Think about Who Has More to Gain Than You Do



Think about Who Has More to Gain Than You Do :







Here’s what I always try to think of when I’m considering joint venture partners – “Who has more to gain from seeing this prospect become a customer than I do?” Let me give you an example to illustrate this:


One joint venture deal I’ve done is with a company that sells equipment to doctors for skin particle resurfacing. These machines run about $15,000, so they have a lot to gain if they can increase their sales. So I approached them and did a deal where they would give away one of my practice marketing audiotapes to interested prospects and customers. This way, the manufacturer is providing a valuable bonus and it’s free advertising and promotion for me. Plus, even better than that, they order the audiotape directly from my tape duplicator so I don’t have any hassles.


Think of other ways to apply this. Let’s say one of your biggest suppliers stands to get a 50% increase in sales if you can start 100 more customers on your product. So, you should approach your supplier with proven results and ask them to help you. A lot of manufacturers give co-op money to their distributors so be sure to ask. I know in the medical equipment company I worked for, we would have the manufacturers pay 50% - 100% of our advertising. Be sure to ask.


Now, what you want to do is brainstorm who has your targeted customer (or prospect) before, during or after the time they’d become your customer.


Right now my wedding is about 6 months away, so let me give you an example based on this. Let’s say my business is a bridal shop called Yanik’s World of Wacky Wedding Gowns and I sell wedding gowns (of course). So I’m going to sit down and brainstorm who might have access to a potential customer before they need me.


So let’s think what’s the first step before a wedding?


Easy! The guy is going to buy an engagement ring (ouch!).


Now, I’d go out and introduce myself (via mail with the letters I’ll give you) to the owners of several jewelry stores that I know heavily promote diamonds. So when the sucker, er…gentleman buys a ring, I’d work out a deal where the jewelry shop owner would send out a letter congratulating the customer on his engagement and offering a discount for dresses to his fiancée from my shop.


Now, if you left it up to the jewelry shop owner he’d never get around to doing this, so I do all the hard work for him. I hand him a prewritten letter for his signature. And where are you going to find a letter like this? Well, wouldn’t you know it – I’ve included a sample for you also.


Are you thinking: why would this jewelry shop owner want to send out a letter promoting my bridal shop? Good question. The answer is simple – it’s in his best interest because I’ll be paying him a percentage of my new business. Don’t worry, I’ll explain all of this a moment. So let’s keep going with this example.


What’s the next step in a bride-to-be’s life before the wedding dress?


Well, it’d probably be to book a reception spot. And since I’m on top of things I already know the top 10 reception spots and I’d try to work a deal with them also. (This may be a little harder with big hotels – but smaller establishments should be no problem if you explain the benefits to them.)


So now once the happy couple contacts the reception spot – what do you think they’ll get in their mailbox? That’s right! An endorsement letter from the reception area telling how unusual and unique my wacky wedding dresses are and giving away a discount.


Okay, now we are flooded with blushing brides buying loads and loads of gowns – now what? Well, if my bridal shop was like 99% of them out there, I’d have forgotten all about these brides and moved on to new customers. Maybe, just maybe, the customer would get a postcard or something else mentioning discounts on bride’s maid dresses. But probably not.


But, we’re not like anyone else anymore.


So after a happy customer has just purchased a dress from me, she’ll obviously get a thank you note. But then after that is where the joint venture marketing magic comes in.


After the dress our bride’s (or groom’s) next step is to think about flowers, invitations, wedding cakes, the photographer, honeymoon, etc. And since we’re so smart now – we’re going to go make reverseendorsement deals with several of these vendors. Now instead of the letter coming from another company recommending Yanik’s World of Wacky Bridal Gowns it’s going to be going out on our letterhead endorsing another business (Yes, more examples are provided.)


Our customers will get letters recommending the most delicious bakery for exquisite wedding cakes, a florist with the freshest, most beautiful flowers, the best photographer, etc. etc.


And wouldn’t you know it – we get a % of every customer we refer to these ‘endorsees’. So now that one time customer all of a sudden becomes much more profitable to us. Do you get the drift?


All you’ve got to do is sit down and think about which vendors, services or products your customers would use before they come and what they do afterwards. That’s it!


An easy way to do this, is to think about who else targets the same type of customers you do?


Then jot down a quick list of generic businesses and professions. So for the bridal shop my list looks like this:


Jewelers

Hotels and other reception areas

Florists

Wedding Planners

Invitation vendors

Bakeries

Travel agencies

Limousine services

Photographers

Videographers


Now after your list is done turn to the yellow pages and get actual business names and phone numbers.


While you are getting more comfortable working endorsements you should approach smaller companies first.


Or even better you probably already know several vendors who you refer back and forth between each other. Introduce them to this concept and watch their face light up.


Basically there are two options when creating endorsement deals:


Option 1: You are giving away a free product/service to the endorser’s customers.


Here’s what you’ve got to reassure the endorser of:


1. Everything you provide will give incredible goodwill by sending a free gift or offering a discount to their clients and customers.


2. Your business is absolutely non-competitive.


3. You will give complete editorial approval of anything you write.


4. You will pay for all postage and printing.








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Why Do not More Businesses and Practices Use Direct Mail?
The 3 Components of Successful Direct Mail
Who Are You Targeting Direct Mail?
The Secret to Selecting A Good List
What Kind of Lists Are There?
Working with Compiled Lists
Cloning Best Customers Using A Customer Survey
How to Get Survey Results?
Analyzing The Results
Working With A List Broker?
Direct Response Lists
3 Guidelines to Selecting Direct Response Lists
The Absolute Hottest List of All
The Copy and Creative
The Formula for Writing A Winning Letter
How to Create Good Direct Mail?
Headlines for Letters
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Headline Appeals That Last Forever
How to Make Advertising Pay?
How to Create Killer Headlines?
Tips for Better Writing
The Problem-Agitation-Solution Formula
The PS
The Irresistible Offer
Make Prospects Take Action Now
Expiration Dates Increase Response
Creating A Compelling Reason Why
Using Overlooked Assets
Holding Names Hostage in Computer
Creating Database
Segmenting Database
Birthday and Special Events
Using Preferences and Personal Details from Database
Keep Mailing Customer List with Reasons to Buy
Gathering Testimonials from Happy Customers
Bring Back Old Forgotten Customers
Getting The Message Delivered
The Secret to Double-Digit Returns
How to Use Testing for Breakthrough Marketing Results?
What Makes The Test Successful?
Understanding and Profiting from Customer Lifetime Value
How High Is High?
Testing For Maximum Results
What to Test?
Split Testing
Keep Doing What Works
How to Know What Works?
Working The Numbers
Action Steps to Maximizing Profits
The Power of Endorsements and Joint Ventures
Think about Who Has More to Gain Than You Do
Setting up The Deal
The Method to Madness
Reverse Endorse



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