Wednesday, July 28, 2010
Get out of your way!
If you want to achieve extraordinary results, dare to make choices based on what it is you TRULY want, not what you think you can have. You’re limiting yourself by charging what you think people can pay, not what you’re worth, or compromising on what you want from a relationship based on what you think the other person can give you. It’s not about THEM---it’s all about YOU. Decide what it is you want to create in your life ---without even full knowing the HOW---and then learn to step aside and let it happen. Do you deserve it? Absolutely YES! Will people be there to support you? Absolutely YES! Will the “how” to do something be revealed? Absolutely YES!
Saturday, July 10, 2010
Strategies For Becoming a Customer Magnet
You’ve gone to great lengths to produce your products and services so how come they’re not flying out the door? The saying “if you build it they will come” may apply to dreamy baseball fields but you may want to take a different approach when it comes to being a customer magnet otherwise you’ll spend way too much time selling your product. Yes, it’s possible to become a “Master Manifestor” when it comes to customers AND it also helps to position yourself with proper marketing strategies in place. You’re have a more enjoyable experience if the focus is not just to sell products but to engage your prospects. Here are some action steps you can take that will help attract your most perfect customers.
1. Know who your customers are. You want to be crystal clear when it comes to the knowing the demographic and psychographic profile or your ideal customer otherwise it will always fell like hit or miss with your sales and marketing efforts. You not only want to know their age, sex and ethnic makeup but it helps to know their goals, aspirations and what their lives are like in general. If you sense your market is too broad, then focus on a smaller segment for awhile. The more you know about them and can authentically relate, the more they’ll flock to you because –guess what – you “get them”.
2.Go where your customers go. Get as close to your ideal customer as possible by being online if they’re online, attending the same events or participating in the same community activities they do. In a NON-STALKING WAY of course, become interested in whatever is near and dear to their heart so you can relate to them on many different levels. This strategy can be applied individually OR it can be scaled to reach the masses.
3. Create a memorable experience for your customers. Several years ago I had the opportunity to be mentored by Nick Graham whom most know as “Joe Boxer”. Nick built the wildly successful Joe Boxer brand before selling it to KMart for many millions of dollars back in 1997. His company became a household name not because of a lot of paid advertising (he would proudly tell me) but because of memorable marketing strategies that were remembered. His mantra was “your brand is the amusement park and your product is the souvenir.” What can you do that will create a memorable experience for your prospects and customers? More importantly, how do you make them feel?
4. Engage your customers in ways that will inspire them to come back to you. What is the “glue” that will keep your customers inspired and stay connected to you. A membership, a rewards program, interacting in a community, loyalty, gifts, bonuses, etc.
1. Know who your customers are. You want to be crystal clear when it comes to the knowing the demographic and psychographic profile or your ideal customer otherwise it will always fell like hit or miss with your sales and marketing efforts. You not only want to know their age, sex and ethnic makeup but it helps to know their goals, aspirations and what their lives are like in general. If you sense your market is too broad, then focus on a smaller segment for awhile. The more you know about them and can authentically relate, the more they’ll flock to you because –guess what – you “get them”.
2.Go where your customers go. Get as close to your ideal customer as possible by being online if they’re online, attending the same events or participating in the same community activities they do. In a NON-STALKING WAY of course, become interested in whatever is near and dear to their heart so you can relate to them on many different levels. This strategy can be applied individually OR it can be scaled to reach the masses.
3. Create a memorable experience for your customers. Several years ago I had the opportunity to be mentored by Nick Graham whom most know as “Joe Boxer”. Nick built the wildly successful Joe Boxer brand before selling it to KMart for many millions of dollars back in 1997. His company became a household name not because of a lot of paid advertising (he would proudly tell me) but because of memorable marketing strategies that were remembered. His mantra was “your brand is the amusement park and your product is the souvenir.” What can you do that will create a memorable experience for your prospects and customers? More importantly, how do you make them feel?
