As an entrepreneur and small business owner, no doubt you have attended many marketing Webinars, read a lot of marketing books and listened to podcasts etc all so you can learn more about how to market your business.
During your quest, you have probably heard a lot of hype about joint ventures to market your business.
Marketing gurus will tell you they are a powerful way to grow a coaching business.
But what if you’re not a coach? Heck, what if you keep hearing that term but have no idea WHAT it actually means? I was that way for a long time too – I just figured it was reserved for those that had hundreds of thousands in their list and not for a typical start-up or growing business.
However, I have good news for you — what I came to realize is that joint ventures work for regular small businesses too!
So what exactly IS a joint venture? Basically it’s when you partner up with someone else and help each other out by marketing the other person to your list and visa versa.
Typically, you would want to find someone who has a list size that is similar to yours (or a colleague that doesn’t mind helping you out if you’re just getting started) and also someone that shares a similar target market as you.
This way, it’s an even “I help you and you help me and we both benefit” scenario. If you each share a similar target market but are not in competing fields, then each list will be happy to hear about the other person’s offering.
So without further ado, here’s some inspiration to help you tap into the power of JVs for your business:
1. EXPAND your customer base fast.
When a joint venture partner promotes your product, it instantly exposes you to an entirely new audience.
Imagine being a divorce mediator and having your colleague who is a therapist recommend you in their newsletter. While your business email list may only have 1,000 subscribers, the therapist may have 2,500 subscribers on her list.
When she personally endorses your divorce mediation services, people trust her recommendation. So it QUICKLY multiples the amount of leads you are exposed to.
It also BUILDS instant trust and rapport when someone they know is introducing your services to them.
2. Build your E-MAIL LIST fast by offering freebies to a joint ventures list.
This could be a free report, article, checklist, audio, or webinar. When your joint venture partner announces your freebie to their list, you benefit from having people opt in to receive the freebie.
For example a chiropractor could offer a “10 Ways Low Carb Diets Help You Lose Weight Fast” report from a nutritionist joint venture partner.
3. Get raving REVIEWS to use in your marketing.
When a joint venture partner writes a review or testimonial for your product or service, you can use that on your website, blog, brochure, or social media.
There’s nothing like a great testimonial from another respected business person to build trust with potential buyers.
4. DOUBLE YOUR SALES with half the effort.
When you agree to cross promote products with a joint venture product you both benefit from a boost in sales.
People want to buy, but they don’t want to be sold. Often a third party endorsement from a Joint Venture partner promoting your product will bear more weight than a self-promotional effort.
5. Enjoy great benefits with FREE MARKETING. C’MON.
Who doesn’t love marketing that doesn’t cost you a dime?
As an addition to, or alternative from the typical Facebook ads, pay per clicks, and other advertising, when you are working with a small marketing budget, JV partnerships are a smart way to grow your business at zero cost.
Plus, they often convert better too because you are marketing to a warm list versus cold call marketing.
6. Add More VALUE to your List Members.
Think about how grateful you are when your friend tells you about a great movie or a fantastic new restaurant they have tried. Your email list feels the same way. They love hearing about products you have tried that you find really helpful.
Recommending great products from joint venture partners is something your list members will look forward to.
7. Bring NEW IDEAS and creativity to the table.
Sometimes having someone else market your product can add a new “flavour” to your pitch – one that will spur new interest and sales.
Plus your JV partner may have ideas for fun promotions that you haven’t even thought of.
So don’t think that joint ventures are just for authors, speakers, and coaches. Joint ventures are a highly effective way that everyday businesses can promote their business.
It’s free, easy to implement, and a fast way to boost sales.