Five Most Common Mistaken Beliefs About Joint Venture Marketing
Apart from being the fastest, easiest, and most profitable strategy for attracting clients and boosting profits in any small business, there are so many other advantages of joint venture marketing for all parties involved. So, why aren't all small business owners implementing joint ventures?
Here's a partial list of the most common mistaken beliefs about joint venture marketing. I've picked the top five to shorten your reading time, but you can listen to more mistaken beliefs when you tune in to hear me being interviewed by Doug Hudiburg at http://tinyurl.com/cov4d.
Mistaken Belief #1: That There's A High Risk Of Losing Money.
If you're like most small business owners, then the fear of losing money is inevitable because you're probably on a shoestring budget to start with. However, you can't lose money when you're paying for results only. You only pay out a commission when your joint venture partners' clients buy from you. So, you actually get the revenue before incurring the expense.
The only other pre-sale expenses are production costs and printing/postage costs for letters, coupons or vouchers. Whether you do joint ventures or not, these are costs you'll incur anyway, because you'll need those coupons or vouchers for other marketing tactics. So, the belief that there's a high risk of losing money is misplaced.
Mistaken Belief #2: That You'll Lose Your Clients.
Your clients will purchase other products and services whether you like it or not. So, it would do your business good to recommend what they purchase and make a profit from it.
In fact, recommending high-quality products and services to your clients will strengthen your relationship with them. How? Firstly, you're shortening their decision-making process by saving them the time they'll otherwise spend on finding and trying out those products and services. Secondly, by arranging exclusive discounts and bonuses, you're saving them money. By saving them time and money, you're adding value to what you already offer your clients, and this will therefore strengthen your client relationships.
Mistaken Belief #3: That Doing Joint Ventures Will Eat Your Profits
Most small business owners would rather struggle to get clients, and get mediocre profits at best, instead of sharing the profits with a joint venture partner that sends clients their way.
They don't realize that joint venturing actually eliminates the risk of wasting money. For example, when you pay for an advert, you have no clue whether it will generate responses or not. So, you'll lose money if the ad fails.
With a joint venture, you only pay for results. So, giving a percentage of your profits away has got to be better than flushing the money down the drain? because that's what happens when you spend $300 on an ad that doesn't generate responses.
Mistaken Belief #4: That Joint Ventures Are Complicated
Of course there are complicated joint ventures, but there are so many simple and short-term joint ventures that a beginner can start with.
It only starts getting complicated when you're looking at joint ventures like the one between Merrill Lynch and HSBC a few years ago. The two banks combined logos and actually had a service called Merrill Lynch HSBC, which had a building on Regents Street in London. That might have been profitable for Merrill Lynch and HSBC, but you don't have to do that if you don't have the tools or resources.
Any small business owner can do joint ventures that are a lot simpler. For example, you could host a seminar with your partner and both promote it to your client lists. You'll both walk away with more clients and huge profits.
Mistaken Belief #5: That Joint Ventures Require A Lot Of Time And Effort.
Of course time and effort go into the preparation. However, joint venture marketing is one of the very few strategies that don't take much effort or time to implement.
If you're joint venturing with people that are in your network or people that can be introduced to you by someone in your network, then the relationship-building process is shortened. This is because you and your joint venture partner already know, like and trust each other, or you have a mutual friend that introduced you to each other. For this reason, it can take as little as thirty days to execute your first joint venture.
On the other hand, if you're approaching a joint venture partner that is a cold contact, the time you're looking at is the relationship-building time. If you have great networking skills then you should be on your way in a few weeks or a few short months. It simply boils down to evaluating each other's character and business.
Copyright © 2005 by Habiba Abubakar and Emprez. All rights reserved.
Note: You are welcome to republish this article as long as the resource box at the end is included fully and unaltered.
