13 replies
The question of JVs is something that is coming up increasingly for me and I expect there might be many other people here who, like me, have to keep turning down JV requests because they are not well enough thought-out.

Just today, I wrote another 'sorry, but no' email and was just thinking that the information I included for that person might also be helpful to some people here who may be seeking JVs.

Now, don't get me wrong: I am not seeking any JVs here. As I said, I don't these days, generally participate. And also, I am not saying that if you do what I am suggesting that you will definately get JVs. But what I AM saying is that if you want to do a JV with a successful marketer, I believe these things should be a minimum requirement.

Here is the email I sent ...


Hi [Removed]

Thanks for your mail.

We get asked this on many occasions and most of the time we have to
say 'no' because, generally, most proposals are not well thought-out.

Before we would even consider a JV, we would need to see evidence of
your conversion stats for example. If you don't have any you would need
to make a proper Business Case outlining why you think your product will sell.

In addition, we would wish to see a proper sales funnel with upsells/cross-
sells in place and - ideally - a back-end residual commissions opportunity.

Finally, the ideal JV proposal would include a genuine special offer to my
subscribers so they can get your product at an unbeatable price.

As I said, this is not generally what most people are offering when they
make contact. If however, you have such systems in place, then we
would be very happy to take the discussion forward.

Thanks for your interest in the site and good luck with your project.

Best wishes,

Will.
  • Profile picture of the author highbrid
    Will,

    Very kind of you to share... thanks.

    I've been casually poking around here and there for JVs and have managed to get a few bites but also my fair share of rejections.

    From what you have kindly shared it seems like a more focused approach is called for.

    thanks
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  • Profile picture of the author Janice Sperry
    Thanks for sharing. Your example should help people at both ends of these kinds of proposals.
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  • Profile picture of the author CliveG
    Will, that's a very considerate and helpful reply. Do recipients ever come back with the information requested or do you just never hear from them again?

    Clive
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    • Profile picture of the author Will Edwards
      Originally Posted by CliveG View Post

      Will, that's a very considerate and helpful reply. Do recipients ever come back with the information requested or do you just never hear from them again?

      Clive
      Hi Clive

      I have never had anyone come back with the requested information. The reason I think is that many people seem to think the way to make some money is to create a product and then approach someone who knows how to do the marketing; generally thinking that offering a large commission, or even all of the commission will seal the deal.

      Perhaps, when they see my criteria for discussion, they realise they need to do a lot more work before making a similar approach.

      Now, of course I don't know what others think, but a JV, in my humble opinion, should be a win-win agreement. Offering an opportunity to send out an email to my list to promote an unknown, untried and untested product is just not an attractive proposition at all - no matter how much of the profit they are offering.

      Anyhow, I hope my post has got a few people thinking about how they might approach people a bit differently in the future.

      Will
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  • Profile picture of the author Christophe Young
    That's a good email to send out and I'm not surprised that you don't get many emails back with all the requested information.

    I can't count how many times I get JV proposals. It seems they're all sending the same "Cut and Paste" email which goes something like this:

    Hello,

    "We have just visited your site: www.yoursite.com and we were very impressed. We'd like to partner up with you.... blah blah blah.."

    Nothing personalized at all. I usually just delete most of them.

    If I were to contact a potential JV, I'd put a LOT more thought into my email. Seems like common sense.
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  • Profile picture of the author Emily Meeks
    I think the whole operation goes south when people think of JV partners as personal ATM machines.

    Joint Ventures are just that... Joint Ventures. You have your product on the table, you'd like to get something out of it, but what's in it for the other person? What Can YOU Do For Them? Your prospective partner has a business and reputation to uphold, just like you - will partnering with you *add* to that business, or will it simply waste their time?

    Curious though - what would you say to someone in either of these scenarios:

    1.) First guy has his very first product, has slowly but surely built up a list, but otherwise has upsells/crossells/backend residual commissions in place, complete with all sales funnel/squeeze page info... would you take him on?

    2.) Similar scenario, except this guy has had success using IM tactics in other niches (lists, affiliate, all the other fun stuff) and is breaking into IM for the first time... granted it'd be easier for him to show he knows what he's talking about, but he's still the "new kid on the block" when it comes to IM...
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    • Profile picture of the author Will Edwards
      Originally Posted by moneysoapbox View Post

      I think the whole operation goes south when people think of JV partners as personal ATM machines.

