A few articles ago, I showed you a short, simple template letter that you can use to help get almost any JV deal you want. But, of course, sometimes you need to do that bit more.
The more effort you put into your JV proposal letter the better your chances of getting the deal. So, in this article, I will run through a few more advanced writing techniques you can use in your letter. Try these in your next proposal and – I promise you – your prospective partners will find it very hard to turn you down!
One quick point first: Your aim is to make your JV deal sound fantastic and not-to-be-missed. But make absolutely certain you do not accidentally mislead your reader or make inaccurate claims. If you do, you’ll ruin your chances of ever working with them again.
OK, let’s get started ….
The Headline …. And How To Create A Great One
Some JV letters are never even read! The way round this is to have a great headline – one that drags your prospect in – just like any sales letter. A good headline will capture the prospect’s attention and lead them successfully into reading the rest of the letter.
So how do you write a great headline?
1. Personalise it. Most people will read mail that is addressed to them. So include the product name, your or their name or even the date.
2. Specify your purpose for writing to them. In business most people respect directness. Try to do this in five words or less. But don’t try to pitch your reader in the headline. And don’t use hype or humour. Both of these can turn your reader off.
Here are some examples:
Are You Receptive to Joint Ventures? Or:
John, Do You Participate in Joint Ventures?
Important: Don’t use the headline ‘Joint Venture Proposal’ by itself. It is a much overused headline. Also, keep trying new headlines as their power fades over time.
Writing Body Copy That Sells
The main purpose of the body copy is to hook your prospective partners with the details that will make them want to work with you. As with the headline, try andpersonalise the body as well.
Say a little about yourself to break the ice: Say WHO you are. And HOW you found them. But don’t say too much. And never provide a CV or life story! Remember,people want to know what’s in it for them – so focus on that.
The body copy should also help your prospective partner make an educated decision on whether or not to join up with you. So tell them your offer is complementary and won’t compete with the products they already sell. Say HOW and WHY your product will benefit your prospective partner’s customers. And suggest to them HOW MUCH your JV deal could make for them.
Here are a few great techniques for body copy:
1. Show Them It’s Already A Success
Any prospective JV partner worth approaching will want to know how successful your product/service already is before considering endorsing it to their list. One of the most important facts you can give them is your conversion rate, ie. how many enquiries you normally convert into sales. Make it a realistic figure, and do everything possible to maximise it before you send your proposal.
2. Show Your Credibility
Your potential partner will be putting their most valuable asset on the line in recommending your product/service, ie. their credibility. So do everything possible to emphasise your credibility.
Just telling them how great your product is probably won’t convince them, as they’ll know you’re biased! But there are a few great ways of doing it:
- Include testimonials from your product customers.
- Include testimonials from your other JV partners.
- Give the results of your own promotions. Reveal what is working for you and how much you have made.
- Give the results from other JV partners. Check they are willing to disclose them or keep them anonymous if not.
And, of course, offering a free review sample is a great way of reinforcing credibility.
3. Show You Know The Competition
Another piece of information you need to share with prospective partners is how much competition there is. In other words, how many others have promoted your product/service already and how many are currently promoting it. Savvy marketers are aware this is an important consideration and will want to know. (But don’t be afraid if there’s a long list of competitors – just point out this shows how big the market is!)
Another great technique is to suggest that the competition are also very keen to JV with you! Say something like: ‘Please be aware that while you are the first prospective partners we have contacted, we are actively pursuing other prospective joint venture partners too.’
4. Show Them the Money
There is nothing liking injecting your letter with a few juicy moneymaking titbits for transforming your chances of a positive response:
- Always mention the split. A traditional JV deal usually consists of a 50/50 split of the profits. But you can tempt your prospective partner with the suggestion of a larger split – permanently or for an ‘introductory period’.
- Tempt them even more with the promise of a lucrative back end! Many JV partners will like you to have a back end product to offer to the customers they will bring you. If so, a great way to sell them the deal is to offer them a share of the back end profits. Say something like this:‘We are also willing to offer you a share of our back end profits. We also sell an advanced manual at £199 and we are willing to pay you 15% for each back end sale that comes in from any customers you bring to us.’
The Ending
It’s a good idea to sum up your offer briefly in the final paragraph. But don’t waffle on. Keep it below 150 words. And be sure to footnote with your contact information – name, phone/fax and e-mail/website address – even if it’s shown on your notepaper. Also, a good technique is to tell them that you are more than willing to call them to discuss this further – if they provide you with the best number and time to reach them.
One Last Check ….
I know it seems obvious, but a lot of people overlook it – even me! Check yourspelling and grammar. It only takes a few minutes. If you are not confident about doing this yourself, ask a friend to check it over for you. Nothing makes your JV proposal look more unprofessional than simple spelling errors and poor grammar.
Then, sign it, and you’re ready to roll!
Good luck!