Joint Venture Partnerships

 

When Joint Venture Partnerships Are Mentioned
We Must Talk Just A Bit About The Other Two

 

Host Beneficiary Relationships

Like referral strategies and testimonials, Host Beneficiary Strategies use trust and credibility to generate
leads and close sales. They also cost a lot less than
advertising or direct mail and reduce the amount you
spend acquiring each customer. If you have not heard of them before, Host Beneficiary Relationships are
loose partnerships between complementary, non-competing businesses, and they can be financial gold
mines when implemented strategically.

One business – the host business – sends a letter or other formal referral to their existing client base that
introduces and recommends the second business – the beneficiary. Of course, establishing, planning, and
implementing a successful Host Beneficiary Relationship campaign is more complex than asking your
neighbor to send a letter to his client base with an offer from your company. But it is not hard either.

 

Is a Host Beneficiary Relationship the right strategy for your business?

Host Beneficiary Relationships may not work for your business all the time. However, they are a great tool
to keep in your Marketing arsenal when starting a
business, entering new markets, boosting product sales,
or any other opportunity that requires a specific and personal approach. Like every other component of
your Marketing Strategy and materials, a Host Beneficiary Campaign must be purpose driven and make
more money than it costs you to run.

 

I teach four steps, to have you on your way to establishing a profitable partnership.
1. Clearly define your target market, or market segment.
2. Make a list of potential host businesses that you could approach.
3. Approach your host business with thought and a little strategy.
4. Design your offer or message with the target market in mind.

 

I teach how to get creative with the kinds of businesses you establish partnerships with, and this
could help you possibly open your business to brand new markets. Start with a strong understanding
of your target market, and then brainstorm all the businesses they might purchase from. Sometimes
a Host Beneficiary Relationship with a seemingly incompatible business will be a profitable strategy –
if your target markets align. Remember that Host Beneficiary Relationships should always work in
both directions. If you are not comfortable referring the business you approach to your own client
base, then you need to rethink your strategy.

 

Strategic Endorsement Partners

There is no better, faster, or risk-free way to generate vast numbers of qualified leads for your business
than Strategic Endorsement Partnerships. Every business
should be using this revenue-generating strategy.
It is all about learning the
secrets to finding, contacting, and persuading qualified Strategic Endorsement
Partners to willingly promote your business to a multitude of target customers who all need and want what
you sell.

Even though referrals and endorsements have a major influence on most people, very few businesses
have any type of formal Strategic Partnership
Program set up to nurture these valuable relationships.
Every business, no matter what its size, should implement a formal Strategic Endorsement Program
where they earn profits by recommending
other businesses products or services to their prospects
and customers.
And in turn, they should have a formal program in place where they earn profit from
other businesses recommending their products or services to
their prospects and customers.

This is an excellent strategy that any business can instantly employ to gain access to other business’s
customers that fit your target customer profile …
and immediately begin to generate more leads and
attract new customers. 

 

An Example

Major credit card companies send monthly billings to every one of their customers. These are
customers who are obviously interested in
buying various products and services on credit. For that
business to mail to
this same extensive list of customers would be cost prohibitive, especially when
you remember that you must mail repetitiously to customers before
your Marketing will produce
significant results.

But suppose you could pay the credit card companies a fraction of the mailing cost and have them
INCLUDE your Marketing collateral inside their billing letter.
You would by “piggybacking” on their
monthly mailing. You see this all the time,
especially with rental car companies and various hotel
chains. Make sense?

That’s because all businesspeople depend on credit cards when they travel, so the rental car companies
and hotel chains know that by partnering with
the credit card companies they will reach a high percentage
of their targeted
business traveling customers … and do so for a fraction of the cost of the mailing. The
businesses the credit card companies include in their mailings
save enormous amounts of money by
jumping on their loyal customer
bandwagon.

 

The first involves you as the endorsee … This means that other businesses will partner with you
and recommend your business to their prospects and
customers. The second is where you are the
endorser … You will recommend
your partners business to your prospects and customers. The key
here is to
closely match up your products and services with the wants and needs of your partners
prospects and customers.

Remember, the cost to reach these “qualified” prospects is a fraction of what it would cost you in
advertising to find them. Your “Strategic Endorsement
Partner” already has their trust. Their
endorsement instantly creates a feeling
of trust before you ever make them your offer.

 

As a Business Coach, I focus on these 6 steps:
1. Selecting your preferred Endorsement Strategy
2. Determining the benefits of the Strategy
3. Calculating the “Marginal Profitability”
4. Selecting the best techniques
5. Identifying target business partners
6. And designing the perfect program

 

 

Joint Venture 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 most 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:

1. Who are my ideal clients?
2. Who else already has access or a database to my ideal clients?

 

As an example, 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. 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.

 

Strategic Alliance Step #1:

First, identify all the compatible businesses you know who already have
a
relationship with clients that fit your ideal client profile.

 

Strategic Alliance Step #2:

Once you have identified a series of businesses, it’s now time to approach
them
with your proposition. Any business should be more than willing to
work with
you. It will mean increased business for them as well.

 

Strategic Alliance Step #3:

If you have created a win-win situation for both you and your JV Partner,
then
at this point you should have your Partner’s interest. Now you need
to create
your special offer to each other’s customers.

 

Strategic Alliance Step #4:

At this point, you need to create an easy and non-threatening response device.
It could be a postage-paid response card, a special coupon or certificate, a website
landing page or a hotline or phone number for them to call. I also
suggest you add
a sense of urgency to it, an expiration date, or if it is a
product, perhaps a limited
quantity at the special price you are offering it at.

 

Strategic Alliance Step #5:

Get ALL the names into your database! Once you each start getting response to your
respective offers, remember to follow-up. If you can, try to get every
name of your
partner’s client base in a database file for follow-up mailings.
If you cannot, ALWAYS
get the name, address, and phone number of all
people who inquire about your offer.

 

I teach these to my clients,
and it is very extensive and thorough …
AND, I show examples …

 

As always, my overall focus is to help you continue to build the business you have always dreamed
of having … a business that provides you with financial freedom
and an extraordinary life for you
and your family. My primary goal is to help you
develop the processes that will bring more revenue
into your business.

 

  So, until next time,
here’s to your success!

 

 

 

 

Dave Smith
Business Coach & Marketing Strategist

IMJustice Marketing

 

 

Building Your Business With Partnerships

 

 

 

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