Writing a joint venture proposal is really just a fancy way of saying to your potential partner, Hey, lets do a deal. In fact, Ive had far more success with brief, to-the-point proposals than I ever have with a stereotypical ten-page document packed full of corporate jargon. The truth of the matter is that regardless of who your potential partner may be - whether theyre an ezine publisher, a competing business owner or even if theyre the CEO of a Fortune 500 company theyre all going to be asking themselves the same question when they receive your proposal: Whats in this for me? More specifically, theyll be wondering exactly how you might be able to benefit them and their company. Therefore, the most crucial component of your proposal is obviously going to be explaining whats in it for them. Now, before I get into more details about this, it is important to note that you must have something of great value to offer your potential partner. It is absolutely crucial that your offer is laser-targeted, relevant and highly beneficial to their clients as well as very lucrative for your potential partner. Its also very important to research your potential partner (and their company) in order to see what they would most likely be looking for and its not always more money, believe it or not. With this in mind, lets take a look at how to write your proposal so that it pushes your partners buttons to the point where theyd have to be insane to turn down your offer... What is your potential partner looking for specifically? Find this out by talking to them, reading their mission statement and researching them as well as how they make decisions. This will reveal the button that youll need to press as you describe the benefits of the partnership (ie. more profits, something new to offer their clients, giving their business a new edge on competition, etc.). Make an offer they cant refuse. Again, this will also take some research, but within reason, you should bend over backwards to accommodate your potential partner and make it as profitable for them as possible. Remember that the clients you acquire from a joint venture will purchase from you again and again and its usually the backend profits after the JV where the real money gets made... Make it as easy as possible for them to say yes. People in general are obnoxiously lazy. Many of my proposals have been rejected simply because it either seemed too complicated or it sounded like too much work to them, regardless of how lucrative it was. Simplify your proposal, and if necessary, take on the majority of the workload remember that youre sitting on a goldmine! Show them the money. Dont be vague when it comes to potential earnings. Logically explain to your prospect how much they could reasonably earn from the partnership. It is very important that you do not simply make an educated guess base your predictions entirely on your current marketing stats, sales conversion rates and other real data. This is likely the most overlooked yet crucial part of any given JV proposal. Be personal. A canned or impersonal proposal likely wont even make it more than ten seconds before getting tossed in the garbage. Relate to your prospect and emphasize their values by validating their interests, goals and passions. Also, if you want to really make an impact, send your proposal as a hard copy via FedEx. Email is simply too easy to ignore, erase or forget about. Add a real sense of urgency. You want to subtly hint to your potential partner that you wont wait long to hear back from them which is true, because if they say no, youll have to find someone else anyway. Word this in such a way that it compels them to action either way but dont be overbearing, deceptive or unrealistic. And most importantly, build rapport with your prospect. You must understand that the majority of business people especially those that are very successful would much rather work with someone that they know, like and trust than a complete stranger. In fact, its crucial that you do this before you even send them a proposal... Well, there you go. You now have everything you need to start easily persuading potential partners to do business with you as well as putting together some obscenely profitable joint ventures. Apply these tactics to your own business development strategy and watch your response rates skyrocket! |
