Getting Started With JV Partnerships with Danny Bermant
Dec 05, 2022
Joint venture partnerships can lead to huge business opportunities but you might not know how to properly get started. Danny Bermant, Director of Partnerships at Mirasee joins Cash In On Camera to share his insights on getting started, why JV partnerships can be a game changer in your business, and the principle of 'givers gain'.
Here’s a glimpse of what you’ll hear…
▶️ [0:59] So joint ventures obviously that I'm talking about is nothing like that. It's about basically agreeing to join forces when it comes to marketing together. And the form that it usually takes is where two companies want to support each other to help them grow. So, For example, it may be that you have got a promotion coming up and what happens is that a company that has a similar audience to yours will tell their audience all about your event coming up, and your promotion coming up, and then you will in turn cuz you have a similar audience to them, you'll then also be working with them to publicize something that they do. And what you're doing is you are essentially rather than you're both going out and having to, for example, advertise. You are both raising each other's boats. You're both raising each other's profile.
▶️ [3:16] The important thing is you need to make sure that your partner, to some extent, has the same attitude. So when you are pulling your finger out to support them because they don't know who you are. They might be much bigger than you. You need to understand after a certain amount of time it's seeing whether there's something they can do to support you as well. And so you need to explore whether there's gonna be reciprocation. You don't necessarily have to explore that the first time you straight away. But for example, when you're trying to understand how they work, you want to explore, you as a company do you also support your partners, or is it just a one-way thing where we have lots of affiliates supporting us and what we do in return is we pay them a commission.
▶️ [9:31] Yeah. Yes. The principle of givers do gain, and if you go into it with a mindset of not expecting anything in return, but being of that giving and service mindset, what I have always found is it does come back to you at some point. It's putting this goodwill out there and I think it makes the business leader also feel good about themselves too. it's not always a what am I getting out of this relationship type of feeling. It's really more about how can I be the giver first in the relationship. How many joint ventures are too many? Because if we're talking about putting time and putting energy into relationship building, how many joint ventures are too many?
▶️ [12:02] Yeah, well, that's a good parameter. It may not necessarily be that you have to go out and find 30 different joint venture partners. it's a smaller number and you can really give a lot of quality time and energy into those joint venture partnerships that you've developed. I think it's also about understanding your point, understanding your business and your audience, your list, so to speak, and also your customer journey so that you can build those joint venture relationships with the right people. So maybe you have a program and you bring people through, but maybe there is like the next stage of their development as a business owner or whatever it is they're doing. But it's not in your purview to go down that path. It could be here is the next person that can help you in the next stage of the development of your business.
▶️ [14:57] It can take a very basic form. It can be things like you're going to a local networking meeting. You're meeting people there who are basically, are similar to you, or they have an or they might have a business that's complimentary to you. And it's just exploring if you do if you get along, which of course matters if you have, if you feel you have similar audiences if you feel that the offers that you both have are nicely matched, is that exploring, okay, how can we support each other? Is there some sort of campaign we can run together? Is there something you are running that we can tell our audience? Or simply, is it just a matter of referrals? Is it a matter of sitting down together and saying, "Look, we clearly have a lot in common? Why don't we both look at each other's audiences?"
▶️ [19:07] A tip. I would say the tip, the biggest tip I would give around marketing is to ask. We are so scared to ask for help, and one thing that I will do is reach out to people and say, "Listen, I really want to meet X, Y, Z. You know, as a people type of person, I'm really interested in meeting. Do you know anybody? Do you know anyone who can help, who, is gonna fit this kind of criteria?" you'll be surprised. I mean, that is the reason that I'm always surprised at how people look for really complicated ways to market themselves because the best way to market yourself is actually to start asking people around you for help.