| |
| |
|
Small Business Information |
|
|
|
Joint Venture Your Way to Extraordinary Sales!
You know what makes me really happy? Drinking a Starbucks latte while doing my grocery shopping at Safeway. Getting my Godiva fix at Barnes & Noble. Cheap thrills, I know! Ever wonder why McDonald's is inside many WalMart stores? Or why you can buy the board game, Cranium, inside most Starbucks locations? These are not just lucky coincidences. They are very well-planned, structured, and negotiated marketing strategies. They are implemented by companies that get creative with their marketing by focusing it around who their ideal customer is, where they spend their time, and what they do. These kinds of joint ventures, or distribution agreements, deliver convenience to the customer while generating profits for both the company that manufacturers the product as well as the one that distributes it. It is a win-win-win. Joint ventures are likely one of the most profitable ways for you to invest your marketing time. If you can identify ways to team with someone who already has the attention and respect of your target market, you will multiply the results you get from your marketing campaigns. Think about it - what could be better than someone who already has the respect of your ideal clients telling them all about you and what great work you do? That is all a joint venture really is, afterall. One person or company putting their seal of approval on another. In simple terms, they are saying "This guy is okay. You can trust him. I have seen his stuff, and he knows what he is talking about." Smart business owners take the time to identify who else has contact with their target market and approach those people to ask if they would recommend them to their clients. Some arrangements might involve a referral fee. Others might just be reciprocal agreements - you send me people, I will send you people. That is why your printer might be able to recommend a good graphic designer, your pediatrician can recommend a nutritionist that specializes in working with kids, and your web hosting company can recommend a web designer or two. They have developed relationships with other professionals with a natural crossover with the service they provide. Perhaps they met at a networking function, stumbled across each other during the regular course of work, or took a more proactive role to seek out joint ventures. It does not matter how it gets done - just that it does get done. So, how can you get started? It is easy. Just sit down and really take some time to think about your ideal clients. What are they like? What kind of business are they in? What kind of life do they lead? Where do they live? What do they read? What organizations do they belong to? What do they do during work hours and off-hours? Where do they spend their time? Once you have a clear understanding of them, ask yourself - based on what I know about my clients, who might already have a trusted relationship with a group of them? Some common online examples are ezine editors who have a subscriber base of your ideal clients, other companies who have a client base of your ideal clients, or discussion group owners who have a member list made up of your ideal clients. In the offline world, you might approach associations whose members are your ideal clients, other businesses who sell complimentary products/service to their client base which consists of your ideal clients, or print publications whose subscribers are your ideal clients. Once you have identified some potential joint venture partners, just contact them with an offer. Decide ahead of time if you are going to offer a financial incentive or simply reciprocity. The referral mechanism for reciprocity could be as simple as displaying one another's business cards, adding the other organization's logo to your materials, or sending out an endorsement of them to your clients and having them do the same. The opportunities are endless once you begin to think in the right terms. So, take some time this week to really understand your ideal clients. Who are they, what do they want, and how can you best deliver it to them in a way that is convenient for them and makes money for you as well as your joint venture partner? About The Author Kimberly Stevens is the author of the ebook series, *The Profitable Business Owner: A Step-by-Step System for Starting & Running a Successful Service Business*. Download Sample Chapters & get her free MiniCourse, *The 10 Most Common Mistakes Business Owners Make & How To Avoid Them* at: http://www.askthebizcoach.com/ebooks.htm
MORE RESOURCES:
Small-Business - Google News |
|
|
|
RELATED ARTICLES
A Look at Small Business Incorporating in Florida The choice to incorporate a small business in Florida has several advantages. Corporations are separate legal entities and, as such, the corporation rather than individual owners pay both the taxes and the liabilities. Reclaim Equipment Detailing Industry and NPDES, EPA, Storm Water Rules It behooves every professional mobile auto detailer to stay up with the reclaim equipment necessary to comply with the NPDES, EPA and storm water rules. Every company has a responsibility to not pollute the water supplies. Aircraft Washing Business Tip - Interior Private Jet Cleaning Aircraft Interiors of personal and corporate jets have hundreds of thousands of dollars invested. We have had an opportunity to speak at length in Tucson, AZ recently about the special custom interiors the weight they cost in performance and the needs in cleaning. The Greatest Challenges the Internet