All language subtitles for ss4e

to session No. 4

and in this session

we'll be talking about joint ventures

and what we call the millionaire free traffic machine

how do you get a source of people and prospects

coming to buy from you

how do you get to an unlimited source of prospects

at zero marketing costs

and so that's what we're going to be focus on very

very shortly now

just a reminder that within this program

the client attraction system part of it

is that you must complete your sales dashboard

every single day

getting into a habit of completing it every single day

will show you where you are

and whether you are on track or not

and if the answer to each cell is a 0

the white cells then put zero in

but at least you will know

whether you are doing the right thing or not

okay as always

if you have any questions

ask it in the coaching and mentoring session and also

you can always email support mindspacecoaching com

quick reminder about the actions from the last sessions

and watch one was complete a sales dashboard

complete your ideal clients profile

because without know who your ideal client is

it's going to be very difficult

to market and sell to them

identify and complete your narrow niche

and which we talked about in the last session

so if you ever watch these watched of them

and take action on them

and also identify and write down 5

places where you can find your ideal client

so let's continue with session No. 4

now when it comes to finding prospects when it

when it comes to really getting the source of prospect

coming to prospects being your ideal clients

there are many ways you can do that

you can do what we call

you can do advertising in different ways

so you can do social media adverts

you can do organic social media adverts

you can advertise and market through newspapers

magazines radio

blogs newsletters

emails there are

so there are a myriad of things you can do

well our preferred route is joint ventures

and that's why we're teaching it in this particular

program joint ventures

otherwise sometimes known as strategic alliances

now what I'm going to do in this session

is describe to you what it is

and most importantly

show you how you can benefit

by contacting specific joint venture partners

who can actually help you to grow your client base

thereby grow your sales income

so let's talk about how to identify possible

joint venture partnerships

now though do remember that not every person

not every organization

is an ideal joint venture partner for you

but the ones that are are

so let's talk about that

so what is a joint venture

in simple and plain terms

it's a formal partnership for mutual benefit

it's a formal partnership for mutual benefits

in other words

whatever you do

it's got to be a win win

win situation

so in other words

a win situation for your joint venture partner

is win situation for you

and most importantly

a win for the client

who would you would eventually help

okay the ideal client that you will eventually help

so everyone must win through this partnership

and the fact is

95% of small businesses

do not do any form of joint ventures

and this is one of the reasons why

I believe they struggle

and so as I go through this I want you

I want to be able to open your eyes

and keep you very aware

of the possibilities that are open to you

if you do choose to go down this route

and the key benefit is

it's a big opportunity

because most small businesses are not doing it

if it's a big opportunity

as well as it saves you a lot of money

finding the right joint venture partner means that

this joint venture partner has your ideal clients

has your potential clients

has your potential prospects

who are maybe looking for you

are ready to do business with you

once they hear from you

so this is a huge opportunities

whereby only 5% of small businesses

are using joint ventures

in a very strategic manner

for the marketing and sales

and what's the acquisition cost to you

if it's done effectively

and it's done well

in most cases

the acquisition cost

in terms of the marketing cost to you is zero

0 and I'm gonna give you some examples

why that may be in a moment

so let's talk about this

I'll give you a couple of examples

this is Starbucks coffee

and this is Barnes and Nobles

Booksellers

and in 1993

they struck a strategic partnership

otherwise known as a joint venture

whereby Barnes and noble would allow Starbucks to

have a little square meter space

little space

where they can put

and serve their coffees and croissants and their goods

why is that important to Barnes and noble

well the more people who can come in

just for a Starbucks coffee

may actually end up buying a book

or inquiring about books

what's the benefit to Starbucks well

there are lots of people going into Barnes and noble

and as they purchase their books

or they sitting there and reading it

they can sit in the Starbucks coffee shop

so this a partnership that

that started in 1993 and has grown ever since

Starbucks has done this for many other institutions

and other companies has created these partnerships

so start thinking about what does that mean to you

what partnerships can you create

here's another one

this is Sri Lanka Airlines

and see if you can see by the end

what partnership is going on here

take off to a world of endless possibilities

Chunanka Airlines is proud to join one world

the world's leading alliance of airlines

so one world is an airline Strategic Alliance group