4. Engage your customers in ways that will inspire them to come back to you. What is the “glue” that will keep your customers inspired and stay connected to you. A membership, a rewards program, interacting in a community, loyalty, gifts, bonuses, etc.
Wednesday, June 30, 2010
Conducting Simple Market Research Saves Time And Money
Stepping into product creation and production is the goal of many entrepreneurs. When you have an idea, the next natural impulse is to turn the idea into form but there are several other stages of the process you may want to go through first before you invest too much time and resources into actually producing the product. Without some testing and market research, you may find yourself continually going back to the drawing board to make a product that will actually sell. You may not have the resources available to conduct more thorough research but here are a few testing strategies you can use to get market validation for your product or service whether you’ve invented a widget or you’re a consultant with a process to offer. When you’ve gotten a YES in these areas, then you’ll know it’s time to proceed to the next step.
1. Talk to your customers AND end users. These two groups are not the same and usually represent the retail buyer and their customer or your distributor and the person who buys from them. For instance, you may interview Home Depot customers who would buy your product if it was available but if the store’s buyer doesn’t get it, he won’t place an order from you. This also applies to online marketing when you’re working with affiliates. You want buy-in from BOTH groups.
2. Know where your product will sell first. Your product may look different on a store shelf, selling online, selling in Costco or bundled with another product. Discover which distribution channel will be most lucrative for you first and then make a product that will suit that channel. I knew someone that invested his first round of capital developing a product for Lowe’s Home Improvement only to find that the packaging was totally inappropriate and the buyers weren’t interested in carrying the product but he hadn’t taken the time to discuss it with them. It would have been better suited as a direct response product and sold via infomercial to start.
3. Test your price points. Karen Neuberger makes a famous line of loungewear for women. Her primary market is high-end Nordstrom’s but her outfits also sell in lower-end Marshalls stores. Even though the products may look very similar, there are very distinct quality differences between the two. The quality of the product made is a reflection of the price point that is most suitable for that particular market.
4. Pre-sell whenever possible. There is nothing that provides validation as much as early traction—knowing there are people willing to pay for your product. You can pre-sell by selling small orders or pre-sell the idea and then make the product later.
5. Be sure you can fulfill orders in a reasonable time and with minimum cost . You may have a great idea but the costs related to getting the product to the customer are greater then any demand would be so it may not make sense to even produce or promise the product. This is also true of a service when your time is involved. Regardless, make sure you know you can deliver on your promise before you commit to producing your product. For instance, think of the logistics and resources involved for FedEx or Super Shuttle Transportation to deliver on their brand promises of rapid transportation. A dentist who promises rapid response for walk-ins and then is faced with 500 new patients walking through the door will need to rethink his/her fulfillment and distribution model.
To schedule your complimentary “Passion To Prosperity Strategy Session”, contact Maria Simone by sending an email to admin@passion2prosperity.com. You may reprint this article in its entirety with author's contact and bio information.
1. Talk to your customers AND end users. These two groups are not the same and usually represent the retail buyer and their customer or your distributor and the person who buys from them. For instance, you may interview Home Depot customers who would buy your product if it was available but if the store’s buyer doesn’t get it, he won’t place an order from you. This also applies to online marketing when you’re working with affiliates. You want buy-in from BOTH groups.
2. Know where your product will sell first. Your product may look different on a store shelf, selling online, selling in Costco or bundled with another product. Discover which distribution channel will be most lucrative for you first and then make a product that will suit that channel. I knew someone that invested his first round of capital developing a product for Lowe’s Home Improvement only to find that the packaging was totally inappropriate and the buyers weren’t interested in carrying the product but he hadn’t taken the time to discuss it with them. It would have been better suited as a direct response product and sold via infomercial to start.
3. Test your price points. Karen Neuberger makes a famous line of loungewear for women. Her primary market is high-end Nordstrom’s but her outfits also sell in lower-end Marshalls stores. Even though the products may look very similar, there are very distinct quality differences between the two. The quality of the product made is a reflection of the price point that is most suitable for that particular market.
