Weekly Training Video – How to use a Host Beneficiary Marketing Strategy.
Can the business down the street help you double your profits? Yes, if you create a Host Beneficiary Relationship. This kind of partnership can help you tap into a new target market or help you to close more sales within your existing field. This type of relationship helps you add value to your product or service while your partner will benefit from the impact of a referral or vice versa. In this week’s training video, we look at this type of marketing strategy.
A start-up company has the most to gain from a Host Beneficiary Relationship. Being able to access to a list of potential clients in your target market and having an established business to communicate your offer for you is almost guaranteed to quickly establish credibility. While the company “hosting” your product is providing a great reward, or offer, for their loyal clients.
When entering a new market, you can benefit the same way as a start-up. In exchange, the “host” can benefit from your client list in other markets. This strategy best when the target market is highly segmented.
When offering a new product or service this may require tapping into a new or more targeted market. With the right partnership, you can deliver your product or services to that segmented audience directly.
Remember if you don’t define your target market will waste your time and money. Determine your target market based on your product/services and the purpose for seeking a Host Beneficiary Relationship. Once the target market is defined, select a host business by creating a list of businesses with the same target market to approach. Not everyone will want to take part in this strategy.
A loose partnership between complementary, non-competing business can potentially be a financial goldmine when done correctly. This can be a great tool to keep in mind when starting a business, entering new markets, boosting product sales or any other opportunity. You can also do this strategy with multiple businesses once you can establish one successful Host Beneficiary Partnership.
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