and if you look down the bottom there

you may see Air Berlin

American Airlines

and you may see British Airways

Cathay Pacific

Thin Air Iberia

Japanese Airline Lanta

Malaysia Airlines

Qantas Qatar

and many many more

okay so why would they be

why would they choose to be in a strategic alliance

as a group of companies

involved in the airline industry well

maybe there are some airlines

that one particular company doesn't fly

so they can share routes

they can share seating

maybe there is a space

on their particular aircraft journey

where they can actually utilize through the group

and there are many

many many ways that they would be benefiting

and so in that case

if these large billion dollar companies can do it

well I think small companies can do it as well

if they know how

so let's talk about that

let me give you

I want you to be creative for a moment

and I'm going to give you two scenarios

one is of a scenario of a marketing consultant

and a business coach

and putting your creative hat on for a moment

what kind of joint venture could these two bodies

two entities do

well maybe the business coach

coaches people on their general business

so they looking at all the facets of the business

including how their client is dealing with finances

how they deal with marketing

how they doing with sales

and generally advising them in a general capacity

however that particular

that business

coach doesn't do any kind of marketing

yes they can advise

they can ask questions

and so what from a joint venture perspective

the business coach can either refer on and and um

or joint venture with a marketing consultant and say

and the agreement could be

when they have this conversation that

I know you're a good marketing consultant

I don't do marketing

and so what I would like to do is refer

my clients to you when they need marketing help

and would you be willing to refer your marketing

people who need business coaching

to take their business forward

would you be willing to refer them to me

so in this instance

the marketing consultant could have a number of clients

I've been working with for years

and a business coach too

but as soon as they start referring

in a formal agreement

that anyone they come across who needs help

they are their go to person or company

to help each other reciprocally

so this can be in a formal agreement

so this is a simple joint venture

it's not as vast as the one line

one World Alliance group

but it's a simple concept

now think about this one

what about a life coach and a yoga instructor

what kind of joint venture could they create together

well the life coach could have a whole list of clients

that they've worked with

and maybe as they working with them

they one particular person

or some of them just feel very stressed out

or they don't do any kind of physical activity

and if they're both situated in the same

in the same city

in the same town

well they can go to the yoga instructor

and vice versa

the yoga instructor

in speaking to people

speaking to his or her clients

may find that people are in a sticky wicket in there

bit in their life

and they just need help

someone to talk to

so again they can refer each other

okay so I can give you different combinations

but the idea of a

an effective joint venture is to think

who could I joke JV with

who already has my ideal clients

and it could be one sided

and you could work out a commission for them

or it could be a reciprocal arrangements

in where you're sending each other clients okay

I'll give you an idea of how big this can be

potentially

for you and for your business

I call this the Joint Ventures chain list

so joint ventures

chain list looks like this

I want you to imagine for a moment

that you are a wedding organizer

you organize weddings for bride and grooms to

so they can have a magical event

a magical day

so as a wedding organizer

you start thinking well

who could I join venture with

who already has my clients

who already has my ideal clients

so the way to think about this is this

as a wedding organizer

before this couple

this beautiful couple

who getting married

before they even approached me

who did they go to

who else not

not my competitors

but what other

sectors did they go to

that fits in this chain

so it could be

they went to

before they approach me

they went so they

they went to

and the different companies

not in my sector

before they approach me

and also who are they going to

after they finish with me

who else are they going to speak to

what other sectors would they be speaking to

who also have my ideal clients

so it might look like this

well they've spoken to a photographer

before they approached me

which is fine

they've acquired a photographer

they're going to work with a photographer

or a videographer

and so I know

those photographers and videographers

if they are

specializing weddings

they have also had my ideal clients

could they be that they visited a wedding dress maker

maybe they visited the printers for

to create their invitations

maybe they it was definitely

they would have gone to an gate

in a jewelry shop

for the engagement ring

or somewhere to find the engagement ring

so who do they go to after

well maybe after speaking to me

they've sought a venue

and all they using me for

is to organize the day

and make sure it coordinates well

so after me

they speak to

a wedding venue

maybe they speak to a catering company

