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Archive for the ‘Joint Venture’ Category

Mike Litman had a vision, but felt that he didn’t have anything of interest to offer his audience.  So he turned on his creativity and came up with the idea to borrow the expertise and credibility of notable millionaires.  He commissioned experts on money making for interviews, asked them how they got started and what they did to realize success, and then offered their stories on a teleseminar.  Eventually, those stories made their ways into his book, Conversations with Millionaires.

The teleseminars did well, but the book did even better.  Mike was successful because he crafted the idea that he could deliver the big names and the success stories that people wanted, even if that success wasn’t his.

I’m sure you would be happy to field that type of success with a teleseminar (and its resulting media), but you might wonder how you can possibly get your hands on the big names necessary for enticing prospects to sign on for your teleseminar.

Here are some points to keep in mind when pursuing that expert:

• Don’t be intimidated. You might be surprised at the level of expert who will agree to speak on your teleseminar.  It helps to remember that you have something they want.  They want exposure, and are often willing to use any type of available media.  Remember, more exposure means more sales for their current book, movie, or product.

• Use the expert to build your list. When you use the name of an expert in your teleseminar topic, you will likely attract a larger audience than you would have without that name.  Once a participant signs onto your “expert” teleseminar, you then have the right to contact that person for participation in future teleseminars of yours.  That’s called list building!  For this reason, it’s important for you to host and take sign-ups for the initial “expert” teleseminar.  That way, folks understand that they’re prospects, or clients, of yours.

• Don’t expect to pay the expert. A well-grounded expert will understand the value of the exposure that you are willing to give.  He or she will recognize that they can build their own list from your veteran teleseminar participants.

• Put limits on promotion. Come to an agreement with your expert about the balance of content and promotion.  Your participants will be disappointed if the entire teleseminar is spent listening to the expert tout his or her new product.

• Think about the future. Talk to the expert before the teleseminar about content rights for the future.  Both of you should agree (in writing) that recordings can be used for the future.  That way, you will be promoted to the experts’ audience, and you can use the recordings to generate more revenue for yourself in the future.

The expert whom you solicit to participate doesn’t have to be world-renowned.  He or she simply has to bear a name that will bring more people to your database.  But remember, you will be borrowing their credibility, so make sure that they have some to give.

Often times, you have to look outside of your own restraints to build your business.  And many successes have done that with the help of already-established names.

Human psychology dictates that we look to authority for answers.  We know that listening to experts gives us distinct advantages:  we save time, grief, and we gather more intelligence more quickly.  Provide your audience with those advantages, and they will give you the teleseminar dial-ins that you desire.

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

Lists are a big part of marketing a product or event. Your list consists of everyone with whom you have marketing contact, either in the form of mailing addresses, phone numbers or email addresses. If you have a limited list, you have only a small pool of ready marketing contacts. However, you can still plan a successful event without a big list by partnering with people who have good lists.

Find a Joint Venture Partner with a List
If you don’t have a big list, you don’t have to avoid planning an event or selling a product; you just have to get creative about how to do it. For example, if you’re planning an event but you don’t have a list, partner with someone who does have a list and who can help promote your event. You might ask someone with a good marketing list to speak at your event, in which case your guest speaker will promote the event to their list.

Select Someone Whose Audience is Complementary
One of the best ways to promote an event with someone else’s list is to select a partner whose audience is complementary with yours; not necessarily in competition. A competitor probably won’t want to share his audience with you, because then there’d be nothing to prevent you from swooping in and taking the audience away. However, a complimentary business owner might be happy to cross-promote your event to his audience, because it is another way for him to provide value to his audience, and he may find it to be a money-making opportunity.

For example, if you’re planning an event on teaching businesses how to effectively utilize the Web for marketing, you probably won’t want to partner with a competitor who offers the same information to clients. Instead, you might want to partner with a more traditional marketing firm, who can then offer your Web-specific information and services to their clients. Or if you make and sell artist’s painting supplies, you might want to partner with someone who sells canvases; not someone else who makes or sells supplies. Think about who might have complimentary lists, and contact them about partnering in your event.

Be Clear about Terms
If you do bring on a partner to help with list marketing, be clear about the terms of your agreement up front. You’ll need to negotiate commissions and percentages on your joint venture. Have a proposal ready when you begin your discussions with potential partners, and know how much you’re willing to negotiate. If you’re not clear enough up front, you may find that you miss out on an opportunity to build your own list, maximize your income from your event or find yourself in the middle of a disagreement with your new partner. Know how much you and your event are worth, and make sure your new partner can respect that!

Even if you don’t have a big list yourself, partnering with the right person can give you plenty of instant contacts, and help you build a list of your own. Don’t let a lack of a list hamper your marketing efforts. Find a good partner with a good list, or even multiple partners, and move forward to make your event a success!