4. Pre-sell whenever possible. There is nothing that provides validation as much as early traction—knowing there are people willing to pay for your product. You can pre-sell by selling small orders or pre-sell the idea and then make the product later.
5. Be sure you can fulfill orders in a reasonable time and with minimum cost . You may have a great idea but the costs related to getting the product to the customer are greater then any demand would be so it may not make sense to even produce or promise the product. This is also true of a service when your time is involved. Regardless, make sure you know you can deliver on your promise before you commit to producing your product. For instance, think of the logistics and resources involved for FedEx or Super Shuttle Transportation to deliver on their brand promises of rapid transportation. A dentist who promises rapid response for walk-ins and then is faced with 500 new patients walking through the door will need to rethink his/her fulfillment and distribution model.
To schedule your complimentary “Passion To Prosperity Strategy Session”, contact Maria Simone by sending an email to admin@passion2prosperity.com. You may reprint this article in its entirety with author's contact and bio information.
Friday, June 11, 2010
Prospering With Systems In Your Business
Your business infrastructure is the series of systems, strategies, processes, and automated activities that correctly combined will allow any small business to safely grow to a 6, 7 or even an 8 figure business. Your business infrastructure is not unlike your body’s skeleton. Without your skeleton (I’ll keep this G-rated), things would get pretty messy and we wouldn’t have the ability to be very mobile let alone GROW. As they say in pop culture, you’d be a “hot mess” without it. Solopreneurs and small businesses experience this all too often when they wear too many hats and literally become the bottleneck of their business. Even with the realization they’re severely limiting their growth, it may seem difficult to break out of this exhausting cycle. Here are some action steps you can take to create more structure, experience more freedom and experience more prosperity in your business.
1. Remember it’s a BUSINESS not a BAKE SALE. You want your business to take on an energetic life of its own and that will only happen if you allow it to develop its own culture and brand that’s independent of you so it has the chance to be a formidable entity that serves the greater good. The objective is to lead the process responsibly, not treat it like a part time hobby, take anything too personally or be too controlling with it.
2.Define what the most productive activities are in your business. These would typically be specific revenue generating activities OR if you’re in start-up mode, raising capital. Start doing more of THOSE and less of the busy work
3.Define and document all pertinent tasks in your business. If you’re the ”chief, cook and bottle washer”, it’s going to be difficult to delegate unless you’ve taken some time to document all that you do so that others can follow in your footsteps.
4.Automate your customer service and marketing activities. If you’re going to invest time and money attracting new customers, the last thing you want to do is ignore them after the sale. Consider using an automated marketing tool that will manage your customer intake, product sales, track referrals, and will send preprogrammed reminder and marketing messages to continually engage prospects and customers. I’ve been using http://www.prosperitycart.com/ for several years in multiple businesses and it has been responsible for bringing in more revenue then any other tool in my business.
5.Avoid doing an activity more than once. If you have activities that must be carried out repetitively and are not the best use of your time, then make plans to automate, delegate or package them in a way so you no longer have to spend time doing it.
6.Create timelines and schedules that have beginnings and endings. Structure your days so that you’re working on manageable tasks, stick to realistic timelines, and create ways to measure completions for yourself and your team.
7.Institute basic Quality Control standards. How do you measure if something is working or acceptable in your business? Especially with regards to safety, training, productivity, profitability or customer satisfaction.
In my 30 Day Revenue Makeover Program (http://30dayrevenue.com), you’re guided through a series of strategies similar to these that help you create a more solid infrastructure in your business and thus improving your revenue potential. You may reprint this article in its entirety with author's contact and bio information.
1. Remember it’s a BUSINESS not a BAKE SALE. You want your business to take on an energetic life of its own and that will only happen if you allow it to develop its own culture and brand that’s independent of you so it has the chance to be a formidable entity that serves the greater good. The objective is to lead the process responsibly, not treat it like a part time hobby, take anything too personally or be too controlling with it.
