How to Apply the 80/20 Rule to Joint Ventures
Danny Bermant
I help coaches and consultants attract their ideal clients through joint venture partnerships
In this Edition
How to Apply the 80/20 Rule to Joint Ventures
I love crowdfunding campaigns. I have taken part in several recently, and we just completed one of my son’s school.?
For 36 hours last week, my wife and I were glued to our computer screens, mesmerized by the constant updates on how much money had been raised. Every few seconds a notification would pop up, $36 from one set of proud parents, $85 from an alumnus, $300 from an anonymous donor.?
There was only one problem,?
We had to raise over $1m for our school, and although the response was amazing, the amounts being donated were nowhere near enough for us to hit our target.?
But then something spectacular happened. In the final hours, some really large donations started coming in: $25,000, then $50,000. And then a couple of six figure donations. Minutes before the deadline, we finally hit our target.?
Thousands of people can make a difference, but ultimately, it’s a small number of major donors that will usually bring in 80% of the funds.?
It’s called the 80/20 rule, also known as Pareto’s Principle, and it dictates that a small number of causes (20%) often lead to a large number of effects (80%).?
It’s a rule that applies to almost any scenario in life: In a retail store, roughly 20% of products make up 80% of sales. And if you’re running a consultancy, roughly 20% of your clients bring in 80% of the revenue.?
And most importantly, it applies to Joint Ventures - when you cooperate with other business owners to drive both your businesses forward.
All too often, I see business owners frantically recruiting dozens of partners for their upcoming launch or promotion. They will be fixated on an arbitrary figure: 20 partners, 30 partners, 50 partners. The more the merrier.?
Except sometimes, less is more.?
When you’re focused on quantity, you’re diluting your efforts. You’re trying to work with everybody, but that means you don’t have time to focus on the people that matter.?
But you don’t need a crowd. You need a small core of perfect partners to support you.?
People you know, like and trust.?
People whose audiences and offers are aligned with yours.?
People you love to work with and who you know you can count on.?
When you work more closely with those who matter, everyone wins.?
So how do you identify that small core of people who matter most for the future of your business??
That’s one of the modules I teach in my “6 JV partners in 90 days” program.
You’ll learn exactly how to determine your ideal profitable partner, where to find them, how to connect with them, how to tell whether someone who seems like a good partner on the surface really is in practice…
…And then how to develop a partnership which is truly beneficial for both parties.
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Would you like to find out how a Joint Venture could work more effectively for you?
Why not book a complimentary JV Partnerships Exploratory Session with me?
We’ll review the joint venture opportunities that are out there for your business, and then we’ll map out the next steps you need to take to start building those key profitable relationships.?
Whatever you’re doing the rest of this week, always remember the 80/20 rule.?
You’ll get better results when you do more with less!
Are you JV Ready?
I recently had a conversation with a business owner who was looking to work with me.
When I asked him what was holding him back from getting started, he gave me an answer I hear all the time...
"Im not JV ready"
When I asked him why he thought he wasn't ready, he told me that he is in the process of revamping his core offer.
That's fine I said, but why not build relationships with other partners in the meantime?
Whilst your'e rebuilding your program, there's nothing to stop you from having exploratory meetings with potential partners. Putting dates in the diary, meeting, deciding whether you're a fit, agreeing how to collaborate, it all takes time.
And in the weeks and months until you're ready to relaunch, you can promote these partners.
Not only are you serving your audience by sharing great content with them, you are building up a huge reserve of goodwill with partners, so what when you're ready to launch, they are only too happy to reciprocate with you and promote you back.
Provided you know your audience and you know what they're struggling with, you are JV ready.
So what are you waiting for?
Go and find those JV partners!
About Danny Bermant aka “CaptainJV”
Danny helps established coaches and consultants attract their ideal clients through joint venture partnerships. Until June 2023 he was director of partnerships for Mirasee, an education company that has enabled 1,000s of students to build and launch courses to grow their impact and revenue.
He has supported over 20 six-figure launches both for his clients, and for other joint venture partners, that have generated millions of dollars in revenue.?
Danny’s passion is people, and the nurturing of professional relationships. His friends refer to him as “Captain?JV” – He is a prolific networker. He has supported over 300 JV partners and works with some of the biggest names in marketing. He has built a sizable network of over 4,000 contacts across every major industry. Nothing gives him more pleasure than enabling both businesses and non-profit organizations to forge new and fruitful partnerships.
If you have any further questions, please email him at?[email protected]?or book a call with him at?https://calendly.com/captainjv/?