      Joint Ventures are just that... Joint Ventures. You have your product on the table, you'd like to get something out of it, but what's in it for the other person? What Can YOU Do For Them? Your prospective partner has a business and reputation to uphold, just like you - will partnering with you *add* to that business, or will it simply waste their time?

      Curious though - what would you say to someone in either of these scenarios:

      1.) First guy has his very first product, has slowly but surely built up a list, but otherwise has upsells/crossells/backend residual commissions in place, complete with all sales funnel/squeeze page info... would you take him on?

      2.) Similar scenario, except this guy has had success using IM tactics in other niches (lists, affiliate, all the other fun stuff) and is breaking into IM for the first time... granted it'd be easier for him to show he knows what he's talking about, but he's still the "new kid on the block" when it comes to IM...
      Hi Moneysoapbox

      Let's see if I can answer your questions:

      First guy, as I understand your description, would meet my criteria for an initial discussion.

      Second guy may or may not be a good fit for me since my main income stream is also not IM.

      Cheers,

      Will
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  • Profile picture of the author David McKee
    How would you suggest a developer of a software product or platform that provides some service or data, etc. should pursue JV opportunities in this case? Say a developer is looking for someone who is good in the marketing realm to package and present the out put of this platform, whereas the developer may be good at software but not so good at the marketing.

    This kind of JV arraignment does not really fit your model as there would be no developed marketing funnel or conversion stats. This would be more of a product development JV.

    I am curious about this for very real reasons as I am trying to learn how to approach just such a scenario on this forum. At this point I suspect the best thing would be to use the data and create a real world scenario showing how the product works and then attempt to present a business case on how, with the right marketing partner, it could take off.

    Thanks ahead of time for any ideas and/or advice.

    -DTM
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    • Profile picture of the author Will Edwards
      Originally Posted by David McKee View Post

      How would you suggest a developer of a software product or platform that provides some service or data, etc. should pursue JV opportunities in this case? Say a developer is looking for someone who is good in the marketing realm to package and present the out put of this platform, whereas the developer may be good at software but not so good at the marketing.

      This kind of JV arraignment does not really fit your model as there would be no developed marketing funnel or conversion stats. This would be more of a product development JV.

      I am curious about this for very real reasons as I am trying to learn how to approach just such a scenario on this forum. At this point I suspect the best thing would be to use the data and create a real world scenario showing how the product works and then attempt to present a business case on how, with the right marketing partner, it could take off.

      Thanks ahead of time for any ideas and/or advice.

      -DTM
      Hi David

      I'm no expert on this stuff; just someone who is prepared to share my own thinking. You may have a great idea for a fantastic software product. But, for me, this all comes down to your Business Case.

      Off the top of my head, what I would want to know is answers to questions like these:

      How do you know your software will sell?
      What other options have you considered for distribution?
      Why will your product be successful?
      What's your competition?
      What advantages does your product have over the competition?
      Why are you approaching me; rather than the myriad of other marketers?
      How does your product complement my own product range?

      Essentially, I would expect you to show me your market research and make the case for your product.

      I hope these questions will get you thinking.

      And good luck with the software.

      Cheers,

      Will
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  • Profile picture of the author majidmaskat
    haha JV's, i myself have been very hard fishing for possible JV partners whom i can share my workload with, but i too have to say i had my fair share of NO's, thank you for sharing
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  • Profile picture of the author Stevie9
    Jv's definetly should be planned out, the approach should be a process not just a hit n hope email!
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  • Profile picture of the author todd11
    This is all good advice. The problem I see is that by being quite so 'formal' you could scare away newcomers who may have something targeted right at your audience. In my case, I sometimes recognize that, and jump on it with no stats, and test it for myself.

    Todd
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    • Profile picture of the author CliveG
      Originally Posted by todd11 View Post

      This is all good advice. The problem I see is that by being quite so 'formal' you could scare away newcomers who may have something targeted right at your audience. In my case, I sometimes recognize that, and jump on it with no stats, and test it for myself.

      Todd
      I think that flexibility is the key. Business should be formal in many areas but in this case you are doing the formal bit, your newcomer is doing the creative bit.
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