Consultant Faces! While there are few career paths that some would call perfect, being a consultant comes pretty close to having it all. Yet while it is one of the best ways to earn a living, there are challenges and pitfalls that are sometimes overwhelming and unexpected. Expanding your business. Are you a small business owner who wants to expand your business? Do you need to add another professional location to your company to test and explore a new market? Does a prospect of spending thousands of dollars to find a right location, sign a new long term office lease, purchase or lease office equipment and hire new employees holding you back?Virtual office center may be the answer for you! The concept of virtual office is not new but with advancements in latest internet/communication technologies, the idea of virtual office has become far more appealing for a wide range of businesses. The reason for that is a marriage between computers, internet and telephone systems. Its Spring - Time For A Compensation Program Tune Up Now that winter has passed, the annual ritual of spring cleaning is in full swing. Spring cleaning is more than cleaning the windows and clearing the cobwebs that hid in the corners during the winter. Essex Accountant: Accountancy Firm MVP for Your UK Business? Most business owners know when they need an accountant, but they do not realize how important the task is or how much their results can vary. No other job position outside of your own is going to affect your bottom line like an accountant and contrary to common belief, the job is not just about crunching numbers. Small Businesses With Work Trucks; A Warning If you are a non-operator owner of many work trucks, you should keep your business credit card with you not leave it in one of the trucks. You should not issue them to employees without strict guidlines. How Your Habits Control Your Small Business Success Habit: A consistent behavior you perform so frequently that it is automatic. For example, if you learned to drive a car with a standard transmission, the first few lessons were pretty jerky while you learned to synchronize the clutch with the accelerator pedal. Does Your Company Have a Business Image Manual Every business regardless of size needs a "Business Image Manual" to protect their band. Even the smallest companies with only a few employees is well served when there is a business image manual in place. Modern Clear Coats, Auto Detailers and visit to Lexus of North America We visited Lexus USA, home of the Lexus North America Head Quarters to help us better understand the latest innovations in automotive clear coast. As professional auto detailers we must know our customers cars and finishes. Business Reviews that Work What is the satisfaction & expectation review of the business history to date?You have spent a lot of time and effort gathering information about your clients and potential customers. You have kept track of everything that you need to know and have followed-up with precision. Financial Dose for Business The goals of businesses have undergone much evolution from the times when entrepreneurs were content with anything that they received above the capital invested. Businesses now want to expand their reach globally, riding on the wave of technology. Carwash Manual Sample Outline Car wash businesses are unique to other businesses. In fact they are about as unique as the many different type of vehicles one is asked to wash. Competition in the Mobile Car Wash Industry We have all seen the mobile washing units cruising our city, usually they are trucks, vans or trailer set ups with a water tank and a pressure washer unit aboard. They market their services with flyers and business cards, however most of their business comes from weekly repeats and referrals. 9 Things You Must Do To Maximize Your Chances Of Obtaining A Small Business Loan To get approval for your small business loan application, you must be able to meet the lending criteria set down. Some organisations are more risk averse than others, and will therefore have more stringent criteria. Outsourcing and Virtual Assistants: Small Business Saviors Work smarter, not harderWhat is one of the best ways to work smarter without working harder? The answer is outsourcing. Whether you need occasional or ongoing assistance, outsourcing can save you money and time. Entrepreneurs and Franchisors Watch Out New Franchisors and Entrepreneurs need to watch out as they enter into the world of franchising. What advice can I give to a new franchisor, I was asked today by another entrepreneur with a wonderful new concept; what are the tiger traps that lay ahead?So you are a new franchisor? Who can you trust? Can you trust FranData? The Industry's information source was thought to be a friend, is it? Well they can get you on a list so that SBA Loans for your new franchisees go smoothly. Boat Cleaning Business Case Study: Entrepreneurship 101 How do marine type businesses start? Have you ever thought of turning a hobby into a business? Let me tell you a story of how I got into the Boat Detailing Business when I started our in the car cleaning business which grew into a franchise system. So often we read in business books to study markets and develop business plans when in reality it does not exactly work that way. Hone Your Edge, Stay Focused A common hazard faced by new entrepreneurs is a lack of faith in the power of their offer. Many business people lose focus because they are worried they wont generate enough cash flow from their core product.
|
| home | site map |
| © 2006 |
