Use joint ventures to leverage other people's success

Joint ventures can be an easy route to business success. There are hundreds, if not thousands, of other companies already doing business with your prospective customers. Could you work with any of them in a non-competitive joint venture?

• There are lots of other businesses who already have the customers you want. Take advantage of this. Give them an incentive to help you. Provided they are not competitors and you can satisfy them of your quality and value to the customer, they may help. Try and find a customer that you already share, who they could speak to.
• Hitch a ride on other people's mailshots. This is a much cheaper way to test a mailing. You don't get to test your own letter, but you can test the effectiveness of inserts, brochures, test adverts and so on. It's also cheaper for the other company sending the mailshot, as you will pay them for the privilege. Their only objection should be that it may dilute or distract from their own message. This will depend very much on the nature and objective of their own mailing piece.
• Lead-swapping can be effective. Provided there is an incentive both ways, it can often work. If it's just a casual "give me one, I'll give you one" arrangement, it probably won't work.
• There may be other companies who will benefit from your success. You may be able to persuade them that it's in their interests to help you, either financially or in some joint venture. Look for people whose products or services are needed alongside yours. For example, if you sell photocopiers, who maintains them, who provides the paper, toner, and so on?
• Ask your suppliers to help. If your suppliers do more business as a result of your success, ask them to contribute to your sales efforts. They could run special promotions on their products or share the cost of your mailshots, ads, Internet development or any other marketing activities. You just need to remind them that your success is in their best interests.

A Low-cost Action Plan for Joint Ventures and Affiliate Marketing

1. List all the businesses who are already dealing with the prospects you're targeting. Identify non-competing businesses who might be able to recommend your products or services. Write to each of them. Follow up with a telephone call. Explain that you'll pay them an appropriate fee for every customer they recommend. Let them speak to your customers to check out your story.

2. Identify hitch-hiking opportunities for your mailshots. Either target the same companies as above, or get names of recent users of the mailing lists you're considering. If they're targeting the same people as you, you could both save money with a joint mailing venture.

3. Identify lead-swapping opportunities. This works best with people you already know, who trust you. You also need a financial incentive both ways.

4. Identify companies who will benefit from your success. Look for companies whose products and services are used alongside yours, non-competitively. If you sell something, they may get some additional business without any effort. Can they help you in any way? Your suppliers may also be willing to help if your increased sales are beneficial to them.