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

When you’re planning an event, you can select from many different revenue strategies to monetize your event and position it in your overall marketing plan. One successful marketing strategy is to create an “Assembly of Masters” event. This type of event provides many positive benefits for you as the organizer, including building credibility and providing an excellent revenue stream.

What is an “Assembly of Masters” Event?
An “Assembly of Masters” event is when you create an event that showcases several masters in your niche. Each of these masters may provide keynote speeches, run mini-conferences or sessions, or use the venue to otherwise market their products. An “Assembly of Masters” event is a great draw to an audience, because so much talent is gathered together at one event. It can also provide a great way for you to position yourself in your niche, set up a lucrative revenue stream, and build credibility through association.

Build Credibility through Association
When you host an “Assembly of Masters” event, you become associated with those masters in the minds of your attendees. By hosting such an event, you put yourself on an equal footing with these professionals in the field. If you choose to host your own events in the future, you have automatic credibility as an associate of these “masters” with your target audience. You also gain credibility as an organizer and as someone who creates a valuable event by bringing together so many knowledgeable professionals for your attendees.

Create a Revenue Stream
Holding an “Assembly of Masters” event is a great way to create a revenue stream using several different techniques. First, the event itself generates revenue. An Assembly of Masters is a great draw for an audience interested in a specific niche, and you can charge more for this type of event than for an event that might feature only one or a few speakers.

Second, you can arrange a revenue split with the masters for any products they sell during the event. Most masters will use an event like this as an opportunity to market their own products or services. Even a small revenue split gives you an additional revenue stream, with virtually no work on your part.

Marketing and List-Building Benefits
When you hold an Assembly of Masters event, you have an automatic, built-in marketing platform. The masters themselves promote these events to their lists. Even if your own list is small, the masters will promote themselves to their lists, which drastically increases your potential audience. You can use these events to build your own lists quickly, and then promote yourself later to a receptive list of qualified leads.

If you’ve decided to host an event but haven’t yet determined how it will fit into your overall marketing strategy or how you’ll generate revenue, consider an assembly of masters event. This event is a great way for you to establish yourself in your field on an equal-footing with these masters, and go on to host your own successful events marketing and selling your own products. These events come with a built-in audience and list-building benefits, and provide a great revenue stream for new event organizers.

Bernadette Doyle created Client Magnets Ltd to help self-employed people solve one of their biggest business problems: attract a steady stream of clients. If you’d like to receive invaluable tips and advice on how to attract clients with ease, register at http://www.clientmagnets.com

You’ve chosen your potential joint venture partners. You’ve sent them a compelling email that gives them all the information and creates lots of excitement about your promotion. Now you’re waiting for the positive responses to come in.

But what if they don’t?

There will be people who say no, who aren’t interested in the partnership. There may also be some who don’t respond at all – maybe they didn’t receive the email.

Don’t be discouraged. They aren’t necessarily lost causes.

If someone says no, or doesn’t respond, try to maintain the personal connection you established in the email. Phone them and say what you put in your email.

During the call, outline your idea. If they express interest, get into the details of how the promotion works. And then just ask them, “Are you onboard?”

Don’t assume the answer is negative if you don’t get a response. You’ve got to follow up. This is your business. This is you thinking big and wanting to partner with big players. So you’ve got to act big to do that, and you’ve got to take what you’re doing really seriously.

There are also times when a little creativity might help. For example, you may work in an industry where there aren’t many potential partners, and those you would like to approach are really “big fish” who might be too busy to work with you. Sending an email probably won’t make much of an impression on them. So be creative about how you get their attention.

You could mail them something catchy. I’ve seen people mail things like fake money or fake checks with a note saying, “This is play money but I’m hoping to send you real money soon. All the details are inside.” Wrap it up in a box so it stands out from the other mail and gets noticed.

I don’t recommend sending an actual product without permission. Some people get totally bombarded with products that they haven’t asked for and that take up space in the office. You don’t want to do something that will be a nuisance to them.

Also, some people may want to view your product before they endorse it. But do ask permission. Don’t just send it to them unannounced.

Unfortunately, you are going to get some no’s. Not everyone you contact will say yes. But don’t get discouraged. Just keep going and don’t give up.

Expect that some people will say no.  Aim for more partners than you think you’ll need. Update and add to your jv list constantly in order to be sure you’ll have enough joint venture partners on board.

Once you get the ball rolling the excitement will really begin. The promotion and partnership will build momentum.  And it will become a self-fulfilling energy that will keep you inspired to continue with future partnerships.

