After creating a detailed JV proposal outline, you are now ready to approach the prospects you identified earlier. Effective communications are important in so many areas of your life. In business, they are crucial. In this module you will plan your communications ahead of time, to increase your chances of success when presenting your proposal.

Initiating Contact

First contact – Anytime you can approach a “warm” prospect in any aspect of business, you should do so. These people already know who you are, and may have done business with you in the past. They are far more likely to respond to your first request for a discussion, even if it’s just to acknowledge they received it.

However, many times the ideal candidate you identified for a JV partnership will be unknown to you. These people are far more difficult to connect with and are regarded as “cold contacts” in business terms.

In nearly every case, an email is the best initial form of contact. Make sure you grab attention with your subject line, without looking unprofessional. Communicating with the email address listed on a blog or website is okay, but there is sometimes a more direct route. You will no doubt know the name of the business owner you want to work with.

Head over to LinkedIn. Perform a search for your prospect’s name. That person may also offer his or her social media details on a personal or company website or blog. A personal email address gives you a direct path to the person you are trying to communicate with. Standard “contact us” emails are fine for your first outreach, but personal emails are always preferred if available.

Make your email short and to the point, professional and easy to understand. Avoid using industry jargon, and explain your proposal in a nutshell. A veteran JV move here is to mention something you learned about the prospect on his personal or company website. When a business owner goes out of their way to mention they are a cat lover, or avid fisherman, referring to that fact in your email gets you noticed in a crowded inbox in a good way.

Here are two examples of email templates you can edit for cold or warm JV prospects:

Alternate Methods of Contact

Some websites employ a pop-up online chat box. After you have been on a website for a certain amount of time, a pop-up box appears with a chat feature. In most cases, you are only dealing with some type of customer service individual and not the prospective JV. If so, ask about the best way to get in touch with the company’s owner.

A business owner might prefer Skype, VOIP software, or even mobile texting over email. In any case, be prepared to use whatever communication method your prospect prefers.

Second contact – If your prospect answers your initial contact attempt, great. Reach out in whatever way the business owner suggests, and discuss your proposal. In some cases, your prospect will not get back in touch with you. Don’t worry. Just like you, that small businessman has a lot to deal with every day. Your email could have fallen through the cracks, and there is a simple way to deal with this situation.

A day or two after you have sent your email, follow up with a telephone call or additional email. Mention that you sent an email previously, that you are a small business owner just like they are, and that you respect their busy schedule. Before you call, have your detailed JV proposal in front of you.

You should also pull up the prospect’s website or blog on your computer. Arrange your telephone call with no distractions or responsibilities to disturb you. Communicate with your prospect in a casual but professional manner, and discuss the outline you have created.

Sell, but Don’t Overdo It

Treat this just like any other sale. You want to convince your prospect that this is a smart opportunity for both of you. However, remember that this business owner, just like you, is pitched to all the time. Don’t overdo your sales tactics, or you may trigger an immediate defensive response that shuts down your proposal before it has even started.

Common Communication Pitfalls

You need to know how to overcome typical problems which may arise when communicating your proposal. The following problems are common to initial JV proposal communications, especially when dealing with a cold prospect.

• Not clearly outlining the benefits for both parties
• Focusing on just one aspect of the partnership, such as commission rate
• Being unwilling to negotiate
• Approaching the wrong type of prospect
• Inability to walk away from a bad deal
• Expecting a yes or no commitment right away

“No” does not always mean no forever. If you receive a definite refusal, contact this business owner in the future. Keep them in your communications loop, as the timing might just be off currently. The same person that says no now may look forward to a proposal in the future.

You also shouldn’t forget that it is going to take multiple communications to land the perfect JV partner.

Don’t expect your first phone call or face-to-face meeting to end in a deal. There is research that shows it takes a prospect a minimum of 7 contacts with you or your company before that person makes a purchase. Small business owners and entrepreneurs are no different, so be prepared to communicate often before a deal is reached. And keep track of every communication you’ve made, the timing, the results, and your next steps using the prospect tracking spreadsheet.

Other Communication Considerations

Your potential partner will have questions about your reputation, the length of time you have been in business, the products and services you sell, and other relevant inquiries. They may ask for testimonials from clients, or your experience handling joint ventures in the past. If you have completed your learning activities up to this point, and done the appropriate research, you will be able to satisfy your prospect’s curiosity in any area.

To seal the deal, and depending on the specifics of your JV offering, you may want to add extra incentives. In addition to a favorable commission split, would you be willing to share your email list with your new partner? Are there resources, physical or virtual, that would be attractive to your new partner? Should you increase their commission as sales increase? Creative thinking can lead to an attractive JV proposal that leads to a successful partnership.

Don’t forget that communication is a two-way street. You should be talking less than you are listening. Ask a lot of questions. Understand that you are the person making this proposal. This business owner did not come looking for you. Remember these tips about effective communication, and your chance of landing your target JV partner improve dramatically.