If you own or manage a business, at some stage you may have considered teaming up with other local business owners to do cross promotions or joint ventures. If you have, you may have earned some good money, or your results might not have been as good as you'd hoped. And if you haven't, you might be wondering if it's something you should try.
Since these local JV's are potentially so lucrative, they really are something you should be testing in your business. Working co-operatively with other business owners gives you so many benefits, and you could be leaving thousands of dollars a month on the table if you don't at least give them a try.
Here are 5 of the main benefits of creating joint ventures with other local businesses -
1 - You can set things up so you get the names, email addresses and often the mailing addresses of every person on your joint venture partner's list who buys your product. This will give you multiple chances to offer these proven BUYERS additional, related products for months or years to come. A list of people who have paid for a product is the most valuable business asset you can have, and your list will have cost you virtually nothing to create.
2 - Your product can be launched and on sale much faster than it would have been if you had gone the traditional route and used Radio, TV and Newspaper ads offline, or online using Pay Per Click advertising, ezine advertising, SEO or article marketing to generate leads to sell your product to.
3 - You can ask your new buyers for testimonials which you can then use in your own personal marketing to generate additional sales, without having to share any of the revenue with your JV partner.
4 - You'll be able to survey your new customers and ask for their feedback. That's how you'll know exactly what new products or services to sell then as back-end offers, which makes it super easy to generate those future sales.
5 - You can ask your new customers to refer family and friends to you, so you can sell even more stuff. And as you know, referral sales are the easiest to make, and cost you virtually nothing to close, because you don't have to spend money on marketing, or as much time on persuading.
These are just a few of the reasons why setting up local joint ventures is such a good idea. All you need to get started is to find some joint venture partners who sell products or services that are similar but not competitive to yours, and work together to market each other's stuff. Just give each other a share of the front end profits, and both of you can earn long-term back end profits from all of the new customers you both generate. That's all there is to it...
Since these local JV's are potentially so lucrative, they really are something you should be testing in your business. Working co-operatively with other business owners gives you so many benefits, and you could be leaving thousands of dollars a month on the table if you don't at least give them a try.
Here are 5 of the main benefits of creating joint ventures with other local businesses -
1 - You can set things up so you get the names, email addresses and often the mailing addresses of every person on your joint venture partner's list who buys your product. This will give you multiple chances to offer these proven BUYERS additional, related products for months or years to come. A list of people who have paid for a product is the most valuable business asset you can have, and your list will have cost you virtually nothing to create.
2 - Your product can be launched and on sale much faster than it would have been if you had gone the traditional route and used Radio, TV and Newspaper ads offline, or online using Pay Per Click advertising, ezine advertising, SEO or article marketing to generate leads to sell your product to.
3 - You can ask your new buyers for testimonials which you can then use in your own personal marketing to generate additional sales, without having to share any of the revenue with your JV partner.
4 - You'll be able to survey your new customers and ask for their feedback. That's how you'll know exactly what new products or services to sell then as back-end offers, which makes it super easy to generate those future sales.
5 - You can ask your new customers to refer family and friends to you, so you can sell even more stuff. And as you know, referral sales are the easiest to make, and cost you virtually nothing to close, because you don't have to spend money on marketing, or as much time on persuading.
These are just a few of the reasons why setting up local joint ventures is such a good idea. All you need to get started is to find some joint venture partners who sell products or services that are similar but not competitive to yours, and work together to market each other's stuff. Just give each other a share of the front end profits, and both of you can earn long-term back end profits from all of the new customers you both generate. That's all there is to it...
About the Author:
Learn more about the accelerate high growth business training being run by Eben Pagan in a couple of weeks. And this short article covers more of the details.
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