The Power of Joint Venture Partnerships or Strategic Alliances

I’m going to talk about one of the best Marketing strategies of all time.

There are so many ways to Market a business. In fact, I know over a hundred ways to Market your business. So clearly, there’s, no shortage of ideas out there. The key is to find what are the best Marketing strategies for your particular business. This takes a bit of experimenting, but when you find the four or five that work for you, it’s, a wonderful thing. Having said that, I think there’s one Marketing strategy that should be used by every business. I consider it to be one of the best Marketing strategies of all time, and it is Partnership Marketing or sometimes known as Strategic Alliances or Joint Ventures.

Sometimes those terms are used interchangeably. But, in a nutshell, it’s where you find other businesses out there that share or have the same customers you do. But you’re not directly competing and then what you do is you agree to promote their product or service to your customers, with an understanding that they’ll, do the same for you. For example, if you’re a Hairdresser then complementary businesses might be a Personal Trainer, or a Beauty Clinic, or a Massage Center or perhaps even some Fashion Boutiques or Spa, just to name a few. And if you have a Window Cleaning business, perhaps then partners could be Real Estate Agents, Interior Designers or maybe even Painters. So now that you’ve got the picture, let me share 5 reasons why Partnership Marketing is very smart.

Let me ask you this question, what do you think is easier. To go out there and find a thousand new customers, or one at a time, or to find one business? A business that might be happy to tell their 1000 customers about you. If you do things the other way, to go and find a thousand new customers, this may take you weeks, months, or even years. You just don’t know.

However, if you do the latter that may take you just a couple of hours. All you need to do is write a prospective list of partners. Do some research and first of all, find out how you can add value to them. That is crucial!

Then once you figure that out, you can either jump on the phone, email, or in today’s environment a Zoom meeting. I always have people asking me if I know a good _______ ? Do I know a good ________ ? And all I’ve been doing up until now is just sending them to Google. And you would tell a prospective Partner, I prefer to send them to a real person that I know, and trust. Would you be open to a conversation? We can talk about how we can help each other to better serve our customers. Now, of course, that’s, a bit of a rough and ready example. But even if you use that approach, 4 out of 5 people will say “Sure, let’s talk”…

I know businesses that are now spending upwards of a hundred dollars just to generate one new lead in your business. A sizable chunk of money to be in someone else’s bank account other than yours. Compare that to a Partnership Agreement, because there are no major costs, all you really have to invest is some quality time and effort. Maybe setting up a DRIP Campaign with valuable content that THEIR customers might want, maybe write a few articles, reports, or Ebooks, and away you go. You could even spend a few hundred dollars and get some brochures set up and come up with a Joint Marketing Campaign.

When you spend money on traditional Marketing, most of the leads are going to be cold, even though they might want your product or service. They’re naturally going to be fairly skeptical. They’re going to be saying to themselves, “Well, who is this person? Can I really trust them, and why should I go with them as opposed to somebody else?” However, when you enter a relationship with someone else, that does the promotion for you, that already has trust, already has credibility, that awesome power automatically gets passed to you. This is sometimes known as Endorsed Marketing and from my experience it’s 10x more effective than if you go out there and find customers that are completely cold. So, these new leads that you’re going to get are going to be much easier. This means you’re going to shorten the sales cycle, which means there should be more revenue into your business, and faster. And that means you’ve got new funds to reinvest in your business sooner. You will be creating an upward spiral of success.

You want to do the right thing by your customers, because if you find a trustworthy business and you inform your customers about their products or services, you’re going to be adding a huge amount of value to your customers, and they’ll love you for it. It’s good for your brand, it’s good for your Marketing, and it’s a great way to make yourself look bigger than you are by possibly displaying your logo, along with your partner’s, logos on your website. It’s going to give you a lot more clout and at the same time, should minimize the risk when other people are making decisions. They may say, “Well, haven’t really heard of these guys before, but, I do recognize all these other companies”. “So if they’re supporting this business, then they must be okay.” … So not only will you benefit from having these new leads coming into your business, but like before you’ll be better positioned to convert these new leads and what you’re going to be doing is again creating another upward spiral for your business to grow.

There are powerful reasons why Partnership Marketing makes sense for business. It is such a powerful strategy. I really would encourage any Business Owner or Entrepreneur to learn more about it and then start to put these ideas into practice, because if you master this skill, you’ll effectively grow your business bigger and better than you ever thought you could. You will write your own ticket to massive and lasting business success.