Attracting leads and engaging new fans with social media gets a huge kickstart when you blend in the power of Joint Ventures.
Webster’s dictionary of law defines a joint venture as “a cooperative business agreement or partnership between two or more parties that is usually limited to a single enterprise and that involves the sharing of resources, control, profits, and losses.”
Joint ventures happen on many levels, big, small, and many degrees between. Like all relationships, you have a choice as to how deep you want to go with it.
BIG: When you buy a computer and it comes with programs not created by the computer maker, you’re witnessing a joint venture. Some guy named Bill Gates started doing this back in the 90s with his Microsoft Operating System (MS-DOS) and I hear it’s done him some good.
SMALL: You go on Twitter and spread the news about an offer one of your friends is making. In return, your friend thanks you with compensation.
IN BETWEEN: You probably get several of these a day ranging from an email urging you to buy a book on Amazon on a certain day, or an invitation to buy something from someone else. These are also forms of Joint Ventures and all parties involved are getting something out of it.
Dont Be a JV Floozy
With so many new relationships being forged on Facebook, Linked In, Twitter, etc, opportunities for joint ventures (JV’s) abound. But just because you have 1000 friends on Facebook doesn’t mean you have 1000 opportunities.
I’ve been squawking like a Mama Hen regarding Joint Ventures for quite some time, as you can read in a July 2008 post Don’t Be a J.V. Floozy! It’s more than coupling up with your latest Twitter squeeze for a quickie. More damage is done with hasty JVs, and if you don’t believe me just scan your Facebook events for Joint Ventures that Should Not Be Happening… trust me, you’ll get at least 1 a day.
My friend MaryPat Kavanagh helped me understand the finer aspects of Joint Ventures (we did a great bonus interview as part of my How to Get Free Publicity and Attract New Clients with the Power of Social Networking program). She believes in the Win-Win-Win paradigm.
Win #1 is for you. How are you going to benefit?
Win #2 is for your JV partner. How is s/he going to benefit?
Win #3 is for your shared audience. This better make sense to them or else you’re bound for the JV Floozy list.
If you’re using Joint Ventures to attract leads and engage new clients, or are salivating at the opportunities facing you, then take these things into consideration.
What are your thoughts?
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