Finding the right strategic alliance or joint venture can transform your business quickly by helping you get …
- immediate access to well qualified prospects
- create more revenue
- build your brand
The best type of joint venture is done with a company that has a non-competing product in an aligned niche.
Let me tell you about an experience I had with one of my joint ventures …
I have a passion for property and a fair bit of experience and success in buying and selling houses for personal gain.
Many years ago I decided to obtain the formal qualification I needed to sell and compete in the open market.
I didn’t want to join a local real estate agent.
I had no interest in trying to offload less than appealing money pits at premium prices to unsuspecting home buyers.
I wanted to deal with people who were keen to create wealth through property investment.
And do it the right way.
I signed on with residential and commercial property developers to sell their projects off-the-plan.
Developments included home units, townhouses, individual homes and offices in prime capital city locations on the eastern seaboard of Australia.
Quality built constructions with fixed price contracts, no progress payments, building guarantees and completion times.
Projects ideally suited to the investor seeking income and growth opportunities, taxation savings, increased wealth and no cash outlay.
I was keen to avoid spending a fortune on marketing materials or wearing myself ragged trying to reach as many new customers as possible, one at a time.
I knew my ideal candidates did business with financial intermediaries like accountants, financial planners, insurance agents, real estate agents, property managers, mortgage brokers and lending institutions.
It made good sense for me to build strategic alliances with these sorts of businesses.
It involved far less effort on my part as I had to convince one person only to like and trust me instead of a multitude.
And because these types of businesses had customers who already knew and trusted them it was likely they would trust the integrity of the opportunities that were presented to them.
Consequently I met up with Frank, an enterprising and dynamic financial planner in his early thirties.
He’d been in business for about 8 years and during that time he’d built up a reasonably large and loyal customer base for a one-man show.
Frank and I hit it off straightaway.
He was charming and very enthusiastic.
He viewed our joint venture as an opportunity to add value to his existing service offering and generate a new revenue stream for his business.
It was a win/win situation for both of us
We worked out what we considered to be a viable marketing campaign.
Frank sent out an email to each qualified client to introduce my services and invite them to take part in a complimentary consultation.
I followed up Frank’s emails with phone calls to set up appointments at his office on the city fringe, or in the comfort of their own home.
I assured Frank’s clients that although the consultation was tailored to suit their specific circumstances its purpose was educational and there was no obligation on their part to take the matter any further.
The response was outstanding.
Frank and I worked alongside each other at our meetings, taking each client meticulously through their own personal investment analysis.
We explained fully all the benefits and pitfalls associated with investing in property, how negative, positive and neutral gearing works, and we compared projected outcomes with other financial products.
We focused on having fun as we interacted with his clients, with no regard to the outcome.
Our campaign resulted in a number of successful property transactions and referrals from Frank’s very satisfied customers.
I am certain a large part of our success was due to our relaxed, straightforward style and our contagious enthusiasm.
Perhaps you‘re a business owner with assets that another business would love to share with their audience?
One of the triggers that should lead you to consider looking for suitable strategic partnerships is if you’re getting frequent enquiries from customers or clients for complementary products or services.
It obviously enhances your value to customers if you can offer them a more complete range under one roof.
Get your strategy right, do your homework, and the right partnerships for your business will deliver outstanding results!