Joint ventures can turn your competition into your companion!
What are they and are they profitable?
You can benefit greatly from sharing the costs of your advertising and promotional campaigns, while doubling the size of your target market.
How can that be so? It’s simple! just look at it like this, you are in the coffee business, you have identified your major competitor, he/she is currently servicing a good portion of the customers you wish to attract. This competitor has been servicing these clients for many years and has built up a strong following. Do you think it would be easy for you to “take these clients away” from their trusted provider? Of course not.
What if you offered to give your competitor free access to your client base? Do you think he/she would like that? Or if your competitor offered to do the same for you, would you like that?
YES, YES, YES!
A joint venture is simply offering to promote your fellow business persons product or service to your client base and in return they do the same for you.
You can use tracking URLs to determine what sales are made and then split the profits or commissions in whatever way you both agree to.
Another advantage is that if you sell to one of your fellow business persons clients you will be able to add them to your mailing list. We all know how valuable that can be.
So next time you see a competitor, STOP and think of a way you can make him or her into your companion in success!
I sincerely wish you good luck and happiness
Bill Boyd