maybe they speak to

the actual wedding rings

not the engagement ring

but the actual wedding rings

that's going to be presented

on the day of the ceremony

also maybe they

arranged these

they swing through a flower company

the flower arrangement company

who going to supply the flowers

in a day or in that week

you know there are other things

I'm put in there

that's the the car

the chauffeur company

the vacation company

they could be a myriad

of companies

so all these

when we look at this chain list

there are possibilities

for us to do a joint venture

what if I as a wedding organizer

you went and spoke to the wedding venue companies

in the city and say

your wedding organizer

anyone who's looking for a

to organize their wedding

I'd love to refer them to this venue

what if you did

a formal agreement with them

that they also send

people to your way

and between the two of you

zero costs right

so it's all about

joint ventures

it's all about building relationships

building the right relationship

with the right type of organization

who has your

clients right

so let me give you a bigger picture on this

to so show you

how big this could be

the potential for you

so I call this the 90 day strategy to get one client

so in a 90 day strategy

let's remind ourselves

let's say for example

your fee per client on average

the client on average pays you $1,000 per client

okay just say that's on average

what you get

you could be any arbitrary number

let's use $1,000 for now

and you went and built a relationship with the flower

company the company that supplies flowers

okay and they send you one client great

now you've made $1,000

what if you made it used to spend a number of weeks

number of months

building a relationship with the jewelry store

the wedding ring suppliers

and they send you one client in the next 90 days

what if you did that with the same catering company

the car show for company

the wedding venue

the photographer

the wedding dressmaker

the printers

the church or the temple

the place of worship

what if it what if you

the jewelry shop

so 10 different organizations in different sectors

who you've joined

ventures joined

ventured with

all send you one client that you clue

or send you a number of clients

let's say you close one in that

in that 90 days

now in that 90 days

how much money have you generated

yeah $10,000

$10,000 how much was a marketing cost to you

possibly zero

or close to close to zero

so this is cheaper than Facebook advertising

this is cheaper than most ways of advertising

you're building a relationship

with the ideal joint venture partner

and then over time

they sending you clients

you keep them happy

they and you look after their type of clients

and you build a good reputation for yourself

let's stretch it out a bit more

so this is on a basic level

but what if you really follow this strategy

and you really wanted to grow your business in this way

so could you

if you got one client from each of them

and you continue building that relationship

could you step it up

what if they were all

to eventually give you enough traffic coming to you

and you close ten

so on the other side

it looks like this

then still charging $1,000 for a client fee okay

this is an example

and let's say the flower shop send you 10

wedding ring company send you 10

a catering company send you 10

a car show for a company you

they send you people

you close 10

wedding venue

you close 10

photography

you close 10

etcetera etcetera

now how much money have you now generated

in terms of sales

over the last 90 days

well obviously

clearly is $100,000

so could you do this

is it worth while doing

my answer is yes

yes yes yes and yes

and in the last few years alone

I myself my joint venture partners

have generated over nearly $30 million

worth of sales between us

okay and so

that's a great great win

could you do the same

yes partner with the right people

and focus on making a joint venture long term

so not short term

think a long term

so don't just go and think

I just want their clients

and that's the win

no build a long term relationship

and really satisfy their clients

your clients

and them as well

so there are seven types of joint ventures

one is endorsements

so you may be thinking

what type of joint ventures can I do

one is endorsements

in other words

that joint venture partner

is willing to endorse your products and services

they'll say

buy from mcatrum

buy from so

it's a formal agreement you'll get into

and they will endorse you

now you got a choice

you can give them a commission

for every endorsement

they place for you

you can pay them

if that's the thing

or the endorsement made place for you is free

and any sales that come through you

give them a commission

inactive buyers

your joint venture partner

could have a whole database list

and they've already marketed it to that database list

several times

and so on a database list

there are people who've never bought from them

because maybe it's not the right product

it's not the right time and but it

what if they promoted to the list again

but this time round

promoted to your

service okay

and that turns

inactive buyers

into buyers

unconverted leads

what is that

unconverted leads

simply means that

they have done some promotion to their

database list

and again these people

haven't bought

so when they did this campaign

there are people who never bought

maybe the price was too high

