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

[email protected]

In The News:


Bringing Home the Bacon

In general, all of us know how to accomplish the... Read More

How to Find A Group that Needs Speakers

How do you find groups that are in need of... Read More

Using Business Broker In the Franchising Industry for Franchise Sales

Franchising companies often use Business Broker to help attain sales... Read More

Pressure Washing Business and Post Fire Cleanups

Many have not experienced a fire up close. One year... Read More

If You Want to Work from Home

Here are some important points to take note of if... Read More

Are You Using a Chess or Checkers Small Business Marketing Strategy?

Until the day I learned to play chess I loved... Read More

The Joy and Hazards Of Finding Your First Office

Q: I have outgrown my home office and need to... Read More

California Department of Corporations Attempts to PR Their Benefits to Consumers

On Monday the Department of Corporations in California revoked franchise... Read More

Sample; Territory Reduction Policy for a Franchise Company

I propose this thought on the subject of Franchisee territory... Read More

13 Steps to Protect Yourself from Your Bank

The success of your business is critically dependent on how... Read More

Mobile Truck Washing, Case Study

Most folks in the pressure washing business are happier to... Read More

Awning Cleaning Business Case Study: Entrepreneurship 101

It is most fascinating to study how entrepreneurs spot opportunity... Read More

Small Business Failures in America - Cash Flow Issues

We are noticing an increase in the length of time... Read More

Small Business Owners - Form a Relationship with Your Bank Manager

It's just like a marriageTo expect a bank manager or... Read More

Starting An E-Commerce Business: Baby Steps

Starting your own e-commerce business can be quite the adventure.... Read More

Why Small Businesses Need Both A Logo And An Identity System

Experts urge small business owners to "brand" their business ?... Read More

Who Does Over Disclosure Really Hurt In Franchising?

Costs of over regulation and over disclosure end up hurting... Read More

Aircraft Washing Service Operations Manual

Anyone who is serious about washing aircraft as a full... Read More

Top 10 Lessons for Small Business Success - As learned From My Twin 3 Year Olds

Small business success is very similar to learning to walk,... Read More

Environmental Pressure Washing in Pennsylvania

If you run a mobile car wash, mobile fleet washing... Read More

How the Crab Effect Obstructs Growth and How to Conquer It

Some of the greatest words of wisdom for any man... Read More

Setting Up as an Electronic Repair Authorized Service Center

If you plan to upgrade your workshop into an Authorized... Read More

How to Make Your Business Image Stand Out Above The Crowd

Traditional advertising methods are still being used for almost 90%... Read More

Small Does Not Mean Invisible!

Running a business on the net these days can be... Read More

Do You Love Food? - Then Maybe Opening a Restaurant is Not Such a Crazy Idea

The restaurant industry in the United States employs an estimated... Read More