What are the best ways to approach and pitch joint venture partners?

When forming a joint venture you should start off by surveying your own very best clients to learn their buying habits. These clients are the ones that provide your business with your 80/20. These top clients give you the most profit and are more than likely some of the nicest to deal with. Another factor to consider is what are these top 20 percent clients purchasing before, during, and after they do business with you? You now will have a very good idea of the various businesses that are already selling to your own best clients. Propose a simple joint venture that endorses each other's businesses to your own best client list. This should be done quarterly to maximize profits and provide even more good will and loyalty.

Building a solid relationship with one business owner at a time is going to be your best bet. Do you follow them on social media? Where do they advertise? Where does most of their new business come from? Do you know anything about their industry? Who can you introduce them to? Can you endorse their business to your database? Make the first move by doing something for them first without any expectation on your part. You are essentially earning their friendship even before you ask them to participate in a joint venture with you.

Crafting a great joint venture pitch should contain several important points. How many actual paying clients do you have? How often do you communicate with them? What is your ideal target market? How do you attract new clients? What extensive research have you done on your ideal target market?

Every joint venture partner must have a clearly defined letter stating exactly what they are bringing to the table. They must state clearly the activities they will do on a specific date. Things such as How they are going to attract new clients, what Forms of social media they are active on. How often do they communicate with their followers? How often do they communicate with their email subscriber list?

To help everyone involved in your joint venture specific details much be discussed and agreed to. Your joint venture partners are agreeing to endorse the services and Products of your business. The endorsement letter they are going to send to their most profitable Clients must have a specific offer on your product or service they normally could not get at the deeply discounted price you offer. There should always be a specific date in time they have to redeem your offer with your business.

All of your past and present joint venture partners can also be your future joint venture partners. If all of the joint venture partners goals have been achieved and they consider their participation a success there is no reason to think that they wouldn't want to do it again. The various participants of your last joint venture may even want to bring in another business that compliments the existing partners. I would schedule a weekly or even a biweekly Zoom meeting to discuss how the last joint venture could have been even more successful than it already was. Continue to cultivate those relationships further. These past joint venture partners already know, like, and trust you.

Several years ago I initiated a joint venture with a very prominent Graphic design business. They did over twelve million dollars in revenue per year and had ten thousand paying clients who spent a minimum of five thousand dollars per year. I am a marketing consultant specializing in joint ventures. The graphics company endorsed my business and services to five hundred of their clients as a test. I wrote a company newsletter that was emailed to their entire list. Think of creative ways that you can add value for another business That can endorse you to their clients.