2.Define what the most productive activities are in your business. These would typically be specific revenue generating activities OR if you’re in start-up mode, raising capital. Start doing more of THOSE and less of the busy work
3.Define and document all pertinent tasks in your business. If you’re the ”chief, cook and bottle washer”, it’s going to be difficult to delegate unless you’ve taken some time to document all that you do so that others can follow in your footsteps.
4.Automate your customer service and marketing activities. If you’re going to invest time and money attracting new customers, the last thing you want to do is ignore them after the sale. Consider using an automated marketing tool that will manage your customer intake, product sales, track referrals, and will send preprogrammed reminder and marketing messages to continually engage prospects and customers. I’ve been using http://www.prosperitycart.com/ for several years in multiple businesses and it has been responsible for bringing in more revenue then any other tool in my business.
5.Avoid doing an activity more than once. If you have activities that must be carried out repetitively and are not the best use of your time, then make plans to automate, delegate or package them in a way so you no longer have to spend time doing it.
6.Create timelines and schedules that have beginnings and endings. Structure your days so that you’re working on manageable tasks, stick to realistic timelines, and create ways to measure completions for yourself and your team.
7.Institute basic Quality Control standards. How do you measure if something is working or acceptable in your business? Especially with regards to safety, training, productivity, profitability or customer satisfaction.
In my 30 Day Revenue Makeover Program (http://30dayrevenue.com), you’re guided through a series of strategies similar to these that help you create a more solid infrastructure in your business and thus improving your revenue potential. You may reprint this article in its entirety with author's contact and bio information.
Friday, May 28, 2010
Is it time for a REVENUE MAKEOVER?-- Here's your sign
The other night I was in stitches watching comedian Bill Engvall perform his wildly popular routine “here’s your sign..” where he points out people who are oblivious to the obvious and then gives them a “sign” as a warning to the rest of us to stay clear. I got to thinking about how as business owners we get so caught up in the “doing” of our business, we may not always see if these activities are in our best interest to be doing, if they’re really helping us achieve the results we desire or if there is an easier and more cost effective way to achieve similar or better results.
I’ve been very busy these past few months strategizing with people who want to move from what they feel is a “stuck” place and into a position of creating true abundance in their business. The place of being in the zone as it relates to revenue, relationships, recognition for your work, happy customers, etc. I use a 4-part process that is guaranteed to get you results and this month I packaged it into a complete system that you can take into your business and in 30 day increments, can completely transform the results you’re getting. The people I’ve been working with have reported that all my strategies have been fairly easy to implement and have produced profound results. They were just so close to their situation, they couldn’t always see what the very best solution for them was. Go to 30 Day Revenue Makeover for pre-launch specials or to download a FREE program overview which will help address some of your most immediate needs.
Wondering if you need a revenue makeover? Here are a few “signs” to look for:
1. Feeling less than passionate about what you’re doing these days and find yourself doing tasks that don’t bring you joy.
2. Too busy trying to stay ahead to focus on long term goals or your vision.
3. Business you were counting on seems to go away very easily.
4. Feeling like you can’t really handle on any new business even though you need the revenue.
5. Don’t have enough resources to accomplish your goals.
6. Revenue coming in the door but there aren’t enough profits going into your
bank account.
7. Having trouble delegating to others so you find yourself doing most of the work.
8. Too much time being spent on busy activities and serving customers and not enough time bringing in new revenue.
9. Constantly having to attract new customers who’ll buy your products and services and it feels like you’re recreating your business each month.
