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Plenty of marketers have made a fortune in online marketing on their own. However, as you’ll soon find out, some marketers have found that working together with other like-minded people brings many benefits to the table. I’m talking of course about the joint venture; where two or more marketers join together in pursuit of the completion of a common goal. It is important for all marketers to learn how to negotiate a joint venture. When you learn how to hone your abilities and you’re able to add an element to a campaign that another marketer may not possess, you’ll understand just how rewarding, how much fun and how lucrative a joint venture can truly be.
Joint Venture – Joining Two Or More Marketing Powerhouses
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When you learn how to negotiate a joint venture, you’ll need to keep your confidence in yourself and your abilities high. You need to be able to sell yourself. Think of a joint venture as two marketers joining their abilities together. You may be able to test a landing page much better than your partner; and likewise your partner may be able to write copy better than you. Apart you both may gain a little success, but put your abilities together and your joint venture just might go places.
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That’s the basic idea behind learning how to negotiate a joint venture. To begin, you should have an offer in place. Are you thinking of starting up a new project? Or do you want to engage in a joint venture in the hopes of dreaming up the next best products and services? Regardless, you need a plan if you are going to approach anyone to join your venture, as it were.
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This is assuming that you are the one doing the approaching. We’ll discuss what to do when you’re approached to join someone else’s venture. In both cases, learning how to negotiate a joint venture will apply.
Approaching A Joint Venture Prospect
Once you have your venture planned out, create a presentation. It doesn’t need to be fancy, but it does need to convey your thoughts accurately and it should be as professional as possible without looking too polished. It’s just a pitch. You’d hate to spend hours, days or weeks putting together a pitch only to have it get shot down. Put together a short slide show or put it all in an email. You can even film yourself talking into the camera telling your joint venture prospect what you have in mind.
Make sure you explain any projects, but also let the person know what they may be getting out of the deal. Are you going to cut the proceeds fifty-fifty? What about marketing costs and any debt the joint venture incurs? You see that a lot of thought goes into learning how to negotiate a joint venture. In a moment, we’ll discuss what to say and what to talk about. Just realize that when you’re doing the approaching, you need to learn to be a heck of a salesperson if you hope for anyone to join your joint venture.
Someone Has Approached You For The Joint Venture
If someone has approached you for the joint venture, as I said before the process to negotiate a joint venture is the same. We’ll touch on a few points to think about now.
Joint Venture Agreement – The 5Ws
Whether someone has come to you or you’re approaching a guru you admire on LinkedIn, the following points should be discussed. Try to stick to the 5Ws at least.
Who: Who is going to be included in the joint venture? Is it just you and the other person or are others involved? If so, who gets what?
What? What is the benefit of engaging in the joint venture? How are money and debt going to be split amongst all involved?
Why? What products or services are you offering to the public in order to get paid? How will this money be managed?
Where? Where will the joint venture congregate online? Will you meet via email or will you use one of the many online meeting platforms like Basecamp?
When? You should establish how long the joint venture will be for, as well as when the joint venture will commence.
If you the person is satisfied with your offer or if you’re satisfied if you’re the one being pitched, it’ll then be time to negotiate a joint venture. Always get the agreement between all parties in writing, no exceptions! If you’re not good at the legal mumbo jumbo, get the services of a lawyer to help you. The agreement should then be signed before any work or money is paid to anyone.
Finding Joint Venture Prospects
If you’re tired of waiting for someone to approach you to negotiate a joint venture, it might be time to actively pursue your own joint venture prospects. Good sources are the aforementioned LinkedIn, Facebook, Twitter and Pinterest. Really, anywhere people hang out online. When you see an influential person who seems to know what they’re talking about and who seems to exhibit an ambition to succeed, that’s the type of person you’ll want to target when learning how to negotiate a joint venture.
Then, once you find one or more people that you’d like to target, you’ll just need to send them you’re presentation to start the negotiation process. Never settle for less than you’re worth. You should expect to put a lot of hard work and determination into a joint venture and you should expect to be compensated accordingly. For that reason, be certain that you are satisfied with all numbers, figures and dollar amounts before you agree to negotiate a joint venture.
If you can manage to find the right partners and you can all come to an agreement, you’ll be ready to start the joint venture process. That’s when you’ll all put your abilities together to come up with the latest product or service that is sure to bring all the success your joint venture deserves.