How to Look For Joint Venture Partners

Saturday, December 09, 2023

Want to know how to land new clients without having to have salespeople, spend money on ads, or even reach out to prospects yourself?

The answer: joint venture partners. So what is a joint venture partner? A joint venture partner is typically a person or company that has your dream clients already. So how can you build joint venture relationships for your business? Let’s break it down for you.

Step 1.) Write down who your client avatar is. Is it a big company or small company? How many employees do they have? What industry are they in? What are the problems that they have that you can solve? Think about some of the customers you have already if you need ideas.

Step 2.) Write down what non competitive products or services they use. So let me give you an example from my company Order Solutions. We were selling a centralized restaurant call center service to the world’s largest restaurant chains. I thought about what other products or services these companies use. They used a software called OLO, they used a Point of sale software called Brinks and Aloha. They already had my dream customers and accounts.

Step 3.) Come up with a win/win offer so these companies can sell your products or services. So this is going to depend on your margins but you can probably afford to pay them a revenue share on the clients they introduce you to or help bring in. This could typically be 5-50% of the revenue depending on your margins.

Step 4.) Find the head of partnerships. Go on LinkedIn Sales Navigator and reach out to the head of partnerships.

Step 5.) Send a personalized note to connect saying you see some synergies between us and think you can form a highly profitable partnership and that you’d love to chat.

Step 6.) Set up a call once you connect and then discuss the partnership.

Here is a bonus tip that could make you a ton of money from this. Companies are busy selling their own products so make it easy for them by creating decks, sales material, and standardize the process for them to make introductions to you or if you have a sales team.

Hopefully this helps you. I know it helped us generate millions of dollars in revenue on a very low cost per acquisition. If you found this helpful please like it and share it so I’ll send you other tips on how to get traction and scale your business. Also if you want a cheat sheet on this. I’’m happy to send over to you totally free. Just click on the link in my bio or below this page and I’ll shoot over a cheat sheet that breaks this process down step by step.

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