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OK. So you know that your joint venture idea is the best thing since sliced bread. You know it can earn everybody concerned a shedload of money. But now you need to get that over to your prospective joint venture partner.
Just how do you do it?
Here are the five best ways I know of to ask for the deal ….
ONE. Use a multi-pronged plan of attack : E-mail is fast and cheap, but it’s not great for first time contacts. It can be confused with spam or easily ignored. If you really must e-mail then use other methods too.
Snail-mailing your proposal still has everything going for it. Old-fashioned letters don’t get spam-filtered and (if you use tip ‘Two’ below) can offer a 90%+ chance of getting read. Try something unusual! Send your letter by Special Delivery, Fedex or similar. Yes, it’s not cheap …. but who on earth would ignore a courier-delivered letter? Sending a product sample will make it stand out head and shoulders above the rest. Also, people fax much less nowadays which, paradoxically, means a fax stands out a hundred times more than e-mail.
TWO. Personalise your approach : Everybody – but everybody – responds better to personal letters. So convince your reader it’s a unique offer for them. Find the right person to contact and address the letter by name – eg. ‘Dear Mr. Smith’ or ‘Dear John’. Then, in the opener, make it clear you’ve created your offer just for them and nobody else ….
Dear John
My name is Ian Brown.
I have been a subscriber to your newsletter, ‘Property Profits’, for some time now. I love the content, and eagerly check my inbox every day waiting for the next issue!
John – are you receptive to joint ventures? Your article in the last issue about overseas property has prompted me to ……
Of course, you can base your letter on a template you’ll use a thousand times but make it seem individual and sincere, not just a round-robin letter.
THREE. Be positive : If you’re not positive about the deal why should your partner be? So don’t be afraid to go over the top a little to emphasise how excited you are about the possibilities. Use words and terms that exude confidence and success …. ‘This really is an incredible product‘, ‘The initial response has been staggering’, ‘I am 100% certain this will be the next big thing!’.
The best way to use positivity without seeming arrogant is to push the advantages and benefits your partner will receive. Everybody wants to know ‘what’s in it for me?’. So emphasise how you can maximise their turnover, delight their customers and make them £thousands of pounds as well …. all for very little effort!
FOUR. Use facts, figures and hard info. : Most joint venture partners worth doing business with are savvy operators. They know that claims are easy to make and promises easy to break. But facts and figures will get them hooked …. and gagging to know more. So (without divulging too much confidential material) give them as much real, concrete information as possible.
Information on sales conversion rates is the very best info to include. If they can see exactly how successful your product has been – in a real life situation – your proposition will become very hard to resist. Other great info to include is : Research you have done on the market; case histories of past campaigns; samples of your sales letters; website statistics; copies of bank statements; written testimonials from customers – and other satisfied, successful partners too.
FIVE. Be persistent : Remember this and remember it well. JUST BECAUSE YOUR PROSPECT DOESN’T RESPOND DOES NOT MEAN THEY AREN’T INTERESTED. They might have been on holiday, been rushed off their feet on the day your proposal arrived …. or their dog might have been ill!
So – if you hear nothing within 14 days send your letter again. Better still : Send a copy with a handwritten post-it note saying something like ‘Maybe you missed this?’. A week or so later trying sending a shorter follow-up letter that’s easier to digest. And a really smart technique is to make one final approach saying ‘Please tell me if you’re not interested in this opportunity and I promise not to bother you again’.Chances are they’re interested and this will kickstart them into action. And even if they aren’t you’ll get the chance to make a new contact when they call to say ‘no thanks’!
In Summary
The fact is, no matter how fantastic your joint venture is, you can’t rely on the quality of the product (although that’s important of course) to ask for the deal itself. Don’t be afraid to use every little trick in the book to get attention. And, believe me, these will!