THE POWER OF A (JOINT VENTURE) JV PARTNERSHIP

When it comes to growing your podcast and building your business, a joint venture partnership is a powerful way to find success.

Many people view a JV partnership in a very simplistic way. The most common JV partnership is an agreement to promote a product or service in exchange for an affiliate commission.

But, there are many other ways to leverage a JV partnership.

Why would people want to promote you? This is a common question, especially if you have a small audience or small email list.

There are various reasons, and money is only one of them.

PARTNERSHIP FOR MONEY

Money is surely one motivation for promotion. This is what most people think of when they hear JV partnership.

In this agreement, you would provide your promotional partner an affiliate link through your system like ThriveCart. You can see the power of ThriveCart at www.PodcastTalentCoach.com/ThriveCart.

Your partner promotes your offer using their affiliate link. When their audience makes a purchase through your link, your partner earns a commission on the sale.

You can also created a simple referral system if you’re a coach. In this system, your partner would send an introductory email to you and the person they are referring to you. If that person signs up for your coaching, you can pay your referral partner a referral fee.

This method requires a little more manual work, but you don’t need a lot of software to help you set it up. Just track it with a spreadsheet.

YOUR FRIENDS AND FAMILY

The second reason people would promote you is because they love you.

Your friends and family would be willing to promote you, because they want to see you succeed.

Reach out to the people you know who also know others who could be your ideal client. Ask if they will help you spread the word.

YOUR CONTENT

People may want to promote you, because they love what you do.

Your superfans love to be part of a winning team. When Alex Hormozi launched his new book “$100M Leads”, he had thousands of people promoting him. These people received a bonus chapter of the book when they hit a threshold.

Alex’s partners weren’t in it for the money. They just loved what Alex teaches and wanted to be part of something exciting. He simply empowered his superfans to spread the word.

PARTNERSHIP SWAPS

The next reason people might promote you is for exchange of promotions. Partners will often promote you in exchange for promoting them.

Sometimes, your list isn’t big enough to match your partner’s list. How can you give equal exchange?

My tech guy wanted to be part of an AI summit. Unfortunately, he didn’t have an email list largest enough to qualify.

My tech guy came to me and offered some services in exchange for using my list. I will email about the summit to fulfill his obligation to the summit. In exchange, I will receive some tech work.

He will promote the summit. In exchange, he will get exposure to the summit audience to promote his services.

Get creative with your partnerships.

ASSOCIATION PARTNERSHIP

That other reason people might promote you is for association.

These people may want to gain the credibility just by being associated with you.

I volunteered as the Dean of Podcasting in Dan Miller’s 48 Days Eagles community. I happily offered value in the community and promoted it whenever I could.

The biggest benefit I received was being associated with Dan. He was a great man, and I was honored to be part of his world.

Find people who want to be in your world.

WAYS TO PROMOTE

There are a variety of ways people can promote you and you can promote others when you create a partnership.

The easiest way is to feature them on your podcast and get on their show. This is the best way to grow your audience. Podcast listeners listen to podcasts. Get on other shows.

Cross promotion is the second way to promote each other. This can be in exchange for money as described before. It could also be simple exposure.

In a cross-promotion, I could mail your lead magnet offer to my email list. In exchange, you could email my offer to your list. No money exchanges hands. It’s a simple promotion.

Next, you could use gift giveaways in your partnership.

A giveaway is a collection of gifts contributed by a group of experts. Each expert emails their list a link to the giveaway for the free gifts.

As people visit the giveaway page, the giveaway host grows her list by people opting in for the giveaway. Contributors grow their email lists by people opting in for their gift.

Many times there is a fee to participate in a giveaway. It is nominal, but usually worth it to grow your email list.

I love using summits as a way to create partnerships. This is like a series of webinars centered around a theme, but each expert doesn’t sell anything. They simply offer free gifts to build their email lists.

Live events can also be used in a partnership. This is similar to a summit. It’s just live. You can appear on my stage in exchange for a fee or promoting the event.

UNIQUE JV PARTNERSHIP

At my Podcast Profits Summit, Marc Mawhinney laid out the power of joint venture partnerships.

Marc Mawhinney is a lifelong entrepreneur who helps coaches get more clients without paid advertising. He achieves this with his coaching programs, his podcast Natural Born Coaches, his Facebook group The Coaching Jungle, and his Secret Coach Club.

Marc has been a speaker at events like Social Media Marketing World, frequently makes media appearances and contributes for Entrepreneur.com, and is a master at the joint venture partnership.

I want to share this interview to help you see how you can implement JV partnerships in your podcast and business.

Enjoy.

Marc’s May 2023 issue of his Secret Coach Club newsletter was dedicated to the topic of flat fee JVs. You can get a copy of that newsletter, which sells for $97, at www.PodcastTalentCoach.com.flatfeejv.

If you don’t have a mentor who can take your hand and walk you every step of the way, go to www.PodcastTalentCoach.com/apply, click the button and apply to have a chat with me. We will develop your plan and see how I can help and support you to achieve your podcast goals.