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 arenít all small business owners implementing joint ventures?
Hereís a partial list of most common mistaken beliefs about joint venture marketing. Iíve 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 Thereís A High Risk Of Losing Money.
If youíre like most small business owners, then fear of losing money is inevitable because youíre probably on a shoestring budget to start with. However, you canít lose money when youíre paying for results only. You only pay out a commission when your joint venture partnersí 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 youíll incur anyway, because youíll need those coupons or vouchers for other marketing tactics. So, belief that thereís a high risk of losing money is misplaced.
Mistaken Belief #2: That Youíll 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, youíre shortening their decision-making process by saving them time theyíll otherwise spend on finding and trying out those products and services. Secondly, by arranging exclusive discounts and bonuses, youíre saving them money. By saving them time and money, youíre 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 donít 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, youíll lose money if ad fails.