Apart from being 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 most common mistaken beliefs about joint venture marketing. I’ve picked 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 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 revenue before incurring 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, 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 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 profits with a joint venture partner that sends clients their way.
They don’t realize that joint venturing actually eliminates 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 ad fails.