How to Become a Successful JV Broker: The Simple Key to Success
Well, I asked Troy for help and somehow got an answer. Just not the answer I was expecting, I figured Troy was testing me. This was one test I didn’t want to fail.
The next thing I did was find out everything I could about Joint Ventures and being a JV Broker.
A Joint Venture is an arrangement between multiple parties that share resources to mutual gain. In my case a product owner and list owners seeking to form a partnership so that all parties would gain (especially the customers).
Here is the definition from WikiPedia
When I think of Joint Ventures, Willie Crawford immediately comes to mind. I snatched up his book The Amazing Secrets of a Black Belt JV Broker and read it several times. Then I read it again. The books is a fast read and Willie doesn’t add any fluff. He gets right to the point.
I needed to understand what Troy White was offering so I could build a list of potential partners to contact. Fortunately I’d been following his newsletter for quite some time and I was also a customer.
I followed his email promotions during the launch of the Wild West Wealth Summit and I studied the sales letter and speaker profiles making hand written notes. This gave me an understanding of who the idea customer is.
Then I went to each of the speakers websites and researched them to find out who their customers were and what they were buying from them.
The most important thing I learned was that you have to consider what your partner and his customers want. What’s in it for them. Focusing on anything else will never work.
In my case I was representing a product owner looking for a JV partners that:
- Had the attention of customers that would buy the product.
- Had products or services complimentary to the product being offered.
- Would be willing to promote one or more times.
- Had products that sold for a similar price range
Troy White is also very particular about whom he partners with. He’s very sensitive to protecting his name and credibility. So I had my job cut out for me.
I put together a list of requirements for the ideal JV partner.
- Small to medium size lists (2K-10K)
- Promoted both content and promotions to thier lists on a regular basis.
- Customers who were interested in growing their businesses.
- A long term partner that I could develop a relationship with all parties.
- Knew who Ted Nicholas was.
Now that I had what I needed to look for potential partners. I am subscribed to many newletters promoting a variety of content from internet marketing, software consulting, personal development, copywriting, web site conversions, etc.
I sent out 10 or so email hoping to get a response. NOTHING!
I followed up with a phone call and no one answered.
I figured I’d better improve my email message so I got a copy of Yanik Silver’s Instant Sales Letters and re-wrote my JV letter.
I was convinced that now I had the right letter. I sent out the new JV letters. NOTHING!!!
How in the heck was I going to get the JV’s attention?
Follow up phone calls. I hate cold calling! I’m sure you do too. It wasn’t until I went outside my comfort zone did I understand.
I got my first JV to respond. I won’t tell you his name here. But I called his office and HE answered the phone. I was blown away and scared to death.
I asked him if he’d read my letter. He said “Yes, I saw your letter. Sounds interesting. But I probably wouldn’t have done anything with it if you hadn’t called me”.
That was probably the easiest thing I could have done! Just a simple phone follow up to an email did the trick.
I qualified him on the call and arranged for a follow up call with Troy. It was a done deal. Too bad I had procrastinated so long. With this first success I knew I had become “The Accidental JV Broker”.
Now to find more partners. That’s when I turned to Willie Crawford. I’ll tell that story next time.
