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We can learn a LOT from how Starbucks does business… Imagine another Entrepreneur spending their money to acquire customers for you?

Now imagine making money without needing to create a product/service or handle customer support?

Sounds exciting right?

Welcome to the world of joint venture marketing.

Joint ventures happen in one of two ways, either:

  1. You are the beneficiary of a product endorsement (in other words, somebody else endorses your products/services), or
  2. You are the host and leverage your existing database of prospects and/or customers to promote a complimentary product or service that will enhance, improve, or expand upon the benefits that your customers and prospects want from you.

With joint ventures, you can either be the host or the beneficiary.

Joint ventures are one of the core tools at the disposal of Strategic Entrepreneurs™, and a significant component of The Predictable Profits Strategy™ for growing a business.

Joint ventures are one of the quickest and easiest
ways to increase a company’s bottom-line profits!

Take a look around, and you’ll see joint venture opportunities all around you…

When was the last time you walked into Barnes and Noble? Starbucks leveraged a joint venture with this mega-bookstore to provide coffee to patrons looking for a comfortable reading environment. Both Starbucks and Barnes & Noble benefit.

While I was at the American Airlines Admiral’s Club in Boston, I noticed that HP created a joint venture with the Admiral’s club to provide computers and encourage sales to their business flyers.

Have you noticed a bank at your local grocery store? That’s a joint venture too.

Heck, even Taco Bell formed a joint venture with Frito-Lay. Now instead of Taco Bell selling a no-name taco shell, they are offering a special Doritos® Taco shell. Frito-Lay benefits from the additional exposure and sales, while Taco bell leverages the Doritos brand name so their customers know what to expect.

One of my private clients better than tripled his business just by leveraging joint ventures to promote his product. We created the marketing materials for the hosts, they used that material to send to their database of clients and prospects, my client paid the joint venture partner a percentage of all sales generated, and each business (host and beneficiary) profited immensely as a result.

The first step in identifying a joint venture is knowing what questions to ask. They are:

  • Who has my clients?
  • What product/service do I want to sell?
  • What else can I offer?

Once you answer that, you then determine the compensation structure, and how much (if any) marketing support you want to provide (if you’re beneficiary) or need (if you’re the host promoting another businesses product/service).

What are some other examples of joint ventures that you know of? Can you see its potential?

what now?

Continue reading for more resourceful information.

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