How to write an absolutely irresistible joint venture proposal
Writing a joint venture proposal is actually a fancy way of saying to your potential partner, “Hey, let’s make a deal.”
In fact, I’ve had much more success with short, to-the-point proposals than with a stereotypical ten-page document full of corporate jargon.
The truth of the matter is that regardless of who your potential partner is, whether they are an ezine publisher, a competing business owner, or even if they are the CEO of a Fortune 500 company, everyone is going to be asking themselves the question. same question when they receive your proposal:
“What’s in it for me?”
More specifically, they will wonder exactly how it could benefit them and their business.
Therefore, the most crucial component of your proposal will obviously be to explain “what’s in it for them.” Now, before I go into more detail on this, it’s important to note that you need to have something of great value to offer your potential partner.
It is absolutely crucial that your offer is specific, relevant and highly beneficial to your customers, as well as highly lucrative to your potential partner. It’s also very important to research your potential partner (and their company) to see what they’d probably be looking for, and it’s not always more money, believe it or not.
With this in mind, let’s take a look at how to write your proposal so that you’ll push your partner’s “buttons” to the point where they’d have to be crazy to decline your offer…
What specifically is your potential partner looking for? 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” you’ll need to press as you describe the benefits of the partnership (ie more profit, something new to offer your customers, give your business a new edge over the competition, etc.).
Make an offer they can’t refuse. Again, this will also require some research, but within reason, you should do everything you can to accommodate your potential partner and make it as profitable as possible for them. Remember that the customers you acquire from a joint venture will buy from you again and again, and it’s usually the “bottom-up profits” after the joint venture where the real money is 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 they seemed too complicated or too much work, no matter how lucrative. Simplify your proposal and, if necessary, take over most of the workload. Remember you are sitting on a gold mine!
Show them the money. Don’t be lazy when it comes to potential earnings. Logically explain to your prospect how much they could reasonably earn from the partnership. It’s very important that you don’t just make an “educated guess” – base your predictions entirely on your actual marketing statistics, sales conversion rates, and other data. This is probably the most overlooked, yet crucial part of any JV proposal.
Be personal. A “canned” or impersonal proposal is not likely to last more than ten seconds before being thrown in the trash. Relate to your prospect and emphasize their values by validating their interests, goals, and passions. Also, if you really want to make an impact, submit your proposal in hard copy via FedEx. Email is too easy to ignore, delete, or forget.
Add a real sense of urgency. You want to subtly hint to her potential mate that you won’t wait long for an answer from her, which is true, because if she says “no,” you’ll have to find someone else anyway. Word this in such a way that it forces them to act in any way, but is not overbearing, misleading, or unrealistic.
And most importantly, build a relationship with your prospect. He must understand that most entrepreneurs, especially those who are very successful, would rather work with someone they know, like, and trust than a complete stranger. In fact, it’s crucial that you do this before you even send them a proposal…
Well, there you go.
Now you have everything you need to easily start 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 soar!