to making a successful match is knowing what each of your sources are looking for! Spend time with your source and find out who they’d want to work with. Find out who they wouldn’t want to work with, and why! If they have a digital product, find out what kind of website they’d like their product offered on. If they have a subscription service, find out what kind of audience they’d like to reach. You get the idea ;).
  6. Step Six – What are the Conditions? – Ah yes, the conditions. Since it is, afterall, their product, discover the conditions under which they’re willing to sell. Are they willing to offer a discount to get more sales? Are they willing to offer a product of theirs as a free bonus to help get opt-in subscribers to a list for future up-sells? (there’s a mouthful ;). Above all, the idea is to find out if they’re willing to be flexible.
  7. Step Seven – Find a Match! – Just before we can join our paths together, we have to know which paths to join! If you haven’t found a source of traffic yet, now’s the time to begin following that path, while maintaining your relationship with your source of conversion. Based on all the things you’ve learned, get out their and find their ideal match!

And that’s the second path : ). Once you’ve reached the end of both paths, we move on to our final path in the JV Brokering Process and we..

Bring Them Together!

This is where you really get to show your stuff as you bring the deal together and make the match! We’re going to fly through this one together and then wrap up. Once you’ve established a match, here’s how it goes:

  1. Contact the Traffic Source – Ask them for permission to send them some product samples. Once you have that, its time to make things look pretty! :)

  2. Send the Package! – Here’s a short yet powerful summary of what to mail:
    • Fedex Box – Send your package in a nice looking FedEx box. If you send it priority you get a free box and even if you don’t, things arriving in a box are just more impressive :).

    • Product – Include samples of the product. If its an eBook, be sure to print it off and have a copy bound up for them to read.
    • Lift Note – Include instructions for them if they decide that they’re not interested. Let them know where they can return the product too.
    • Cover Letter – Include a cover letter with all your contact information and a list of the things included.
    • Sample Salesletter – If the product has a salesletter, include it for them to read over.
    • Your Story/Experience – On top of the relationship you’ve already been building with them, this is can be a great opportunity to add more. Share your story with them, give them a reason to care. If you’ve had experience with the product, share that with them as well. Give them your testimonial!
    • Product Stats – If you can obtain permission from the product owner, include product stats. Let them know how well the product has converted in the past. Include the little details that can make all the difference.
  3. Follow-up! – Once the package has been sent, give them a few days to receive it and open it, then follow-up with them. Find out if their interested and if they are..
  4. Get a Commitment – Show that you’re serious and get their commitment to work with the source of conversion and make things happen.
  5. Ask for referrals – Yup! At this point, ask if they know of anyone ELSE who’d be interested in the product or even in joint venturing in general.
  6. Launch! – Help in anyway that you can for the big day and once everything is in place, launch the product! :)

And that’s a wrap! Whew! We learned a LOT! I look forward to your questions or comments and above all I look forward to hearing all about your success as a JV Broker!

Thankyou for spending your time with me and I look forward to doing it again!

-Jonathan Wold