What is the most powerful and effective marketing strategy?
It's one you probably know about but seldom use. However, this is something you should pay close attention to and work on implementing as soon as you can.
This marketing strategy is so powerful because you use it to borrow the credibility and trust of another to promote yourself.
People call it different things: endorsement marketing, fusion marketing, affiliate marketing or joint venture marketing. Let me explain in the simplest terms how it works and how you can apply it in your business.
1. You first need to have a solid, proven service that produces consistent results for your clients. And you have to have this service well packaged (outcomes, benefits, structure, price, etc), ideally on your web site.
So, for instance, "coaching services" or "consulting services" usually won't cut it. Instead, you need a "One-Year Marketing Mastery Program" or a "Six-Month Management Intensive." You've taken the intangible and made it tangible.
2. Next you need to find others who have a client base who could benefit from this service. You might be in the same industry, however your service can't be competitive, but complimentary.
Start networking, search online, subscribe to eZines, and keep asking the question, "Who do you know that I could partner with in my business who could promote me or visa versa?"
3. You work together to create a marketing campaign with the endorsement of your partner to his or her list (which could include your email list, your customer or client list, etc.)
Targeted emails, online sales letters, introductory events, teleclasses and complimentary sessions are all tactics that work for joint venture promotions.
4. Finally you develop and implement a conversion process whereby those who respond to the promotion are converted from prospects into paying clients.
Ultimately, you'll turn joint venture marketing into a system that can be repeated over and over to consistently win more clients.
And of course, you can do this process in reverse. If you have a good list, you look for those who have a complimentary program or service that you can offer to those on your list.
You should be doing both. And if you're not, you are missing out on a lot of business. Every single month I earn from $2K to $5K on various joint ventures and affiliate programs and I don't even put much time and effort into it.
A joint venture needs to be a triple win.
You win because you get more business. Your partner wins because they share in your profits as they offer additional value to their clients and associates and of course, the clients win because they get the benefits of the service you offer.
This past weekend I attended an "Internet Networking Summit" with Christian Mickelsen and about fifteen other online information marketers. We got to know each other, discussed our offerings and brainstormed ways we could help each other.
It was great to meet others who had complimentary services I could offer to my More Clients subscribers as well as those who could promote my programs.
The first one I want to make you aware of is a virtual conference called "Bridging Heart and Marketing." It's billed as the "First-Ever Soft Sell Internet Marketing Conference."
Jim and Judith, the couple putting this together, are therapists who are now involved in the world of online marketing for Independent Professionals. We have almost identical philosophies about marketing and I endorse them and this virtual conference without reservation.
You can find out more about it at this link:
You'll be hearing more about Joint Venture marketing in the More Clients eZine, and I'm excited to introduce you to some great people and services that can help you attract more clients.
The question you should keep asking yourself this year is: "Who could I Joint Venture with?" If you put some serious focus on this, I predict it could be your most powerful overall marketing strategy.
The More Clients Bottom Line: Joint Ventures offer a triple win that can benefit everyone involved. But the key is to develop real relationships with those you work with, people with high integrity and excellent business skills. This isn't about pitching dubious fly-by-night money-making schemes. That will only hurt you.
What joint ventures are you thinking of doing this year? Please share on the More Clients Blog. Just click on the Comments link below.