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What Is a Joint Venture? Definition & Examples - Joint Venture Marketing Ep. 2 - YouTube
Channel: Dan Lok
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[Music]
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so let's the MIDI five john vento very
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very quickly definition of John venture
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is that a joint venture it's an
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agreement what is it like griemann what
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is it good of mutual benefit between two
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or more people or business who have
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complementary resources what are two key
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words resources now resources can range
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from product services business assets or
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customers lists there has relationship
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with the list owner that can be
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leveraged for minimum cost so that's my
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definition of joint venture very very
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simple the funny thing is this Tony
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mature is everywhere how many of you
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have watch Superman vs the Batman that's
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it seriously my goodness
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what's going on here what do you guys
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watch review and the reviews are good
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the terrible [聽__聽] I thought it was
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pretty good
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also it's really good now okay okay
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given a second off here because I'm kind
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of biased I'm a Batman fan you know I
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might have my home I got a full-size
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like Batman things like this both sides
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like sighs like things at home so
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whatever badminton is this a Batman I
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like it good so but you can see now when
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I was in the supermarket I saw some of
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these co-branding you can see they have
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the chairs a chocolate the pop with the
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the new movie right Batman versus
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Superman on the logo on it now let me
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ask you a question have they change the
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ingredient of what they sell no so it's
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the same thing right same product but
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this is a form of joint venture because
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they know that the public is paying
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attention we think that serves in a
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period of time to the movie people
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talking about it there's a lot of buzz
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around the movie so they said well you
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know what let's let's put that on our
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product so that hopefully will sell more
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you see that a lot and after the movie
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is you know after the movie is finished
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and then they would change it back to
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their normal packaging until something
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comes along you see that yes
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so it's everywhere it's everywhere
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around you the question is this why less
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than five percent of all business owners
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used to adventures properly why less
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than five percent and most don't know
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how to use them at all why don't more
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businesses even though it's everywhere
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that we don't use it we don't think of
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using it more often why coming it's not
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resourceful okay okay yes why in school
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cheating yes very good yes bad
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experience done it before ones and then
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maybe got screwed by that by the John
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mix your partner and don't want to do it
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again they're not yes don't know how to
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don't know how to create a craft
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proposals good yes don't know enough
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people the joint venture okay what do
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joint venture yes damn [聽__聽] right
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because most entrepreneurs we get the
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business because we want more freedom we
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want to be their own boss you want to
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call the shots not only partner with
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anybody else I am my own boss I could
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figure this out
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let me grind it out yes yes what else
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give me one one poor communication skill
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maybe you try to do it they don't quite
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understand what you're trying to do and
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it never you never get a deal done
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possible gets right trust you don't
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trust them they only trust you have
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transcended people okay they'll trust
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themselves and then they have to charge
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other people Alec it's hard to believe
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that because it's hard to believe that
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you can work with your combat it's tough
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to believe you can how many believe that
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how you talk to work with competitors
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they aren't the only one okay good one
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thing I say if you would say all you
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want to how many of heard that you want
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to crush your competition yeah you want
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to crush you want to kill your
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competition right
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I think it's smarter entrepreneur
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instead of saying how can I kill my
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competition is how can I profit from my
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competition isn't it a bit more
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intelligent question how can I profit
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from my competition yeah less than five
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percent what is the most valuable asset
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in a business tell me
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who said the customers amen to that the
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most valuable asset most of time to a
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business is your customer base how many
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of you right now have a customer base
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let's use your pen so that database
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database is some sort how how many of
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you have a database and you communicate
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to your customers at least once a month
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okay how about once every two weeks
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good very good yeah the relationship
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between a business owner and customer
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list is the most valuable asset that can
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be leveraged that's basically your
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golden goose
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golden goose unless you screw up the
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relationship you can go back to them
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again and again and again and you can
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offer them different products and
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services and we're going to get into
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that this evening but the relationship
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between a business owner and a customer
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and think about how many business owners
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only actually don't keep track of the
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customers or they have some kind of
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database but they never contact them
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then if they have no customers space at
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all does that make sense so think about
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it now most people when they think of
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joint ventures they might think in terms
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of well is it very complex is it like
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you have my lawyer talking to your
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lawyer lock in a room and we have these
