Joint Ventures: How To Gain $3.4 Million Of Goodwill In 30 Days
One of the best ways I know to leverage your time and marketing dollars is to enter into joint ventures with other businesses. If you agree that your customers are your business' most valuable asset, then you should see the potential profits available if another business will make its customers available to you. Available, that is, in the form of consignment of goods, an endorsement or a more integrated joint venture.
Joint ventures can work in one of two basic ways: first, you let other companies play off your customer base - and then take a percentage of each resulting sale. Or second, you work a deal with other companies to make their customers available to you then pay them a portion of each sale. The underlying principle of why this works is simple. Every business spends some finite amount of time, money, resources, and sweat developing relationships with its customers. These customers will have some level of confidence in that company, which translates into their willingness to respond to offers made by the company.
For instance, a company might spend $150,000 a year in advertising, $180,000 a year on commissioned salespeople, and $15,000 a month for prime retail or office space. These three factors alone - not to mention dozens of other expenses - account for over $500,000 spent a year to develop customer relationships.
Now, if you work a joint venture with the owner of that business or store, you can access all of that money spent for the cost of a letter. Monday I'll give you a detailed, concrete example of what I mean.
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Maximum Marketing Leverage with Joint Ventures - Adult B2B Marketing Tip
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