Planning an event can be daunting, especially when it comes to filling seats. A critical yet often overlooked factor is securing effective joint venture (JV) partners—entrepreneurs and business owners who promote your event by emailing their lists. Many event organizers rely on personal networks that promise to help, only to find themselves scrambling at the last minute. Understanding how to select and negotiate with the right JV partners can be the difference between a packed event and an empty room.
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Make sure to watch the video, honestly, I’m much better on video than writing and there’s great info on event conversion strategies in the video that we could not fit into the blog.
Building Strategic Partnerships That Count
Finding JV partners isn’t just about asking everyone in your contact list to lend a hand. It necessitates a strategic approach. Assessing the suitability of existing customers of your JV partner is a good starting place to ensure their audience aligns with your event’s theme. When choosing the right joint venture partner, consider whether they have strong engagement levels and access to new audiences that could expand your reach into new markets. Partners who regularly interact with their followers can be more influential than those with larger but inactive audiences. By selecting the right partners, you can work together to create a mutually beneficial collaboration that aligns with the goals of the JV and maximizes event success.
Focus on the Right Offer
Your event’s offer is the foundation of a successful joint venture partnership. Define five key benefits and outcomes that your event provides. This makes it easier to communicate the value to potential partners, helping them see the alignment with their audience’s needs. By linking your offer to tangible outcomes, you assure partners that their efforts will resonate with their followers.
Negotiating the Partnership Deal
Once you have potential JV partners in mind, it’s time to negotiate. Propose a mutual benefit: if they reach certain marketing milestones, like bringing a specific number of attendees to a pre-event webinar or selling a low-cost introductory product, then they earn the right to a speaking slot at your event. This method effectively sorts out partners who are genuinely committed from those who aren’t.
Avoiding Pitfalls During the Event
Managing your joint venture partners during the event is crucial. To avoid hard or soft pitches that could take away from your event’s revenue, lay out clear rules. Only allow post-event soft pitches through follow-up offers where you can act as an affiliate. This strategy ensures that sales efforts are seamless and beneficial for all parties involved.
Optimizing Your Event's Success
A well-executed JV partnership plan can significantly boost your event’s success. Aligning with the right partners not only helps fill the room but also enhances the overall experience by ensuring that your event offers value aligned with the interests of all attendees. Remember, a solid JV strategy not only fills seats but can also add up to 50% more to your bottom line without increasing advertising expenses.
By following these practical steps, not only can you avoid the chaos of an under-attended event, but you can ensure a harmonious and value-driven experience for both your partners and attendees.
