In this insightful podcast episode, Micah interviews Charles Byrd, founder of PureJV and a joint venture expert who has successfully helped businesses scale through strategic partnerships.
The methods and insights shared here can directly apply to help you grow your online course or membership site.
Charles shares his journey from working as a director in Silicon Valley to creating a popular low-ticket productivity course and eventually building his own business, PureJV.
By developing a unique JV strategy, Charles assists businesses in identifying profitable partners, connecting with them, and guiding conversations to secure deals quickly. The podcast emphasizes the power of combining strong relationships and effective systems to create winning outcomes for all parties involved in joint ventures.
Key takeaways from the episode include:
- Understanding the four types of joint ventures: presenting to other people’s audiences, referral partnerships, embedded partnerships, and social JVs. (07:10)
- Focusing on the most suitable joint venture types based on specific contexts and goals. (11:15)
- Prioritizing other people’s goals and needs when forming partnerships or seeking assistance from influential individuals. (13:45)
- Avoiding direct promotion requests and instead listening and helping others achieve their goals. (14:06)
Charles also highlights the benefits of joint ventures as a low-risk marketing strategy that leverages warm traffic and drives better conversion rates than paid ads. He discusses the importance of diversifying traffic sources and having a high stick rate for memberships, using a launch model to create urgency for signups.
Charles works with million-dollar-plus businesses through five-week VIP engagements, where he helps them leverage joint ventures to add an extra million to their revenue. Additionally, he offers a coaching program through his team for businesses earning around $60k or more.
To learn more about Charles and his services, visit charlesbyrd.com.
Important Lessons & Highlights Shared In This Video
4:17 – Charles explained how he mix the technical side of joint ventures with the social aspect of building relationships.
As per Charles, building relationships is the most critical aspect of Joint Ventures. It provides an opportunity to connect with remarkable people and design winning outcomes for everyone involved. While some people may excel in relationships, others may lack systems or track for follow-ups. By having a framework in place for building great relationships and following up, you can give value to people and provide pathways to achieve their goals. This approach helps in landing clients, referral partners, and joint venture partners, and ensures everyone benefits from the process.
7:10 – Understanding the four types of joint ventures
Charles explains four types of Joint Ventures. The first type is presenting to other people’s audiences, where you pair your product with someone else’s audience and revenue is shared. The second type is referral partnerships where you refer clients to each other. The third type is embedded partnerships, where your offer is inside someone else’s. The fourth type is social Joint Ventures, where you collaborate with others on podcasts, Instagram Lives, Facebook Lives, etc. Charles gives examples of each type, including his recent workshop for 56 doctors, where he landed high-ticket clients.
12:45 – How can someone approach an influencer or someone with a big audience to promote their product?
Charles advises against the direct approach of asking for a promotion and suggests focusing on the other person’s goals and needs. By providing value and listening to what they are trying to achieve, you can engineer a way to accomplish that and make it a win-win situation. He believes that by putting someone else’s goals and needs first, you can create a natural and magical connection based on the law of reciprocation.
18:23 – What are some things that someone with a beginner’s course can offer to influencers or people with big audiences to make a connection?
Charles suggests that even if someone doesn’t have a big offer to give, they can still provide value by offering to introduce the person to their network, sending referrals, or connecting them with resources. He advises working with what is available and finding ways to be useful in a little burst by offering value bursts based on their personal or professional superpowers. Charles encourages listening to what people are trying to accomplish and finding ways to help them achieve it.
24:35 – Charles talks about his business and how and how he leverages memberships and courses.
Charles explains that he primarily helps clients with joint ventures to get their courses and memberships in front of the right people. He advises that joint ventures are a risk-free way to start and diversify traffic, and shares his experience with using joint ventures to promote his digital courses, from a $200 productivity course to 1:1 VIP engagements with million-dollar-plus businesses. He also mentions a coaching program offered by his team.
31:40 – What advice does Charles have for membership site owners?
Charles advises membership site owners to use a launch model and partnerships to keep traffic coming in. By lining up different promotions with different partners, membership site owners can create urgency for people to sign up and bring in new signups. This can help in overtaking attrition and keeping traffic coming in. Charles suggests that this is the ultimate way to keep traffic coming in.