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30 page documents write a contract you
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have to go through and then a lot of
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back-and-forth somehow because again big
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companies do joint ventures all the time
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but for smaller businesses small
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business owners sometimes say you have
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the image of it's very intimidating they
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don't know how to go about it it's not
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like that at all it's my experience okay
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my experience is the reality of joint
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ventures actually create pretty simple
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pretty straightforward please pretty
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much comes down to asking a potential
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joint venture partner prospect hey man
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want to do a deal won't be with you that
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that's about it want to do a deal no
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lawyers no long drawn-out negotiations
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no no like 10 meetings and not going to
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visit with the other parties are going
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to business with the other body that's
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our partnership we're talking strip
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which is a joint venture just want to do
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with you in fact say with me wanna do a
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deal
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one more now that's it want to do with
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you it's very simple and the USA yes so
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they say no very simple most of the
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deals I've done sometimes of course a
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lawyer craft the contract I won't even
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call it a contract it's a simple
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agreement sometimes it's done to a
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simple email hey you know what output by
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this do you provide that sometimes it's
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done to a handshake right Geoffrey you
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know you've got knowledge on venture
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deals in fact Geoffrey's guilty of Mike
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it's just because you've done all JB's
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right what's been your experience that's
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good it might give Geoffrey air
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mouthwash just a matter of waiting here
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and it really is just my dentist you
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know do you want to do do I on here to
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help you you're giving to them so it's
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you know from from you know we work with
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suppliers and distributors of companies
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to to actually target our customer thing
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I'm fine
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so we leverage them and we provided a
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percentage of all the sales in a home
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but in the mean time we're giving a
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product that helps their clients do you
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find it sometimes people have not done
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it before not done in joint venture that
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with your first joint venture deal what
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is it like a lot of meetings a lot of
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lawyers a lot of back-and-forth what was
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it like
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no the first one was just real simple
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you know do you use it or not that's it
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yeah it it just seems natural I don't
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know maybe I'm lucky that way it is like
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that former boss
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simple and guess what if the other party
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is giving all this [聽__聽] let your talk
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with my lawyer
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give me a 30 50 100 page contract I'm
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telling you don't do a deal with that
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guy it's gonna ping in the ass you
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haven't even done a deal and he's dis
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difficult
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who cares finally another guy to do a
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deal deal with right so those are not
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the people like I found the most
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profitable deals I've done it seriously
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it's so simple it's one meaning could be
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one email like you know what you're
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going to do this yeah I will provide
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that that's that it's based on trust
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based on what bust trust okay and funny
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thing is everyone in this room right now
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you're doing one to adventure in one
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form or another right now
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okay give you an example so last week my
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mentees inner circle members we go to I
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went to and xscape room experience how
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many have heard xscape room yeah you
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lock in the room and then you do a bunch
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of locks and try to get out of the room
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find a key before time times up sounds
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very exciting right
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and you pay to do that you could have
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done it at home so but anyway what we've
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done is okay so we have one of the
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mentees bought a Groupon deal right so
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she bought a Groupon for eight people
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she table that Victoria she paid for
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that first and then get because Groupon
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a group of eight we get a better deal
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right you get a bad deal so when we
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showed up then we pay simply pay the
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mentee back so we share the cost share
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resources and that's to adventure right
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there
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everybody wins so the vendor the
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business of this xscape room
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they sold eight people right in this
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slow time for us we get a deal at a
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discount because we put our resources
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together so we get instead one by one
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ticket individually which we didn't get
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a discount right when I've got a
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discount does that make sense
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that's it that's it you're not sure if
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you carpool with somebody to come to DG
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that's a joint venture I would drive you
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you'll pay for the gas or you pay me ten
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bucks or whatever that's a form of joint
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venture you're doing it all the time but
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somehow in business people are so afraid
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of how they approached is what should I
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do
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it's not like that at all and once you
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are once you've done the first couple
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deals I mean this I think like me the
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same way you've become your favorite
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business strategy when in doubt I would
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say when in doubt joint ventures say
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with you when in doubt John ventures
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when in doubt John ventures it's like
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the jab in boxing you're like okay this
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guy's getting close Jim let's jump to
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that right oh I don't know why it's
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doing let's just a guy let's test it out
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right same thing let it out
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Jeff a guy pretty much when in doubt
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it's all ventures ten times your
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finances ten times your business ten
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times your marketing ten times your life
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hit the subscribe button now
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