MIKE Broadwell has created and produced multiple Joint Venture events, from telesummits to live workshops to industrial trade shows. He's even launched a JV based marketing training program, called the Breakthrough Factory. It's strategically designed to address the inherent shortcomings in "do-it-yourself" programs in an efficient and affordable manner.
An engineer by training, his many years in technical sales and marketing prepared him to handle the technical and creative aspects of Joint Venture event production. To learn more, visit http://BreakthroughFactory.com
Who is Mike Broadwell?
Mike spent about 25 years in technical sales. He was laid off 6 years ago.
Mike got into online marketing about 10 years ago as a sideline. He wanted to learn more about it and he started learning and implementing stuff during his sales job.
It was an independent job and he was 3,000 miles from his company office. Most of the time, he was on his own, having to set his own schedule and manage his fares and everything. It kind of prepared him to being on his own and working on his own business.
He built his business slowly, working with a neighbor that he met who was working from home. His neighbor was pretty good technically and he funded her to do the work. They got into a lot of things and came across Joint Ventures about 6 years ago. Then it started to pay off.
The turning point that made Mike decide to go full time on his business
Mike had had success in his Joint Venture project and it made it easier for him to go full time in his business. He was also burned out on the whole corporate sales process. The company he was working with was also bought out by another company and the culture changed and it made it less enjoyable.
Mike shares with us his first Joint Venture experience
Mike’s did his first Joint Venture to run a teleseminar about energy healing or energy psychology which is an alternative healing technique.
Mike brought it up because people think that all the topics are taken. He tells them that if you look at statistics, something like 2% of the people in the US had visited a Chiropractor. Which seems really small.
Everybody knows what a chiropractor is but only 2% have been to it. So you need to think about how many people know what energy healing is. It’s probably a tiny fraction of that number.
Your topic does not have to be a huge niche. In fact, the more you can define a niche, the better you can do.
Mike had a neighbor who is very knowledgeable in alternative healing. She used to talk about working from home and Mike used to kid her that she talks all the time and that they have to monetize it and do interviews.
Mike’s neighbor did not know about energy healing although she is well versed in alternative healing. She went to a local practitioner and had a great experience which helped open her eyes to it.
When it came to choosing a topic for their teleseminar, Mike decided to niche down and chose a smaller niche which is Energy Healing for Physical Healing.
The event itself was a Joint Venture. They brought in a bunch of different speakers and experts in energy healing.
The first time, they did not make a whole lot of money – around 4,000 USD to 5,000 USD for the whole event. However, it was a good learning curve.
After that, they put together a second event. They gave themselves a two week deadline to try to get ahead of another event who had a huge following in the market and they wanted to get their teleseminar out before their competitor gained dominance of the market.
The people who attended the first event all came back and they made a quarter of a million dollars or just under that in sales.
Is Mike now constantly doing Joint Venture Partnerships through Tele summits
They did a total of five events. The first one was kind of a dry run, and they did not make a lot of money from it.
What happened between the first and second one was Mike met someone who was good at marketing and he/she had met another person there who was kind of the expert in telesummits. Unfortunately, Mike did not know that she was there and was not able to meet her directly. The guy had met her in the summit and had learned a lot of tips from her and actually paid her to give him the inside scoop.
This guy had put together a successful event after and he had a radio talk show host that he was working with. They were already connected to a lot of experts through her radio program. Mike partnered with the guy and he was told that he already has the back end in place and they did a Joint Venture.
He gave Mike 3 tweaks and they did pretty well. Then they started seeing problems. He had a team of people who were not very professional and they were not handling their experts very well.
They would bring on 24 experts and each of them would promote the event and they would be featured. This events usually lasts 12 weeks and they do 2 interviews per week. They would sell their products and then Mike and his team will get a commission from it.
What they found is that they were starting to really mess things up. They were not treating the experts properly. They were disorganized and did not work well together. They had a sit down with them and advised them that it isn’t right and they said that they were going to do better next time. However, it did not get better.
It ended up being a bad mess up. The bad side of doing Joint Ventures is that you can pick the wrong people.
After that, they started again from scratch. They did OK on their 5th event, but they needed to start over again. The events typically are very cumulative.
