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Other Added - Five Most Common Mistaken Beliefs About Joint Venture Marketing
A recent conversation with a former client made me realize there is a major disconnect in the world of small business.Here's what happened...While enjoying my decaf vanilla soy latte one afternoon with Jane (not her real name), she shared her excitement over her newly designed brand and how effortless it is to talk about her business, get the attention of more qualified prospects, and begin to fill her coaching practice.Of course I sat across from her beaming with pride...she wasn't especially outgoing when we first met making the process of marketing, promoting and
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 resourc
Are you tired of watching other Online Entrepreneurs make the money, while you sit on the sidelines buying their “stuff”?Create a Squeeze Page, Develop some Products, and Market to your own list!Ah, you don’t have a list?There’s the big issue!Let’s begin building your list with a profoundly simple project.Seven Simple Steps To Developing Your Own List (Almost FREE) 1. Sign up with an ezine publisher - I use ezezine.com because it can be free for a while until your list becomes profitable. Be sure you use one with simple code creaters, so you don’t have to
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 resource
Does your marketing strategy market to buyers or researchers? Have you ever asked yourself this question when you begin to choose online mediums? You should. We sometimes give little thought to whether our marketing efforts are attract prospects throughout the buying cycle. If you’re like me, you probably find yourself or your clients spending most of time targeting buyers rather than researchers. This however may not prove to be the most useful strategy when you consider the long-term implications. Yes, adding to the immediate bottom line is important for all of us. But how can one build bra
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 resourc
If you have suffered a setback in your business, it can be tough to get back on the proverbial horse. You may have lost confidence in yourself and your abilities. However, the longer you wait to start working once more, the harder it will be to get going again. The following are some tips to help you overcome a setback.Stay Structured A structured schedule can serve as both a reminder and motivator. As the old saying goes “plan your work and work your plan”.Keep Learning Learning new skills can help motivate you. You may choose to take a class that will further develop skills you already ha
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 resourc
All employers are threatened of being sued at any time for cause or made up claims. Lawyers are indeed the new terrorists of the twenty first century. It is for this reason that all employers have to watch and monitor their workers at all times. This includes testing them to make sure that they are not on drugs. But employers also need to cognizant that if they tell their workers they are doing mandatory drug testing then the workers will feel as if they are being accused and thus feel as if they are not being trusted.But if an employer does not get rid of those workers who may have drugs in their system th
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 resourc
Many construction companies utilized their own equipment in the execution of their contracts. They’ve made a determination that there is sufficient potential utilization that ownership is better than renting for a job for various economic and efficiency reasons. They use the market rental rate or an internally determined rental rate within their bids. Once the job commences, many contractors do not account within their job costing for this equipment. The effect is to overstate profit during the ongoing job review or at the end of the job, since costs within the bid are not considered on the job cost. Thus, the con
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.
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