How to build your community using Joint Ventures

Oct 26

Want to know a way to expand your reach to the EXACT target market that’s interested in your product or service?

JOINT VENTURES!

Social media, online marketing and email list building are all VERY important key foundational pillars of expanding your brand and business, however nothing quite beats partnering with similar brands through joint ventures.

Things You’ll Learn in This Episode of Hustle With Heart:

Why joint ventures are so important for business growth and community building
How to successfully approach like minded companies
How to create life long, strong collaborations

Why joint ventures?

Joint ventures:

Help to grow your business faster
Allow you ACCESS to NEW markets
Open up LOTS of new opportunities that you may not have even been aware of

For example we LOVE our pilates studio Control Pilates.

Last year after we both started attending classes, the owner approached us to do a mutual event called ‘Sip and Stretch’.

For this event we collaborated to bring together BOTH of our clients bases together to have an afternoon of pilates and bubbles while celebrating International Women’s Day.

And since then we’ve built an incredibly beneficial friendship AND business relationship. We now refer ALL of our Open Space Healing clients who need pilates to Control Pilates and they do the same.

How can you partner with a joint venture and benefit your business?

Write a hit list

When thinking about who you would like to partner with as a joint venture we first recommend you write a hit list:

Go local, close to you and online
Both small business and your wish list
SIMILAR target markets
OR a market you want to start tapping into

Get in the right headspace

Creating a joint venture is about a mutually beneficial relationship.

You want this joint venture to be a win for your business, a win for your joint venture partner, and a win for the community of clients.

It’s not about you fishing their market and them getting nothing in return or vice versa.

Research the brand

Before you approach a brand, it's really important to do some research so you can:

Understand who you’re talking to
Understand their ethos
Know what their values and culture is
Understand their market

Think about how your product or service may BENEFIT their market and also how THEIR product or service may benefit YOUR market.

It’s time for the first hand shake

Think of it like a first date - don't go straight into the ask - get to know the person first.

You can do this by starting to engage with their social media profile - comment on their posts, share their content etc.

Be genuine and authentic.

Don’t be too pushy or forceful or go straight to the sales pitch.

Make formal contact

You could send them a DM via social media, however we always recommend sending an email first.

Go into detail and show them that you know what they’ve been doing - share something genuine and specific you love about their brand.

Go for QUALITY not QUANTITY - Don’t spam a whole bunch of other businesses. Pick ONE that you genuinely want to partner with and begin to nurture that relationship.

Your intention here is NOT to pitch, but simply to get face to face contact or to chat.

And don’t forget to position yourself as the PRIZE - what you’re bringing to the relationship.

Love on them

After you’ve contacted them and started to build a relationship with them, it's now about loving on them.

Send them customers if it aligns
Share their work on your social media
Give them a shout out
Ask them if they want to feature in your newsletter to all your database

Because eventually there'll be that dynamic where you're giving so much to them, that you're going to be the person that’s front of mind when they need your offer or service for their clientele.

Once you’ve warmed them up so much, you can actually go in for...

The direct ask

You can specifically ask for the collaboration if it's a good fit.

You may have a discount offer or voucher that you’d like to offer their customer base to come and experience your service.

And NO it doesn’t end there!

Nurture the relationship

Continue to nurture your collaboration partners.

Keep adding value to them and they will do the same for you

And there you have it - how to build your community using Joint Ventures!

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Jacinta Di Prinzio