Overall, they made close to a million dollars from that series of events. However, due to the problems, they had to drop doing the events.
Since then, Mike had done some other joint venture events. He took the model to a local workshop. It was really interesting but it did not quite work out as Mike hoped. However, he had made great content and connections.
The big takeaways from Mike’s experience in doing Joint Ventures
You need to really think through success. When you are starting out, you usually just start and then figure out what’s going to work. Mike did not plan to have this kind of success because they were completely unknown.
What’s amazing is that his neighbor, who is a terrific interviewer, nobody on Earth knew who she was. Yet, they went into the self-help space which is dominated by people who are on the radio, are well-known, authors, etc. For Mike and his neighbor to make a presence in that market is pretty impressive.
A lot of it came down to the fact that they did a lot of things right. They also came up with a really timely topic and they niched it properly. They also had terrific people who they worked with. Their Joint Venture partners were great.
One of the lessons that Mike learned was not to let anyone handle your list. One of his partners handled the account and then decided to lock them out of their list. Because it was his name that was on the account, they were not able to get ahold of the list again. That was not smart on Mike’s part.
You can’t just rely on a contract because contracts don’t mean anything. You can go to court over them, which Mike ultimately did, and they won a huge judgement. But by then, you have already spent so much money.
Mike learned a lot of things about how the world works through Joint Ventures.
They also had let him set up the bank account which not a good move too. He controlled whether they got paid or not. This also cost them a lot of money.
They later found out that their partner did it to several other people and not just them. There are people out there that are lying in the weeds. As you get into life and as you get into things, where more money is involved, more people will get crazy. Many people act differently when there’s money on the line.
Now Mike is trying to create a program which will help people get on the right foot and protect them.
What Mike learned is that when people take your money, they have the money to go to court. If you somebody, you have some kind of advantage, but the guy did not have any ground against Mike and dropped it. Then you have to defend yourself in court. If you do not defend yourself, then you lose in default judgement.
Mike then turned around and sued him and he received a big compensation because he was in the right. But then, how do you collect the money? The guy just disappeared.
It’s a big lesson learned, but it will also make you realize that there are people who operate like this because nobody realizes it. There were actually people who called them about the guy and they still chose to work with him. Then at the end, they became upset.
It’s just a matter of being very careful and doing background checks.
Another lesson is that the technical side of things usually scares a lot of people. In Mike’s case, they could have done the technical stuff and looking back, he wishes that they could have done it.
They also did a 50-50 split with the guy who did the technical stuff. However, the technical stuff is not worth 50% of the creative enterprise in most cases, because it has a fixed value. There’s only a limited value to it and up to a certain point. The leverage point is in the creative value and in the content that you’re creating. Not in the technology side.
Mike also shares that you should not be scared of technology and run off and find somebody to take care of your technology.
Technology is getting easier and easier. Really focus on the value and the content creation. You can find a way to get the technology done. It’s not going to put you in any risk.
How did Mike get Joint Venture ready
The biggest thing in getting ready for Joint Ventures, is to really think about the value you could provide for your partners. Because for a summit, you are getting value out of what they are providing.
They have the name recognition, they have the audience, and they have the products out there. You have to think, what can I offer of equal value or greater, that is worth their time and is a fair trade, and is a win-win for both of you.
Mike balked at creating a product for organizing summits because he did not want to flood the market with people doing summits with only half-heartedly.
Mike says that the worst thing you can do is to look like you came out of a cookie cutter program without thinking.
The speakers you will invite to your summit are important and their time is valuable. You need to respect that and show them that you understand that. Give them something that they want to be part of.
You have to think first of all, before you do anything, with any marketing or any product is the value you’re providing and how well you communicate that value. You can try to pull things over from people and just copy something but it’s a very low probability that you’re to have much of a chance of succeeding in the long run.
You need to think in terms of – what can I create that’s powerful?
You may find that there’s a Joint Venture partner who would never pay attention to you based on the amount of money you might generate for them, but if you inspire them, if you put in together something that’s really inspiring and profound, they would say that they would want to be a part of it because they want to see your message get out there.
