I believe Joint Ventures are one of
very best ways to grow your business... Yet I know that many people struggle to find right deals... and are especially challenged with getting their offers considered and accepted by their potential partners. An estimated 98% of JV offers get turned down.
Why?
...Because they are impersonal. Being impersonal is one of best ways to shoot yourself in foot. Always use your prospects name a few times (including once in headline / opening sentence or in subject line if it’s an e-mail.) Writing their name a few times will give a more personal feel to it. Friends call each other by name often, strangers don’t.
...Because they are not clear enough. Your prospects are most likely very busy. They don’t want to rack their brains trying to figure out what you really want. If you don’t clearly state benefits that person will receive by partnering with you – they may not (and will not) figure it out themselves. Be specific and compelling.
...Because people choose an ineffective way to contact their potential partners. If you want to be successful, you have to think outside box. How do most people get contacted? That’s right, by e-mail. Some big-name experts can literally get a few hundred JV proposals per week. And I guarantee you that vast majority of those are e-mail.
If you want to stand out like a sore thumb and virtually assure that your proposal will be read, send it by Fed Ex or UPS. This can be expensive, so only do it if you believe you have good chances of being successful.
...Because people don’t take time to get to know their prospects. If you want to maximize your chances of getting your proposals accepted, befriend your potential partner before making your offer. It takes longer but is worth it.
Get to know them, their business, their needs and wants and by all means, if you can help them, do so. Give and expect nothing in return. Very often they will want to do something in return. This is called reciprocity and it’s extremely powerful.
If you learn as much as possible about your prospect, and you let them know that… it will look great on your part. You will look a lot more serious and professional.