10. Have a great product or service but people don’t seem to get it.
11. Feel like there’s too much competition and no one is buying from you.
12. Can’t seem to attract or retain the right support people who see your vision and are willing to carry it out.
13. Expenses so high you’re not sure if you’re even making a profit.
14. Marketing strategies that used to work don’t seem to have the same effect anymore.
15. Have a negligible budget to invest in any additional advertising or marketing.
Sometimes people think if they just had more money, their problems will be solved but that’s not necessarily the case. You can make some simple changes in how you approach your business, how you approach your customers, streamlining your operations, and zero- cost marketing efforts and this may completely change your revenue landscape without any additional financial investment. So if you feel like YOU could use a revenue makeover, think new strategies and simply go to 30 Day Revenue to make a purchase at the special pre-launch price AND use coupon code 50 off to get an additional $50 off. To discuss next steps to creating spiritually rewarding and financially abundant businesses, email admin@passion2prosperity.com to schedule a private consultation.
I’ve been very busy these past few months strategizing with people who want to move from what they feel is a “stuck” place and into a position of creating true abundance in their business. The place of being in the zone as it relates to revenue, relationships, recognition for your work, happy customers, etc. I use a 4-part process that is guaranteed to get you results and this month I packaged it into a complete system that you can take into your business and in 30 day increments, can completely transform the results you’re getting. The people I’ve been working with have reported that all my strategies have been fairly easy to implement and have produced profound results. They were just so close to their situation, they couldn’t always see what the very best solution for them was. Go to 30 Day Revenue Makeover for pre-launch specials or to download a FREE program overview which will help address some of your most immediate needs.
Wondering if you need a revenue makeover? Here are a few “signs” to look for:
1. Feeling less than passionate about what you’re doing these days and find yourself doing tasks that don’t bring you joy.
2. Too busy trying to stay ahead to focus on long term goals or your vision.
3. Business you were counting on seems to go away very easily.
4. Feeling like you can’t really handle on any new business even though you need the revenue.
5. Don’t have enough resources to accomplish your goals.
6. Revenue coming in the door but there aren’t enough profits going into your
bank account.
7. Having trouble delegating to others so you find yourself doing most of the work.
8. Too much time being spent on busy activities and serving customers and not enough time bringing in new revenue.
9. Constantly having to attract new customers who’ll buy your products and services and it feels like you’re recreating your business each month.
10. Have a great product or service but people don’t seem to get it.
11. Feel like there’s too much competition and no one is buying from you.
12. Can’t seem to attract or retain the right support people who see your vision and are willing to carry it out.
13. Expenses so high you’re not sure if you’re even making a profit.
14. Marketing strategies that used to work don’t seem to have the same effect anymore.
15. Have a negligible budget to invest in any additional advertising or marketing.
Sometimes people think if they just had more money, their problems will be solved but that’s not necessarily the case. You can make some simple changes in how you approach your business, how you approach your customers, streamlining your operations, and zero- cost marketing efforts and this may completely change your revenue landscape without any additional financial investment. So if you feel like YOU could use a revenue makeover, think new strategies and simply go to 30 Day Revenue to make a purchase at the special pre-launch price AND use coupon code 50 off to get an additional $50 off. To discuss next steps to creating spiritually rewarding and financially abundant businesses, email admin@passion2prosperity.com to schedule a private consultation.
Thursday, May 13, 2010
Ways To Build Your Company’s Karma-01K Plan
Years ago I became acutely aware that our actions in the present set the stage for all our future circumstances. Some people know it to be “karma”, or the Universal Law of Cause and Effect. I believe understanding and appreciating this dynamic at play in our lives is at the core of living a conscious, enlightened life. I’ve seen this cause and effect manifest instantly and at other times, it shows up months or years later. But it’s there nonetheless. For instance, someone who is regularly disrespectful to those around him cannot expect to be treated with much respect himself or at least won’t be able to see it even if it is happening to him. The same actions are true with regard to money, love, and success.
With this knowledge, I’ve committed to living more responsibly and impeccably in the present –and to always be in the present – and know that I’m paving the way for a more joyful and abundant future. Especially as it relates to Business. When I’m working with clients, my “secret sauce” is to balance business knowledge with Universal knowledge so that true success can be realized more effortlessly. I’ve watched my clients become magnets for money relationships and resources while having a lot more fun.
