Free Report Reveals...

The Simple Formula Over 90% of Top Coaches Use to Build Their Successful Coaching Businesses

Read This Report if You Want to Sell Your Products, Fill Your Programs, and Build a Massive Mailing List!

Small List – No Problem!

Question: What should I say when a potential JV partner asks me about my list size and it’s very small?

Everyone started out with a small list. The key to getting a “Yes” from a JV partner is that they feel great about promoting you. For whatever reason makes sense to them.

Here are some reasons JV Partners with BIG lists will promote someone with a small list:

1. They LIKE you – don’t underestimate this, if you are on great terms with someone with a big list, there’s an excellent chance they will help you out.

2. The LOVE your product for their audience. If you can make them look good with your product, why wouldn’t they tell their list about you.

3. They can see that you are on a mission and you will have a big list. If a potential JV partner sees a rising star, they might gladly promote you now for a reciprocal in the future. Tell them of your plans to grow your business.

4. You are their customer or client. You might consider working one on one with a JV Partner in exchange for their advice but also a promotion to their list.

5. You pay them. Yep! You can pay a partner to promote you. Just ask what it would cost to for a solo promo to their list. You might be surprised how affordable this is.

The bottom line is that if it’s attractive enough to the partner to promote you, then they will.

How many JV promotions a year should I do?

abacus-7935_640There is an art in balancing lots of promotions and keeping trust and rapport with your list. So trust is first and foremost. Treat your list VERY well, give them gifts, teach them what they want to know, and point them to resources they can use.

If you have strong rapport with your list, you can promote quite heavily to them. However, if your list doesn’t totally love you, they will be quick to unsubscribe with too many promotional emails. So start building more trust and rapport immediately, and slowly increase the number of promotions you make to your list.

A good rule of thumb is one JV promotion per month. However, with really strong rapport, you can be doing one per week. And mathematically, if you can do one per week instead of one per month, you will be getting approximately 4 times the number of JV partners per month promoting you – and earning 4 times the affiliate commissions. Do you see how important trust and rapport are for determining how often you can promote to your list?

Now go out there and make your list love you even more!

Why just offering commissions isn’t enough to entice JV partners?

money-bag-400301_640It’s a good question. You’ve got an amazing product, you’re doing all the work. All the partner has to do is tell their list about you and they get 30, 40, or 50 percent of the money.

At first glance it seems like people are crazy not to promote your stuff. However, if you turn the tables and ask yourself why YOU are not just promoting other people all the time – you may get an insight as to what your partners are feeling.

Each business owner wants to grow their list and sell their product. Therefore, most are much more interested in you promoting them than the other way around.

The most harmonious solution is probably to find a way that you can each promote the other. Although sometimes your partners will be motivated by other things. So talk with them and ask them, “What would it take for you to feel great about sharing me with your list?”

You might be surprised at some of the responses you get – while other times, it will be the anticpated answer, “if you promote me to your list, I’ll promote you to mine.”

Your best bet might be to “suck it up” and do cross promotions. Then take amazing care of the referrals you receive. Whether they buy your product or not.

This will help you grow a list quickly and have that list be responsive. Once you have a super-high performing list, people will line up to please you for a shot at you promoting them.

You can start establishing criteria such as promoting only those partners who are able to show results promoting you, or matching opt ins with a partner.

The more you build your list in the right way, the bigger and stronger a player you are, and the more you can ask of your partners who want to work with you.

 

Do I have to hold a big launch to get JV partners to promote my product?

space-shuttle-600971_640You probably shouldn’t start out with a big launch. Working with a few individual partners first can be a great way to test out your opt in and sales processes. It will also let you gather metrics which you can share when promoting your launch.

You will probably find that the earlier you plan your launch, the more support you will get. So consider putting a date on the calendar now, but get some JV’s in the mean time.Once you get a few JVs under your belt, you will also build a belief in yourself that you can really do this, and that confidence will factor into your launch success.So go out there and get some JV partners!

I provide services for clients, which are very time consuming, so do I still have to offer 30-50% commission?

bag-147782_640It’s a great question – what commissions do you give for the products and services you offer?

30-50% is a good rule of thumb for electronic products. However, if you are investing your own time with each client, then you might want to pay less in commissions than if you simply had an electronic product.

One rule of thumb we’ve heard and like is this:

40% for Electronic Products

30% for Group Coaching Products (ex. you support many people at once)

1/3 for One on One Clients for the first 3 months (which equals one month of fees as a commission).

You can structure things any way you wish. And it might also depend on your partner and what they will pay you or if they have a very different list size than you have.

With respect to when you should pay commissions. If we assume a 30 day refund period, we suggest you pay commissions at the end of the following month. For example, if someone purchases from you in January, you will pay your affiliate at the end of February.

I’ve tried getting in touch with “big name” JV partners or more established entrepreneurs, but they pretty much ignore me. What should I do?

blue-313937_640The general answer to this is that you need to get their attention and make them an irresistible offer. Here are some ideas which might help you get in front of and attract “big name” partners:

  1. Send a video email instead of a text email like everyone else. Eyejot.com is a great way to do this.
  2. Advertise to them on Facebook. You can create a custom audience using the jv partners’ ids (just go to their facebook pages and replace the “www” with “graph” in the url to get their facebook ids.
  3. Send a physical package to them (or their team) in the mail.
  4. Offer 100% commissions (and plan to make money on follow up sales).
  5. Ask them if there is anything you can do to make it worth their while to promote you – if they answer, and you can, then do it.
  6. Buy their products, read their emails, join their affiliate programs.
  7. Ask everyone you can for referrals – a warm introduction goes a lot further than a cold interruption.
  8. Volunteer to be on their team
  9. Introduce them to great people you know
  10. Have your metrics ready, especially “Earnings Per Click” – how much they can expect to earn for each click they send you
  11. Create a JV Page where partners can go to check you out – impress them with info on your offer, commissions, partners, and webinar/teleseminar.
  12. Contact some of the testimonials they have on their page. Chances are they know these people and perhaps you can get a 3rd party introduction from their testimonial.

