| What is consistently rated as one of the most | | | | formulate your contact strategy. You could try |
| effective small business target marketing strategies? | | | | writing letters but I am a strong believer in just |
| Without a doubt it is the Joint Venture (JV), also | | | | picking up the phone and saying to the owner, "Hi, I |
| known as a strategic alliance. Target, or niche | | | | am a local business owner and I have an idea that |
| marketing means that you are marketing directly to | | | | could help us both dramatically increase our sales and |
| the prospect most likely to buy your product or | | | | profits and I'd like to talk with you about it. Do you |
| service. Your JV strategy can be the ultimate form | | | | have a minute so I can explain the concept? |
| of target marketing since you are using the targeted | | | | Great, if makes sense for us to talk in more depth, |
| customer and prospect list of another business | | | | we can arrange a time to get together." The thing I |
| owner. | | | | like about the phone is that I can immediately get a |
| The JV and strategic alliance are so popular and | | | | feel about the business and the person in just a |
| profitable because they leverage the assets | | | | couple of minutes. |
| (customer list, goodwill, relationship, etc.) your partner | | | | When you first meet, you will most likely need to |
| has developed with their client and prospect base. | | | | explain how the Joint Venture small business target |
| Nearly all potential buyers (business and consumer) | | | | marketing strategy works and how it will benefit |
| prefer to do business with a company, firm or | | | | both of your businesses. Most small business owners |
| practice for which they have a degree of trust. | | | | are only familiar with traditional marketing or |
| Marketing legend Dan Kennedy likes to say that we | | | | networking so it may take a bit of explaining to get |
| are all walking around holding an umbilical cord saying | | | | the concept across. |
| "plug me in and tell me what to do." Whether you are | | | | The most common objection you will encounter is |
| looking for a place to buy a hot dog, to buy a yacht, | | | | the trust factor so bring testimonials and samples of |
| or looking for a brain surgeon or a new church in | | | | your product, service, practice or whatever you are |
| your community, you are looking for someone to | | | | selling to the meeting. You need to show why the |
| recommend where you should go to obtain the | | | | other business owner person know they can trust |
| product, service or advice. | | | | you and your business? People are naturally wary (as |
| Don't confuse the JV with referrals. Referrals are | | | | they should be) about referring others to their clients |
| great for new business and are an effective small | | | | because their reputation is on the line, as is yours. |
| business target marketing strategy but generally are | | | | Always conduct due diligence. Talk to a couple of |
| given only one or two at a time. Referrals can also | | | | their clients and understand their product and |
| dry up if you are not diligent about keeping in touch | | | | commitment to quality service. If you feel |
| with your clients and letting them know how much | | | | uncomfortable at the beginning, bow out of the |
| you appreciate and value their business. | | | | relationship gracefully. There's no sense in adding |
| JV's can be as simple as selecting a retail partner and | | | | aggravation to your life! |
| issuing a joint coupon to one another's client base. | | | | The other objection is the confidentiality of av client |
| They can also be very complex, multi-million dollar | | | | list, but that is easily overcome by offering to mail |
| deals between large companies. American Express is | | | | your endorsement of your partner to your list and |
| an example of a very large and sophisticated | | | | they mail their endorsement of you to their list. What |
| company that partners with several other large | | | | if you don't have a list? Pay for a mailing to your |
| businesses to leverage the client lists of both firms. If | | | | partner's list and pay them a commission or finder's |
| you have one of their cards, you have received | | | | fee for leads you convert to customers. There are |
| numerous calls and mailers from them endorsing their | | | | some professions that are prevented from paying or |
| JV partners. The partners get the implied | | | | receiving finder's fees so if this applies to you, you |
| endorsement of a blue chip company like Amex and | | | | need to investigate alternatives. |
| Amex gets increased card purchases as you use the | | | | What is the simplest JV strategy? Each partner mails |
| card to buy the recommended partners products. | | | | an endorsement of the other's business to their list |
| Now that you've decided to add the JV to your small | | | | with a description of the benefits of doing business |
| business marketing tools, where do you start? The | | | | with them and why they are recommending one |
| first thing you must do is to create a demographic | | | | another. It's that simple. The key to success of the |
| profile of your target client. What else do they buy | | | | JV as your small business target marketing strategy |
| and where do they buy it? For example, Paul Flood | | | | is that you and your partners must be proactive in |
| Marketing, which is my company, implements a unique | | | | promoting one another and in managing the |
| and non-traditional marketing system in small | | | | relationship. As the person who originated the |
| businesses and I guarantee profit increases of 25% | | | | partnership, take control and action to make it |
| or more in as little as 90 days. As the old saying | | | | happen. If you have a partner who isn't committed, |
| goes, "Fish where the fish are," so I have partnered | | | | drop them and find another. |
| with other small business consultants, primarily CPA's | | | | When you are actively using the JV as a small |
| and small business attorneys, who have endorsed my | | | | business marketing tool, you will be amazed at the |
| services to their clients. | | | | results you can achieve in a relatively short period of |
| If I had tried to contact many of these business | | | | time. Of course, as with any other business strategy, |
| owners cold, I would have probably been turned | | | | there are experts like myself who can be delivering |
| away but the endorsement of my trusted partners | | | | profits while you are attempting to find your first |
| established trust. This is the trust you want to | | | | partner. The key is to make the decision to make it |
| leverage with your potential JV partners. | | | | happen, to leverage your contacts and your list and |
| Armed with the list of potential partners, you | | | | get started! |