There are actions we can all take each day in our business to set the stage for more respect, love, joy and financial abundance to flow into our own lives. For those that have a 401K plan established in their life, you know that it requires small, regularly scheduled contributions to reap the rewards later on. Same with your Karma-01K plan. If you take the time each day to make a deposit into your “Good Karma” account, you’ll have a wonderful cushion of support to fall back on. Unlike your traditional 401K Plan however, you can begin reaping the rewards immediately and there are no early withdrawal penalties. Think of all the wealth you’ll accumulate with simple daily deposits.
Here are just a few of mine...please share yours as well!
1. Invest some of your time and money in those who are coming up behind you.
2. Look for ways to collaborate with a competitor.
3. Tell your team how much you appreciate them.
4. Reduce waste, conserve energy and recycle as much as possible.
5. Take a day off once in awhile to recharge “just because”.
6. Make it easy for others around you to do the same.
7. Give gifts for no reason.
8. Volunteer with a charity organization dedicated to improving quality of life.
9. Create a community project that your team, customers and vendors can get involved with.
10. Set aside products or services to regularly give away for fundraising activities.
11. Offer to write an endorsement or letter of recommendation for someone before being asked.
12. Let someone’s boss know what a great job their employee did.
13. Give something away to a prospective customer.
14. Connect two people who you know should meet.
15. Back away from profit activities that exploit or take advantage of others.
To discuss next steps to creating spiritually rewarding and financially abundant businesses, email simone@passion2prosperity.com for a private consultation.
Share your "Good Karma" deposit tips below!
With this knowledge, I’ve committed to living more responsibly and impeccably in the present –and to always be in the present – and know that I’m paving the way for a more joyful and abundant future. Especially as it relates to Business. When I’m working with clients, my “secret sauce” is to balance business knowledge with Universal knowledge so that true success can be realized more effortlessly. I’ve watched my clients become magnets for money relationships and resources while having a lot more fun.
There are actions we can all take each day in our business to set the stage for more respect, love, joy and financial abundance to flow into our own lives. For those that have a 401K plan established in their life, you know that it requires small, regularly scheduled contributions to reap the rewards later on. Same with your Karma-01K plan. If you take the time each day to make a deposit into your “Good Karma” account, you’ll have a wonderful cushion of support to fall back on. Unlike your traditional 401K Plan however, you can begin reaping the rewards immediately and there are no early withdrawal penalties. Think of all the wealth you’ll accumulate with simple daily deposits.
Here are just a few of mine...please share yours as well!
1. Invest some of your time and money in those who are coming up behind you.
2. Look for ways to collaborate with a competitor.
3. Tell your team how much you appreciate them.
4. Reduce waste, conserve energy and recycle as much as possible.
5. Take a day off once in awhile to recharge “just because”.
6. Make it easy for others around you to do the same.
7. Give gifts for no reason.
8. Volunteer with a charity organization dedicated to improving quality of life.
9. Create a community project that your team, customers and vendors can get involved with.
10. Set aside products or services to regularly give away for fundraising activities.
11. Offer to write an endorsement or letter of recommendation for someone before being asked.
12. Let someone’s boss know what a great job their employee did.
13. Give something away to a prospective customer.
14. Connect two people who you know should meet.
15. Back away from profit activities that exploit or take advantage of others.
To discuss next steps to creating spiritually rewarding and financially abundant businesses, email simone@passion2prosperity.com for a private consultation.
Share your "Good Karma" deposit tips below!