Mike walks us through the technical aspects of creating a summit
Mike says that it’s not very different from any kind of online business. You have to have your shopping cart and all that stuff, you have to have your autoresponder and your email list set up. You need to have a website.
He has done the infomercial series where you have a couple of speakers per week and you’re selling stuff on the call. If you’re selling their products, there’s a couple of trade offs, one of them is let them sell them and they pay you a commission which is a lot easier. But the problem with it is that everybody has a different sales process. Depending on your audience, some of them are not very technical on their computers so they get confused.
If you’re going to take the orders, that gets a lot more complicated but the benefit is that you can have a more consistent sales process. People will learn and know how to do it eventually.
So you need a website, email autoresponder, shopping cart. What Mike also encourages you to do is to sell a lot more than the recordings. He recommends that you use a telesummit as a product launch vehicle. Create a product around a topic and have that as the main focus of the event that you’re selling plus the recordings. Make the recordings like 20% of the value.
The tools that Mike use
Mike uses Aweber for his autoresponder which is kind of less expensive and has good deliverability and pretty easy to use. He has used it for years and his experience had been good. He also recommends you to check the new ones available now like Convertkit and ActiveCampaign. Then there is Infusionsoft which is pretty pricey and he says that he will not start off with at the beginning.
For the shopping cart, they used One Shopping Cart. The nice thing is that it’s an email list, shopping cart and an affiliate program all rolled into one. It’s a bit more primitive but the one thing that Mike likes about it is that it has a one click upsell.
For his later events, he used something called Fusion HQ, which is kind of like Clickfunnels and it was pretty good and it’s all in one too.
Mike talks about his program
Mike’s program is a combination of what he learned and what he sees as missing.
It is for people who are either starting out or early on in their career online. It is designed for people who are really confident in doing something. You should have a specific knowledge that you are promoting and you want to take that knowledge and create marketing campaigns.
There’s a lot of great do it yourself programs that show you everything that you need to do. What Mike found is that they kind of skim over the important stuff.
Like really defining their core market in a very powerful way and understanding their core market and creating a message that’s unique to them. People can’t do this on their own because we are not made that way.
As human beings, we are very subjective about ourselves. We don’t understand our own strengths. We don’t understand what people see in us because it is so natural for us to be attracted to other people.
People just become our friends, when you go to a party and you meet a bunch of people and you become friends instantly. You connect with each other very well. That sort of thing is what you need to bring out online. That’s going to draw your ideal customer to you. They’re going to see the same things that the people at those party connect with. You just can’t do that on your own.
People really need some coaching and some one on one advice.
Mike’s strength is that he had been involved in hundreds of interviews that were selling products. He knows how to modify the product to make it unique for the event and give even more value.
He also has been in technical sales for 25 years and going in everyday to an engineering company and he needs to figure out quickly what their problem is, what’s going on, what does he have, what can he recommend, how can he solve their problem?
These experiences gave him a lot of ability to pull things together. He has a knack for helping people find their strengths and how to put themselves out to their market.
He also realized that people are so hung up on the technical stuff that they don’t focus on what is important. He tells them, “You are better off having a really good message that connects with people and you just zero in on it than having a pretty website and nobody can tell what you are talking about.”
Mike’s program aims to fill in the gaps on those do it yourself programs, not that there is anything wrong with them and if you have one, they have great structure.
However, he found that people just don’t know how to structure themselves, their offer, their product that are really unique to give them an edge. It’s designed to complement the online trainings or you don’t have to have one.
You can be a complete beginner and you will be putting together your own summit and all those sorts of things. It’s also for people who want to do something like a summit and want to know how to come up with a really great idea and flush it out to make it very strong.
It’s a very flexible program that is designed to give each person just what they need. It is also designed to be very cost efficient. It’s way underpriced right now because Mike is just rolling it out.
It also a Joint Venture based program because Mike has several experts who will be doing talks and trainings on what they’ve learned on various aspects of marketing in the course of doing their own businesses.
There’s a collaborative side to in that as it grows, they will have a mastermind Joint Venture group in Facebook where people can collaborate together.
You can find out more in breakthroughfactory.com
Links on the Podcast
Joint Venture Insider Circle
Product Launch Formula