For Any Business, Winning New Customers
and generating new leads is a huge part of the daily grind. Without new customers even a business with incredible customer retention will run dry sooner or later.
One of the best ways to reach out to a new group of prospective customers or clients is to form a joint venture partnership with another like minded business where you send each other leads or referrals for a mutually agreeable term.
If you think this wouldn’t work for your business, you’d be wrong. All it takes is for two businesses who may want to target similar customers for different reasons to figure out a way to get each other’s clients through their doors.
For example, a Dentist could team up with a local hairdresser and offer a tooth whitening deal to the hairdresser’s customers, or the hairdresser could offer half price highlights to anyone who has had treatment at the dentist.
Partnering your business up with another business can be one of the quickest ways to access a whole new pool of targeted clients, or to raise your business profile in a new area. It’s a great way to reach out to a new audience, and yet many businesses are missing out on this great resource.
The reason that joint ventures or partnerships are such a good promotional method is that you are tapping into a group of customers who know and trust your new business partner. They have a history with that business and a relationship, so they will trust recommendations that come from that business.
So what exactly does it take to reach out to another business and convince them to help you promote yours? Here are my top 5 tips on the Dos and Don’ts of seeking out new partnerships.
Build A Friendship:
Almost every successful partnership begins with some kind of prior relationship. If you’re not sure where to start, try going to some local networking events or if there is a particular business that has caught your eye why not approach them directly and introduce yourself?
Make Sure Your Offer Is Awesome:
Don’t expect to throw an idea out there and for your prospective business partner to accept it straight away. Show them you mean business by offering a fantastic customer experience so that there will be no bad reflection on either party. Take the time to understand how this partner will be able to support the offer (or not!), for instance if their customers go back to them with questions about your deal, what will they do?
Keep it Personal:
Do not use a template or cookie-cutter type email when approaching a potential business partner. Take the time to write a personal email, or even better pick up the phone and call them. The more personal the message, the better chance for a response.
Don’t Approach By Asking For Something:
The fact is, even if you are offering this partner a commission for sending their clients your way, you are still asking for a favour. Approaching someone for the first time and asking for a favour gives them no reason to trust you or listen to you, they may even delete your email without a second thought. May I remind you of point number 1, build a friendship first!
Once you’re on the way to building a great relationship with your potential joint venture partner find out what their needs are first and see if you can help them out. Support your partner and bring value to the relationship. By proving that you are willing to help, you also increase the chances of them wanting to return the favour and help you out too. You’re also building a far more solid foundation for any future working partnerships and business referrals.
Have you had any success in building joint venture partnerships with other businesses? Let me know what has worked for you in the comments below!