Joint venture specialist Habiba Abubakar, a.k.a. The Profit Diva, specializes in helping small business owners who are struggling to increase their client base and are tired of earning mediocre profits. To sign up for your FREE copy of her revealing Mini eCourse, "The Easiest Way To Skyrocket Your Profits In 90 Days Or Less," and to receive other FREE marketing resources, visit http://www.profitdiva.com
 Google News Updated : Mon, 06 Oct 2008 14:48:34 GMT Obama accuses McCain of looking for distractions - CNN
CNN - (CNN) -- Sen. Barack Obama on Sunday charged that Sen. John McCain's campaign is launching "Swift boat-style attacks" on him instead of addressing the country's problems. Health Care: Coverage -- But at What Price? Health Care Destruction Publ.Date : Sun, 05 Oct 2008 19:30:50 GMT Ask.com Sails into Semantic Search to Differentiate from Google - eWeek
eWeek - By Clint Boulton Ask.com's search engine market share is minimal at best, but the company keeps on plugging away in application development to keep from being extinguished by Google, Yahoo and Microsoft. Ask.com Amps Up Search Again Ask.com, now with more answers Publ.Date : Mon, 06 Oct 2008 13:04:07 GMT Postseason ace Beckett shelled as Angels win 5-4 - The Associated Press
The Associated Press - BOSTON (AP) - Josh Beckett waited four extra days for a chance to show his postseason brilliance. That shine wore off with his very first pitch. Video: Angels, White Sox Each Force a Game 4 Red Sox's injuries could prove costly vs. Angels Publ.Date : Mon, 06 Oct 2008 14:11:21 GMT Mammals facing extinction threat - BBC News
BBC News - By Richard Black At least 25% of the world's mammal species are at risk of extinction, according to the first assessment of their status for a decade. Many, many mammals face extinction One Quarter of World's Mammals Face Extinction Publ.Date : Mon, 06 Oct 2008 12:37:47 GMT For Some Animals, There's No Place at Home - U.S. News & World Report
U.S. News & World Report - By Amanda Gardner MONDAY, Oct. 6 (HealthDay News) -- Exposing your children to the joys of pet ownership may, in some cases, also mean exposing them to infections and injuries. Keep Kids From Exotic Animals, Docs Say Doctors: No hamsters or exotic pets for young kids Publ.Date : Mon, 06 Oct 2008 13:06:44 GMT PGA -- 2008 Turning Point Championship Recap - Pro Fantasy Sports
Pro Fantasy Sports - Hello in the second of the “Fall Finish” series, a unknown rookie birdied the 72 nd hole to earn a hefty paycheck and a spot on the PGA tour for the next two years. Johnson earns first win at Turning Stone Rookie posts first victory Publ.Date : Mon, 06 Oct 2008 14:07:14 GMT Angelina Jolie Debuts New Movie and New Ink - Actress Archives
Actress Archives - Angelina Jolie and Brad Pitt recently attended the movie premiere for Jolie’s new film “The Changeling” directed by Clint Eastwood, and the film wasn’t the only thing on display. Video: Angelina Jolie and Brad Pitt at Premiere Angelina Jolie’s New Tattoo Publ.Date : Mon, 06 Oct 2008 14:09:31 GMT Display RSS Feeds on Your Website |
PARLOT::Ebooks, Scripts,
Websites, and more... Don't want your direct mail to end up in the... Read More If you are not using flyers in your business you... Read More Doing a current customer breakdown can help you find the... Read More Will postcards be an advantage for you?The latest craze these... Read More "Make money for taking surveys"," Cash for your opinion", "Make... Read More As a small business owner, you must always explore creative... Read More If an alien civilization from Mars was planning a friendly... Read More Every business - particularly small, entrepreneurial or professional businesses -... Read More There are many ways to reach out and find the... Read More "Traction. Articulation. Ground Clearance. Maneuverability. Water Fording. We've put your... Read More Many of the business owners I speak with are looking... Read More Life provides your business with enough opportunities for failure. Don't... Read More You've enlisted some of the traditional marketing methods to sell... Read More When you hear the word "marketing" what comes to mind?... Read More It has become fairly common place to see Id badges... Read More Candy, squeeze balls, pens, and key chains -- these provide... Read More In my e-book "Articles That Sell", I've shared the secret... Read More What is Upselling?It means pre-selling any additional features of your... Read More A lot of advertising and mailings promise to reveal the... Read More One of the biggest mistakes we could make as business... Read More As a small business owner, you are grateful for all... Read More Every business and professional practice MUST be in the public... Read More Change is good, right? Not always. But when is it... Read More For years now we have been inundated with offers of... Read More Grant Businesses have a love-hate relationship with the Yellow Page... Read More
Adsense
websites
10 Elements Every Direct Mail Piece Should Have
Using Flyers In Your Business
Find the Goldmine Within Your Business
Postcard Mania
Market Research ? How Good is the Data?
