Joint Venture Projects: Grow Your Reach With Someone Else's Audience
A fun and effective way to grow your cannabis business is to get in front of another audience that is related to yours in some way. Entering into a joint venture arrangement with someone that you are generally in competition with is an excellent way to serve your audience and gain more resources for your own audience.
You’ve seen this idea in action when corporations work together to raise money for cancer and other diseases and issues. Even though they are competitors, they come together for this event because all the audiences will be appreciative of the joint venture and the opportunities it brings to them. Your joint venture doesn’t have to be about anything other than working together to promote an event or product. It’s a great way to expand.
What a Joint Venture Is
In case you don’t know, a joint venture is a short-term working relationship with someone who serves your audience, typically in a complementary way, but they can also be direct competition in some ways too. Usually, the joint venture (JV) partners share all the duties while also sharing audiences for the one-time project. They also share the expenses and income. Because of this, there is usually a contract regarding the responsibilities of each party in the joint venture partnership.
A JV Idea
Many JV partnerships start with an idea to host a webinar together and then share in the profits that happen. One thing you might want to do is invite other professionals within your niche that offer complementary services or products to yours to speak to the main topic that you choose. Each person that agrees to speak can earn money from their own offers, as well as from promoting the webinar as an affiliate.
For example, let’s say you sell a have a cannabis cooking school membership. So a great JV partner for you might be a cannabis positive nutritionist. You agree to partner on a webinar teaching how to make a weeks’ worth of healthy infused freezer meals for chemo patients. You promote your product, she promotes hers, and you both promote the webinar.
The thing that makes a JV work out great is that you share all the resources, including your email lists and audience, with the people in the partnership. This means you will end up growing your email list and connecting with new ideal target audience members as will the others in the venture. Each person will promote to their own list, social media, and blog. That means the word gets out faster and further due to more people marketing the event.
If you decide to try a JV partnership, take charge of the idea. Create the entire concept and then invite the JV partners into it that you want to come along with you. Assign each person duties and responsibilities that will benefit them and everyone else involved. But whatever you do, make sure everyone signs a contract agreeing to the terms and conditions of participation. Follow through and treat their audience as your own, and it will bring everyone involved success.
That’s all for today but I do hope you found some inspiration. What do you think? How can a joint venture get you in front of a whole new audience? I want to hear all about it so be sure to join the conversation over in the Facebook group. You can find the link for that along with loads of other great resources in my show notes.
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