How Joint Ventures Can Help You Grow Your Business
As a business owner you need to be resourceful if you want to grow your client list.
One of the most effective ways to get easy access to a volume of qualified customers is to set up joint venture partner agreements.
Naturally you need to be selective about who you choose to work with as their conduct will reflect back on your business.
But if you get it right it can be a very successful way to grow your business.
There are two ways in which you can set up a joint venture.
One way is to link up with other businesses that regularly refer business to you.
The second way is to use gifts and free offers from joint venture partners as a way of building relationships with your customers.
Creating An Irresistible Offer If I were to come to your business and offer you a way to build customer loyalty without any cost to your business, would you take it? Of course you would.
Most business owners would jump at such an opportunity.
If it is something that you know your customers will love, that they will see as great value, the gesture of giving them a free gift can help you build better relationships with them.
For the business offering the gifts to their clients it's a way of adding value to what they are already purchasing.
For the business that has supplied the gifts, it gives them exposure to qualified customers that might otherwise not know about your business.
The customers are happy because they are getting something for free and they feel important.
Both businesses win because they are building relationships with clients and building their client lists.
For service based businesses this type of joint venture can work really well.
For example, if you have a consultancy you can offer an obligation free session.
Or you can offer a free training session.
While it may take up some of your time, it is not really costing you anything materially.
Remember that the objective is not to sell during these sessions.
Instead it's to offer customers something of real value.
Regardless of whether they buy from you or not, they must walk away feeling that the experience was really worthwhile.
Rewarding Referrals From Joint Venture Partners One way in which I get new customers is to offer a free marketing audit and I use joint ventures to help me promote this.
For example, I have a publication that I work with called Grapevine.
They send out letters to their customers telling them about my free marketing audit.
For any of their customers that take up the offer and become clients of mine, I pay them a referral commission.
It's a win-win for everyone.
If the client chooses not to sign up they still got valuable information which they can use.
My joint venture partner has still added value to their client, which helps improve their client relationships so they also win.
If the client signs up they get a commission which has cost them very little to earn.
I've gained a new client, and yes I've paid to acquire the client, but it's a far better return on investment to pay a referral commission after you've got the client than to pay for advertising with an unknown return.
Joint ventures use business synergy to boost business growth.
There are many ways in which you can apply this strategy to your business.
The above are just two examples.
Be on the lookout for joint venture opportunities; it's a proven way to grow your business.
One of the most effective ways to get easy access to a volume of qualified customers is to set up joint venture partner agreements.
Naturally you need to be selective about who you choose to work with as their conduct will reflect back on your business.
But if you get it right it can be a very successful way to grow your business.
There are two ways in which you can set up a joint venture.
One way is to link up with other businesses that regularly refer business to you.
The second way is to use gifts and free offers from joint venture partners as a way of building relationships with your customers.
Creating An Irresistible Offer If I were to come to your business and offer you a way to build customer loyalty without any cost to your business, would you take it? Of course you would.
Most business owners would jump at such an opportunity.
If it is something that you know your customers will love, that they will see as great value, the gesture of giving them a free gift can help you build better relationships with them.
For the business offering the gifts to their clients it's a way of adding value to what they are already purchasing.
For the business that has supplied the gifts, it gives them exposure to qualified customers that might otherwise not know about your business.
The customers are happy because they are getting something for free and they feel important.
Both businesses win because they are building relationships with clients and building their client lists.
For service based businesses this type of joint venture can work really well.
For example, if you have a consultancy you can offer an obligation free session.
Or you can offer a free training session.
While it may take up some of your time, it is not really costing you anything materially.
Remember that the objective is not to sell during these sessions.
Instead it's to offer customers something of real value.
Regardless of whether they buy from you or not, they must walk away feeling that the experience was really worthwhile.
Rewarding Referrals From Joint Venture Partners One way in which I get new customers is to offer a free marketing audit and I use joint ventures to help me promote this.
For example, I have a publication that I work with called Grapevine.
They send out letters to their customers telling them about my free marketing audit.
For any of their customers that take up the offer and become clients of mine, I pay them a referral commission.
It's a win-win for everyone.
If the client chooses not to sign up they still got valuable information which they can use.
My joint venture partner has still added value to their client, which helps improve their client relationships so they also win.
If the client signs up they get a commission which has cost them very little to earn.
I've gained a new client, and yes I've paid to acquire the client, but it's a far better return on investment to pay a referral commission after you've got the client than to pay for advertising with an unknown return.
Joint ventures use business synergy to boost business growth.
There are many ways in which you can apply this strategy to your business.
The above are just two examples.
Be on the lookout for joint venture opportunities; it's a proven way to grow your business.
