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Leveraging Joint Venture Partnerships
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Sterling Valentine
- SterlingValentine.com
- JV Definition
- Mutually beneficial relationship
- Doing what we would be doing anyway
- Benefits the other partner
- Harnesses the power of partners
- 1 + 1 = 11
- Multiply your effect
- With minimum of effort
- Affiliate marketing is different
- JV Mindset
- Not Technical
- JV is Operating Mindset
- Who is doing this already?
- How can this project of mine help you achieve your goals?
- Most of us are wired to do it ourselves
- Atlas carried the world
- That's what we believe
- Barter is a form of JV
- Marcus Buckingham
- Discover Your Strength
- Strengthen your strength
- Polish what you're best at
- False belief
- You think everyone knows how to do everything
- Truth is that we know how to do what we know how to do
- Your responsibility
- Make sure stuff gets done
- Reach Your Goals the Quickest and Easiest Way Possible
- Don't ever do this alone
- Keith Ferrazi - Never Eat Alone
- Mindset precedes strategy
- Strategy precedes tactics
- If you tune out the mindset, you're costing yourself 100s of thousands of dollars
- If you focus on strategy and not action, you're losing out too
- Two belief thresholds
- You must believe it's possible
- It's possible for you!
- Let's get our butts moving
- Understand Your Value!
- A waiter asks you what you need
- Then he gets it and delivers it
- That's the basis of a Joint Venture relationship
- JV is a service industry
- The JV model is the Concierge at a 5 Star Hotel
- Change Your Mindset
- Take a look at your limiting beliefs
- You didn't choose them
- But you can choose to change them
- You have a mind thermostat
- Everyone has one
- You set it like the home thermostat
- You set and it comes on
- When it reaches the limit, it turns off
- Things to do
- Do some reading on changing mindset
- Examine the negative beliefs
- What do you associate activities with that are negative
- Verify it or refute it
- When your brain attacks you, do what it takes to reboot
- Understand your brain science
- Level the playing field
- And fix the hardware issues to take advantage the software
- Joint Venture Tactics
- Put yourself in your audience mindset
- WIIFM - What's in it for me (me being the partner)
- You're a shareholder in their company
- Become an expert on the partner's place, movement, direction and goals
- You want to be the MVP on their team
- MVP is for the guy most valuable to the team
- Not necessarily the one who scores the most or hits the most home runs
- Three levels of growth
- Dependent
- Independent - Stay here and your JVs will be wrong
- Interdependent
- Contact all your targets
- Find out how you can help them
- Is there something you might need
- Who do you need to meet
- Be a resource for them
- Make an impact on those folks
- Build Trust
- Initiative
- Doing what they need without asking
- Starters
- Start the conversation
- Leverage experts
- Interview someone
- Trade services
- Partner in service
- BNI - Business Networking International
- Refer each other business
- Passing referrals
- Results
- More traffic
- Get enough partners and they raise you exponentially
- Fastest way to build a business
- It's a requirement to build a business
- Get partners involved early
- When you have a project, what to do
- What would you (the partner) do?
- Make design changes to benefit partners
- Create a team
- Form a Mastermind Group
- Meet regularly
- At least 3 people, no more than 6
- 15 minutes each
- What's working
- Not working
- What's next
- The shut up and listen
- 10 minutes of feedback from the group
- People know what you're doing wrong
- Listen closely
- Take action on feedback
- Then to the next person
- Start groups with people who make more and more experience
- Some will, some won't, so what, who's next
- Determine what's next?
- What's your single best activity?
- Validate that this is the right thing!
- Where are you suffering in your business?
- What's the best use of your resources?
- What's your primary outcome?
- Dream
- Create mutually beneficial partnerships
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Cliques
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Is a clique bad?
- Who do you want in your group?
- Targets
- Buy products
- Get in forums
- Teresa Miller
- Kurt Scholle
- 6 Degrees of Separation
- Who do you know who knows?
- Linked In
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Is NAMS a Clique?
- The Syndicate
- Mike Filsaime
- Andy Jenkins
- Jeff Walker
- Ryan Diess
- Frank Kern
- John Reese
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Bring Value to Partners
- Value to customers
- Good products = Good value = Great reputation = Good Buzz
- Attraction rather than promotion
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Tipping Point
- People come to you instead of you going to them
- Don't stop seeking out new ways of helping others
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Prototype
- Track them down
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Make a List
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Your value
- Services you provide
- Strengths you have
- Assets you have
- Advantages over others
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Your weaknesses
- What do you hate to do
- Do you work well with others
- Do you need a partner
- Communicate
- Individual
- Group
- Promotion Calendar
- Case Study - xBrander.com
- Partners
- Gary Cornelisse
- Great programmer
- Good businessman
- Very busy
- Wants to get out of the dollars for time business model
- Want more diversified recurring streams of income
- David Perdew
- Good marketer
- Better visionary
- Great connections
- Want more diversified recurring streams of income
- Product
- Least important part
- Relationship is most important
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Test
- Market compatibility
- Measure the relationship
- Got a cell phone number?
- Siddique and Yes!
- Execute
- Initiative
- Do it before it's asked
- When they're not looking
- Shy yes
- Get noticed
- Mail
- Testimonials
- Buy products
- Contribute
- Feedback
- Does it feed your soul
- Is it easy
- 80 / 20 rule according to my dad
- Improve
- Widen your circle
- Spread the wealth
- Get more done
- Go on autopilot