it wasn't the right product

and for it could be a different reasons

so if those leads are unconverted

maybe someone's looking for

a different type of service

maybe similar

but slightly different

or a different kind of product

and so you as a joint venture partner

can present that

maybe it's distribution

maybe the joint venture

you make is this

you have some products

or service that

they have a distribution channel

and have words

they have a network

they have a database

they have a manufacturing facility

they have a way

of distributing

your products and services

and so you when you join

venture with them

you say for

you could agree

for every item

that lead that goes through their distribution channel

they get a commission

10% 20% whatever you agree

30% whatever you agree

cause they already had that distribution channel

which may take you months and years to this

to have that distribution channel

they already have it upselling

so this works great for coaches and consultants

and therapists

and other service people as well

whereby maybe you've got a range of products

of services that you sell

and there is a particular

higher end product or service

just that you haven't created yet

you don't have

but you can agree with your joint venture partner

can I promote that on your behalf

and when you promote it

and you offer it to your database

and you give them a commission

and the same thing can be done reciprocally

maybe they don't have any

higher end products or services to sell

but they are willing to sell yours

and you give them a commission

6 licensing

so you could license some

a company who has a distribution channel

you can license them to sell your

and provide your

your service or your products

but as an exclusive license

and when they do sell it

they send you a commission

or they pay you royalties on an ongoing basis

No. 7 which is very popular as well

be a deal maker

a deal maker simply means that

you know this company

Company a let's call it

and you know this company Company B

but the Company a and Company B do not know each other

so what you could do

what some people do

is they formally introduced

a company a and company beat to each other

and they get them to agree

that any business they do between themselves

they give you the deal maker

or the broker

percentage cut

and you can agree what that is

but essentially

what you do you great

create the agreement

introduction agreement with Company a

first create the introduction agreement with Company B

and then within that

it says look

I'm going to find you people you can work with

so you can make money

and when I do introduce

you to them

then my percentage commission is X

so these are 7 types of joint ventures

so in order for joint ventures to work for you

you have to be very creative

so find a quiet space

be creative

because this is a source of traffic

that has generated millions

and it continues to do

and if you use it correctly

you will not be in need of other

prospects coming from different places

because this works very

very well so

here's some home actions for you

what I'd like you to do

is create your joint venture chain list

so watch this video again

if you're not unsure what that is

and make a list of 10 different sectors

that have your ideal clients

so think creatively number two

make a list of at least one company in each sector

that you could join venture with

so for example if you um

once you've listed your 10 different sectors

let's say you wrote down in

in the case of the wedding organizer

you remember the 10 there

then the jewelry company

they flower

flower ranging company

they had a wedding venue etcetera

so make your list

and then just pick one sector

let's say it is the flower arrangement company

so if the flower arrangement companies

there are going to be many in your town and city

so you're going to say okay

who do I know who has a flower arrange

a flower company

supplies flowers

and maybe it's one on your not far from you

write that specific name down

so make a list of at least one company in each sector

that you could possibly joint venture with now

and then start making a list of other companies within

each sector as well

but just start with one for now

create yourself a spreadsheet and add these names to it

once you've done that

what I would say is

contact at least one company

and start the joint venture conversation

so once you've identified at least

one company in each sector

now go and test it out

go and speak to them

either phone them

or go and visit them

and tell them the idea that you have

and most importantly

share the benefits

that they would get and you would get

if they go down this joint venture route

so that's your home action for this week

and remember

fill the dashboard as well

complete the dashboard every single day

and do this homework

next week we go deeper into some other aspects

but for now

what you've just studied

is probably the fastest and the quickest

way to get credibility

remember the joint venture partner is

endorsing you in one way or another

so you got instant credibility

and they more likely to trust you

because of the relationship

you have with a joint venture partner

so this is not an easy thing to do

but it's simple

if you're willing to follow it

then you're gonna make a lot more money

take the home actions

and I look forward to speaking to you on the coaching

and mentoring call

bye for now