Tuesday, May 11, 2010
Creating Abundance With Joint Venture Alliances
Intentionally creating WIN-WIN-WIN promotional opportunities with those who have a vested interest in your success can set the stage for abundance to flow effortlessly into your business. Collaborating with like minded individuals can be one of the fastest ways to promote and sell your products and services. I have experienced substantial growth in many areas of my businesses including revenue, attraction of customers more aligned with my offerings, a substantially larger mailing list, reduced marketing expenses, and so forth. A Joint Venture (JV) happens when 2 or more entities come together to create a mutually beneficial relationship that not only supports one another’s success but also creates more value for the customer. Because it has become such an important and effective marketing strategy over the past few years, I devote a fair amount of time going over the nuances of creating and sustaining these relationships in my business development programs. The strategies include:
1. Establishing a common objective to base the relationship on.
2. Finding your ideal Joint Venture partner.
3. Making that initial contact and inspiring a JV to do business with you.
4. Crafting a WIN-WIN-WIN scenario beyond basic financial compensation.
5. Execution of the promotion.
There are many reasons WHY one would want to create a JV relationship. Here are a few scenarios that tend to produce the most fruitful outcomes for me and the clients I’m working with:
1. Rapidly expand your subscriber base. It’s easy to quickly increase your list of prospective customers when you can tap into someone else’s list and the goodwill they have already established.
2. Establish instant credibility. If you’re new to your industry and would like to quickly establish trust with your market, having an endorsement from a well-respected player could be exactly what’s needed.
3. Create a successful program or product launch. Allow your JV to assist with promotions of your products and services to their already established markets that contain your ideal customer. For instance, if I owned a scrapbook supply company and my JV had a substantial mailing list of scrapbookers, it would be in my best interest to collaborate with them for my product promotion.
4. Offer more value to your customers. Who doesn’t enjoy a “gift with purchase”! Bundling your products and services with those of your JV partners truly creates a WIN-WIN-WIN because your JV partner gets exposed to a new market, you get to offer more value which will help increase sales and your customer gets to take home the prize.
5. Use the JV partnership to establish a milestone. There’s strength in numbers and your JV partners may be able to help you achieve bestseller status if you’re an author, win an award or contest or help you make an outstanding contribution to a non-profit simply by reaching out to their database.
6. Use it to attract necessary resources. There are resources you need in your business to be able to serve more customers. Your JV partners can help you attract these resources and may include capital, media attention, team, and manufacturing support.
To discuss next steps to creating profitable and rewarding Joint Ventures and how to include them in your business, email simone@passion2prosperity.com for a private consultation
1. Establishing a common objective to base the relationship on.
2. Finding your ideal Joint Venture partner.
3. Making that initial contact and inspiring a JV to do business with you.
4. Crafting a WIN-WIN-WIN scenario beyond basic financial compensation.
5. Execution of the promotion.
There are many reasons WHY one would want to create a JV relationship. Here are a few scenarios that tend to produce the most fruitful outcomes for me and the clients I’m working with:
1. Rapidly expand your subscriber base. It’s easy to quickly increase your list of prospective customers when you can tap into someone else’s list and the goodwill they have already established.
2. Establish instant credibility. If you’re new to your industry and would like to quickly establish trust with your market, having an endorsement from a well-respected player could be exactly what’s needed.
3. Create a successful program or product launch. Allow your JV to assist with promotions of your products and services to their already established markets that contain your ideal customer. For instance, if I owned a scrapbook supply company and my JV had a substantial mailing list of scrapbookers, it would be in my best interest to collaborate with them for my product promotion.
4. Offer more value to your customers. Who doesn’t enjoy a “gift with purchase”! Bundling your products and services with those of your JV partners truly creates a WIN-WIN-WIN because your JV partner gets exposed to a new market, you get to offer more value which will help increase sales and your customer gets to take home the prize.
5. Use the JV partnership to establish a milestone. There’s strength in numbers and your JV partners may be able to help you achieve bestseller status if you’re an author, win an award or contest or help you make an outstanding contribution to a non-profit simply by reaching out to their database.
6. Use it to attract necessary resources. There are resources you need in your business to be able to serve more customers. Your JV partners can help you attract these resources and may include capital, media attention, team, and manufacturing support.
To discuss next steps to creating profitable and rewarding Joint Ventures and how to include them in your business, email simone@passion2prosperity.com for a private consultation
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