Straight Up Business Talk

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Business Marketing Consultant

Marketing Mistake #19 | Not Working Joint Ventures

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Joint Ventures, or teaming up with another business can be one of the most profitable things you can do. And they turn out to be win-win-win situations.

Here’s how it might work:

A financial planner can arrange with an insurance agent to provide a complimentary 20-minute consultation with the agent’s clients.

The agent provides the list of names and writes a letter (paid for by the financial planner) to his or her clients making the complimentary offer as a “thank you” for doing business with the agent. The client gets the feeling that the agent cares about them (customer win), and gets a free 20-minute consultation (customer win).

They may even contract with the financial planner to do some additional work for them (financial planner win). The insurance agent gets to contact his clients on a non-threatening, here’s-another-service-I-provide-for-you basis (agent win).

The financial planner gets to show off his skills and expertise to someone they’ve never met (and may never have had the opportunity to meet), with the potential of gaining a new client (financial planner win).

In this situation, everyone wins… the insurance agent, the financial planner and the client. And the same thing can happen in any business.

Look around for businesses that provide complimentary, but non-competing services. See if you can arrange similar joint ventures with them. You can set up an arrangement where you get a percentage of the profits of any sales made to your clients. Or, you may choose to approach it as just another service you can provide your clients, and build more goodwill with them.

The opportunities are endless… and they really work!

 

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