As a business owner, you may have thought about teaming up with other local businesses to do cross promotions or joint ventures, but the odds are you’ve never quite gotten around to it. And even if you did do some deals, your results might have been a little under-whelming.
But all is not lost, and regardless of whether or not you have tried to do JV’s like this in the past, you should start thinking about how you can get started doing these types of promotions. That’s because there are so many benefits, and you’re leaving a lot of money on the table if you don’t at least test them out in your business.
Here are just a few of the benefits of doing joint ventures with other local business owners –
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 know exactly what new products to sell as back-end offers because you’ll be able to survey your customers and ask for their feedback. You’ll get a much more accurate idea of what your market wants to buy if you ask BUYERS as opposed to prospects who haven’t purchased anything from you.
5 – Many of your purchasers will also be happy to refer others to you and help you sell even more of your products, and these referral sales cost you nothing to generate.
For these and many other reasons, it can be a very profitable decision find joint venture partners to help you market your products and services. Just give them a share of the front end profits, and you can earn long-term back end profits from all of the new customers you are going to generate. Something to think about…