How to Build Your Community Using Joint Venture Partnerships – Ep 19
In this episode, we are going to go a little deeper about how to build your community using joint venture partnerships.
In episode 8, we touched on using a Joint Venture as one of several other ways to grow and monetize your community. Then in episode 13, our guest Dorie Clark brought up Joint Venture partnerships as a way to get a lot of traction to build an income stream and grow your community fast.
For the purposes of this episode, we thought we would define the way that we are defining a Joint Venture partnership:
A joint venture partnership, or JV, is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity.
Four Types of Joint Venture Projects
Creating a New Brand or Product with Joint Ownership
- Kami discusses how she has done this with Texas Travel Talk, working with a legal contract between two companies, Zoetica and Fran Stephenson's company, Step In Communication.
- Lisa Fraley provides online DIY collaboration templates to purchase for the protection of JV partners. You may also want to hire an attorney to be sure the contract meets the legal requirements of your municipality.
Offer a Free Webinar or Podcast to Someone Else’s Community
- Madalyn talks about her recent JV with Marketo, teaching Twitter marketing on their webinar.
- These opportunities can also lead to future ideas and content spinoffs. For Madalyn, the VP lead to writing for their blog and also taking a presentation and turning into a paid course.
- The idea for Communities That Convert was born on June 9th, 2017. Kami and Madalyn discuss how they came together and partnered for this podcast.
- As you meet people, always be on the lookout for how you can collaborate and work with others. Don't pass over potential opportunities.
Create an add-on as an affiliate
- Build a community with someone else's community and create or participate in an affiliate program.
- Create supplemental content and offer it to another group for the “cost” of an email.
- Kami highlights how GrowthHacks4Women grew from a Microsoft conference by offering a three-part mastermind and how a TexasTravelTalk.com community grew from scratch and used a more formal JV.
Tips and advice for establishing a JV
- Don’t go it alone, expand your circle.
Look for ways to give to potential partners before asking for a partnership.
- Start small by doing a test or pilot and go from there.
- It doesn't have to be a commitment.
Links, Tools and Apps Mentioned:
- Lisa Fraley Legal Templates
- Top Tips For Successful Community Building on Twitter
- June 2017 Social Media Breakfast Video
- November 2015 Social Media Breakfast Video
Come up with a list of people who you’d love to work with. Send a tweet or email to each of these people. Send us a tweet about one of these people and why you admire them. Hint: this will get their attention. You can thank us later. Tweet us @madalynsklar and @kamichat. We want to hear from you!
How to reach Kami:
How to reach Madalyn:
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