Most authors don’t know much about the power of Joint Venture (JV) partnerships.
I spoke in front of an audience in January of 2017 about platform building. One of the people in the audience indicated that he didn’t need a platform because he knows an influencer who will sell his book. There are coaches who teach their authors to connect with influencers to sell books. Of course you should connect with influencers as much as possible. One of those influencers may even send out an email about your book. The problem with influencers as a strategy is that no influencer will continue to promote your book. In the book-selling world, we are not looking for a one-shot deal. Our ultimate goal is the Return-On-Investment (ROI) your book will bring.
How do JV partnerships work? It’s all in your funnels and relationship-building.
Book launches do not happen by staying at home and hoping books sell. It is all about getting out and meeting other business people and building relationships. Not just any business people… other business people with converting funnels and lists of people who consider them influencers. JV partners are people who know their clients well and also know that when they run across a product that their clients will benefit from, they can make money.
For most authors, this will not work unless you also have programs, products, or services to sell. This is why there must be something in all of this for your JV partners. In order for your partners to promote a book, there must be a bigger payday. Bigger paydays come from the affiliate links and your ability to nurture the mutual fans into a sale of something larger.
Here is an example of how this works.
Mary has a group coaching program that she runs yearly. The price point of the program is $10,000. She offers a 25% commission to her JV partners. Her JV partners sign up for her affiliate program and promote her book. Every person who opts in to Mary’s email list and/or purchases Mary’s book using an affiliate link becomes part of Mary’s email list. Mary’s has just accomplished three milestones:
- Increased the size of her list for future ventures.
- Sold more books because of the influencers promoting her.
- Begins nurturing the new people in her list for her group program sale and possible commission for the JV partners who promoted her.
The promise for Mary’s JV partners was not the proceeds from the book sales. It is the possibility of a bigger commission from Mary selling their list a higher-ticket program or service. This is also a different type of campaign than a one-off email to purchase Mary’s book. Mary has created an entire converting funnel for each of these JV partners to use to sell the book. This becomes a campaign over a two-to-three-week period and Mary has included affiliate links, landing pages, lead magnets, email swipes, bonuses for purchase, and in some cases, asked her partners to provide bonuses as well.