On our weekly “Ask The Expert” call this past Thursday one of our clients asked about how to make their networking efforts more successful. That led to a conversation about who she wanted to connect with and that led to us looking at how to leverage these networking efforts by focusing on identifying people who also sell to the same customer base she does. From there it is a little tiny step to looking at how building joint ventures can help you build your business quickly.
Our E-Learning Business Acceleration System (www.more-leads-sales-profits.com) has a terrific module on just this topic: How to build your business fast using joint ventures. This is absolutely one of my favorite go-to strategies that all business owners need to know and master. I’ve summarized the introduction to the module here to help you think about how to build successful JV partnerships.
Most small business owners today are struggling to generate more leads, attract more clients and make more money. With advertising and marketing costing more than ever before, generating leads is almost out of the financial reach for most business owners.
Fortunately, one of the easiest and fastest ways to grow any business is through Joint Ventures and Strategic Alliances. And best of all, in the clear majority of cases, there are NO upfront costs associated with using a Joint Venture strategy.
Joint Ventures and Strategic Alliances involve two or more businesses forming a partnership to share markets or endorse a product or service to their customer base… and then exchange a share of the revenue from the sales made from the relationship.
The revenue earned by the second Joint Venture partner is typically paid AFTER the sale is made; saving the originator any initial out of pocket fees.
The best way to get started is to ask two key questions:
- Who are my ideal clients?
- Who else already has access or a database to my ideal clients?
Let’s say you’re looking for people that are health conscious. You may decide that Naturopath Doctors, Colon Hydro Therapists, Health Clubs, Wellness Centers, Massage Therapists, Chiropractors and so on may all have the type of clientele you’re looking for.
Create an entire list of possible Joint Venture partners in your area.
Once you have answered the two questions above and have created your list, now you’re ready to build an extraordinary and highly profitable business – fast!
Divide your list into two groups – those you already have a relationship with and those you don’t.
I suggest you select 25 or more people from the list you believe already have your ideal clients and that you already have a relationship with. Then email, direct mail and call to help them understand the benefits your product or service offers… and explain to them how offering what you have can benefit both their clients and themselves.
Being unique, or having an interesting twist or hook, will up your chances of getting noticed. But regardless of how you approach your prospective partner, it’s important to craft the offer in a manner that shows the benefits to your potential partner.
However, there are a few extra tricks to motivate a potential partner. Look at all the potential benefits your partnership provides. Don’t stick with the obvious. Dig deep, and list all the benefits they get from doing this venture. Invite them to experience your product or service for themselves. Let them try it at no cost if possible.
You must remember that when they endorse you, they are putting their reputation on the line. It’s critical that you show your potential partner how their clients or prospects will benefit from your offering, and if possible, always position the offer so your partner gets to take all the credit and looks like the hero for recommending you.
But don’t stop there. Think about it: if your partnership will make your partner look good, what will that translate into?
More money? Of course, but it can also translate into more sales of their own product or service… or perhaps more publicity and visibility in the marketplace. Your partnership may lead to more word-of-mouth advertising… or more brand equity and trust from their prospects.
A JV relationship can open new distribution channels that you both can exploit… or reveal new markets for you both to enter. Chances are great that you will both increase your opt-in lists, allowing additional sales to occur in the future as well as the present.
I can’t stress to you enough the fact that there’s got to be something different your JV relationship offers. There needs to be something else that makes this a truly viable and worthwhile investment for your partner… something that gives them more time, improves their own marketing or increases exposure to their intellectual property.
Do you know the exact strategies and tactics to use to quickly attract more clients? Discover the insider secrets to generating all the leads your business can handle here: www.akelapartners.com