Getting the Maximum Marketing Mileage Out of Your Nametag
Why Great Companies Survey: Martian Logic!
Top 10 Dos and Donts for an Effective Business Referral Network!
5 Great Ways to Reach Your Target Market
Is Your 4X4 Trail Rated?
Getting New Clients - When Only a Few is More Than Enough
Beware: Marketing Sinkholes Ahead!
Creative Marketing: Just Your Style
Marketing 101: The Power of Marketing
Promotional Lanyards to Market Your Products and Services
The Magic of Using Booklets for Tradeshow Giveaways
Peddling Your Own Wagon Through Local Exposure
Web Site Marketing: 10 Little Known Upsell Strategies That Will Magnify Your Profits
The Secrets of?
Keep Costs Down and Keep the Marketing Strategy Simple
Are You Losing Business?
The Top 10 Ways to Market your Business or Professional Practice Without Advertising
Does Your Marketing Plan Need Changing?
Has the Free Report Had Its Day?
Do Not Consider Running the Same Yellow Page Ad until You Read This
Affordable and Reliable Web Hosting Starting at $4.49/Month
A Complaint? It?s a Compliment! - 7 Tips for Dealing with Complaints at Trade Shows
A Complaint? It's a Compliment!What made you mad last week?In... Read More
Mortgage Marketing - How to Earn More Business From Realtors®
Is your marketing strategy getting the results you desire?Mailing postcards,... Read More
A Business In One Sentence
Marketing expert and author, Geoffrey Moore, has a useful fill-in-the-blank... Read More
Motivate Your Market Force
IntroWant me to tell you something on how you can... Read More
Mortgage Broker Marketing - Sell Problems, Not Solutions
Are your marketing messages to Realtors® guilty of these promises?-... Read More
Do You Know Where Your Email Address is Today?
Having people go to your website is not always easy:... Read More
These Four Things Will Make Your Direct Marketing Successful
Direct marketing is built on four things. The other way... Read More
Business Cards that Make Them CALL
How would you use business cards for gift certificates?I asked... Read More
How to Get a 100% Return on Your Marketing Investment Guaranteed!
One of the most effective ways to market your products/services... Read More
Doing it with Class!
Doctors do it, hair dressers do it, and salespeople can... Read More
Service Marketers; How?s Your Packaging?
When a shopper picks up a product in a store,... Read More
Earning the Right To Sell With Stats ? 10 Steps to Greatness
We could learn a thing or two from pro sports.Baseball... Read More
Lead Generation: What Is It worth?
Our business environment has changed dramatically. Companies must now be... Read More
CD ROM Business Cards - Offline Marketing For Online Promotion
It's a great concept, - and it has a 'cool... Read More
Measuring the Return on Your Direct Mail Investment
In direct mail lore, there's a rule stating that you... Read More
7 Ways to Evaluate Your Marketing Plan
Business owners often find it difficult to know whether their... Read More
Renting Your Mailing Lists to Others
RESOLVING THE "PROPRIETARY" DILEMMA... SHOULD YOU RENT YOUR OWN MAILING... Read More
Census Data Mapping for Small Business
When studying the demographics of an area for a business... Read More
Cook Up Something Special: How To Create A WOW Experience For Your Clients
My niece recently graduated from high school, and my family... Read More
Are Your Prospects Walking Out on You?
After 11 years in sales, I've put together and delivered... Read More
Marketing Strategy and Template for Independent Professionals
Having a marketing strategy and marketing approach is very important.... Read More
Twelve Places to Buy a Mailing List
©2004 Jeffrey DobkinThere are two types of lists, determined by... Read More
How to Critique Your Own Yellow Page Ad
Forget what you know about your business Your goal is... Read More
Website Promotion Strategies For Targeted Web Site Traffic
If you're looking to drive more targeted traffic to your... Read More
Mailing Lists ? Keeping it Simple
The right direct mailing list targets people who want your... Read More
Marketing |