Bernadette Doyle is a small business marketing expert. Get more tips and advice at http://www.clientmagnets.com

Where do the people in your target market hang out? That’s a question you’ll want to answer in order to grow your business quickly. Online or offline, people with similar buying habits tend to read, join and discuss in the same places. By doing some research, and creating a list of established points of connection, you can affordably reach more people in your target audience.

Where Do Your Target Prospects Flock Together?
The old saying about “birds of a feather” really applies when it comes to people likely to buy your product. They probably read the same publications, hang out on the same websites and belong to the same associations. What’s more, they’re likely hanging out together in significant numbers.

This is where good research pays off. Once you learn where your target prospects congregate, you can find ways to leverage relationships other people have with them.

For example, if they’ve paid to subscribe to a magazine, there’s a relationship established with that publication. Someone else might already be selling their products regularly to the same group of people.  Many members of your target audience may also belong to the same trade associations.

The point is, any way you might be able to connect with your audience through an existing connection should be added to your list. Media contacts, possible joint venture partners, associations, and online discussion groups are all valuable assets to be leveraged while growing your list.

If this sounds like a lot of legwork, there’s some good news. Once you begin to find these places where your target audience congregates, a snowball effect will kick in. You’ll talk to one or two people, and then learn of more and more connections. Rather than painstakingly tracking down each place, your new prospects will begin to show them to you.

Find common connections between the people in a specific market. Look for books and publications which give lists of trade magazines or associations.

Ways to Reach Your Market
Remember, the key is to gather information on your list that allows you to reach your market. That means not starting from scratch trying to sell to your audience if there’s another way in.

You might choose to advertise in that magazine your target audience likes to read, or submit some editorials. As you research your list make notes about who accepts advertising, articles or editorials.

A joint venture with a company already selling products to your intended market is another good way to break in. Look online at companies you might once have considered your competitors. If your products complement theirs, a joint venture could benefit you both.

Another possibility is to offer to give talks to the groups you find your market tends to join. Keep notes on who needs guest speakers, how often they meet and whether you can sell from the back of the room.

Again, all this will take some research on your part. Even if someone else could tell you exactly where members of your target audience hang out, they don’t know your product like you do, so do your own homework.

A final tip about reaching your audience: don’t waste your money trying to reach your market through large publications. The expense to advertise in national, regional or even large local publications is enormous, and you’ll be paying for circulation beyond your audience. Target niche magazines and newsletters, instead; your return will be much more profitable.

Devote some time to researching where your target market hangs out and keep your eyes open for opportunities to leverage existing relationships. Expanding your list of marketing prospects will become much easier once you multiply your impact through these avenues.

Are you under the impression that other business owners who offer something similar to what you offer are your competitors? Do you think these people won’t promote you because they see you as a competitor?

This is a common belief among many small business owners – and it’s a big mistake. Don’t view these other business owners as competitors. Consider them as potential joint venture partners.

Joint venture partnerships with businesses that complement yours are a prime source for you to find new traffic and generate quality leads.

It is so beneficial to your company to find other businesses that have lists of prospects similar to those you are targeting, and to approach them about a joint venture.

This is how the people who are in mastermind groups think. This is why they are so successful. They have this abundance mentality – meaning that they believe there is more than enough business for everybody. These mastermind types are always looking for other things to offer to their list.

They know that there is always going to be that group of hyper-responsives – the people whose desire to buy is greater than your ability to keep up with them. If you are not putting offers in front of them, they’ll take that desire to buy somewhere else. You risk losing them as customers if you don’t continue to offer them opportunities to buy from you.

That’s one of the reasons that, in addition to promoting my own offerings, I’ll often do reciprocal joint ventures with people who promote me. When I plan a teleseminar, I create a list of all the people I think could promote my call and invite them via email to participate.

At the end of the call, I always offer something for sale, and the people who helped promote the teleseminar receive a percentage of what I make from those sales. This is a model that works really well.

And the leads you will get from these sources are quality leads. One of the most important things about lead generation isn’t only the quantity, but also the quality. What percentage of those leads turn into actual customers? How much are they going to spend with you over the next 12 months? You stand a better chance of getting quality leads by reaching out to the clients of people who are doing things similar to what you are doing.

An added upside to joint ventures is that you only pay your joint venture partners when you make a sale. You don’t invest any money up front, which is especially helpful if you’re just starting out.

When you develop this mastermind way of thinking, it will give you the opportunity for the exponential growth that you may have been unable to achieve on your own.

As a small businesses owner, you may once have thought that talking to your perceived competitors was the last thing you should do. You need to change your mindset about that. Together, you can accomplish so much more than either one of you could possibly do on your own.

Bernadette Doyle is a small business marketing expert. Get more tips and advice at http://www.clientmagnets.com