Don’t Make JV Promises You Can’t Keep
Building your business into a profit powerhouse is at the forefront of your mind. It’s all you can think about, and whenever ideas and opportunities arise, it can be tempting to forge ahead without giving it ample thought.
There are many marketers who have not experienced the launch process yet ñ or maybe have only gone through it once or twice and are trying to level up. The wrong thing to do is make promises to prospective joint venture partners that you may not be able to keep.
There are many discreet promises that can be made that regular affiliates may not be included in, but regardless of whether they’re private deals or public arrangements, you don’t want to fall short of what you can deliver.
For example, some marketers promise to have everything ready by a certain date just so they can be worked into a joint venture partner’s marketing schedule. They might come back and tell you they’re booked for the 20th, but they have a slot available on the 7th, so you hesitantly say okay ñ planning to have your launch ready way sooner.
But then you struggle completing it ñ or you slap something together so shoddily that it doesn’t have the superb value you had hoped to offer your buyers. If you can’t even launch on that date, then you’ve ruined a JV relationship because that person won’t make the same mistake twice in offering you that slot on their promo schedule.
Bonuses that you promise to create for your joint venture partners’ promos should be ready before your word reaches their inbox. Don’t assume you’ll have time to create something amazing and then not follow through.
Bonuses help with sales. If you can’t create a bonus for your JV partners, then if they have ample time, they may want to create one on their own. But if you’ve promised it and then have to apologize, it leaves them with a competitive disadvantage.
Exclusive webinars just for their list are another perk that many sellers promise to their JV partners. If you’ve never hosted a webinar before, make sure you’re capable of it before you make that guarantee.
And of course, prize money is a promise that you can’t afford to fall short on. If you hold a contest and promise prize money, you’d better be able to pay out. If you want to guarantee that you’ll have it, you can put minimums in place (such as $500 if you reach 100 sales), but whatever you do, don’t spend the money coming in so quickly that when the contest ends, you’re panicking and trying to scrape together more cash to pay off the winners.