Hopefully these ideas inspire you to partner with big players. Just be sure you have something that totally serves their list, offers tremendous value, and has a big potential for earning money for them.

What is the best freebie to give away when doing a JV?

present-307984_640The goal of having a freebie during a joint venture is to get the maximum number of people from your partners’ lists to come over to yours.

Your free gift should be:

  1. Congruent with what your partner’s list wants and with what you are offering (most importantly with what you are offering)
  2. Perceived as “easy to consume” or giving “instant gratification” – a 500 page ebook is work
  3. Considered valuable – both in financial terms and in content
  4. A Complete Solution – not something where they have to give you money to get the results of your promise

Examples of great freebies include:

  • Free Reports
  • Short Ebooks
  • Quizzes
  • Calculators
  • A Toolbox
  • Templates
  • Swipe Copy

Once you offer an awesome and easy-to-consume freebie to your partner’s audience, make sure you take care of them and let them get to know, like and trust you.

How do I avoid potential JV partners feeling like I am competing with them?

goats-173940_640How do I avoid potential JV partners feeling like I am competing with them, and vice versa?

It’s a great question. Approaching JV Partners who do what you do can bring up all sorts of feelings of scarcity and competition.

The key is to understand how what you offer is different from your JV Partners. Even if it’s just your style of presenting the material – some people will prefer to work with you and others will prefer your partners.

By cross promoting each other, you give people on both lists the opportunity to buy either (or both!) product(s). Most people rarely buy just one diet book.

In an ideal situation your products would support each other. However, if they are too similar in their promise, then focus on how they differ and market from that standpoint.

We have seen it over and over again where 2 partners meet as “competitors” and end up friends and great collaborators, each making more money than they would have alone.

How many JV partners should I have?

new-years-eve-2015-583216_640Happy New Year Everyone! Let’s make it a great 2015 by doing lots of high-quality, money making Joint Venture projects!

A question that we often get is, “How many JV partners should I have?”

However a question like that is also like asking, “How much money should I earn?”

So maybe we can use the answer to the 2nd question to answer the 1st :)

If you know your income goal and can figure out how many people you need to add to your list to reach it, then you can start finding JV partners with great lists of those people.

Let’s do some quick math:

If your goal is to earn $100,000 in 2015, and you sell a $997 product and your commission rate is 50%, then you need to sell 200 copies of your product. One nice thing is that you will also bring in affiliate commissions for your reciprocal promotions – so perhaps you’ll need to sell even fewer copies – but let’s be conservative and say you need to sell 200 copies.

So how many copies of your product can you sell per JV? If it’s a huge partner, you might just need the help of one person. But that’s a tall order even for many big players. So let’s assume your average partner can sell 5 copies of your program. If that’s true, you will need 40 JV partners over the next 12 months. Can you do that? Absolutely! But if you want to make it work with even fewer partners, then you need to be really really good at converting those JV referrals so that the average partner sells 10 copies. Or maybe add upsells to your process.

Here’s a hint for selling anything online… you need to be trusted. JV’s are great because there is a transfer of trust and rapport from the partner to you – but then you need to take that trust even deeper so that when you ask people to buy, they do. The likely reason your sales are not as high as they could be is that your audience doesn’t trust you as much as they could.

So perhaps set a goal for 50 JV Partners (btw – a launch is a way to get that all done in one shot) and even if you fall short of your goal, as long as you are building trust and rapport with the people who are referred to you, there’s an excellent chance you will get there.

Let’s end this post by saying that maybe your goal is not $100,000 – so you can adjust your numbers as you like. Many of our peers do multiple hundred thousand dollar and even million dollar launches by having 50-100 partners. So please know that you can totally do this!

Happy New Year!

-Rich and Milana

The Top 3 Ways to JV if You’re in a Coaching or Training Business

three-146658_640The Top 3 ways to JV if you’re in a coaching/training business are:

  1. Teaching a class (teleseminar/webinar/telesummit) – we are all experts on our topics, so the easiest way to be valuable to your JV partner is to teach your topic on a free call. They would have to promote it to their mailing list and you get to build your own list of people who are registering for the call.
  2. Share each other’s content (article/guest blog post/video/tool/special report/giveaway event) – this is basically a form of cross-promotion but instead of promoting a product directly, you’re sharing valuable content. It makes you look good in front of your subscribers, while allowing you to recommend a product and earn affiliate commissions. Many of our JV partners invited you to this call because they knew we would be sharing valuable content, so they felt good about inviting you to be here.
  3. Co-creating (product/event/coaching program) – both partners decide to create something together, a product or event, or in our case a membership program. Each partner must bring something valuable to the table (content, list, money, time, marketing expertise, technical expertise, etc.)

These are really 3 fun ways to partner within the coaching/training/speaking industry, because we’re all experts and we all have a body of knowledge we can share or teach.

But just because you’re an expert on your topic doesn’t mean you’re going to automatically get a YES from a JV partner. You need to know how to approach someone to get them on board, to get their support.