Self-Devpt. Nuggets™

The use of Joint Venture Marketing Partnerships to boost sales is a time tested strategy. Sadly, not many people understand how it works, and/or how to use it successfully. This article offers explanations and insights interested persons can use.

How It Works: The example of a well known publisher of a business magazine

This gentleman is well known for what he does, and I’ve studied his model quite closely.

Let’s call him Mr. S.

He periodically brings a variety of experts under one roof, to share their know-how with paying attendees (mostly readers of his magazine) in a week long series of workshops and seminars.

Basically, what happens is that individuals or groups who have specific areas of business expertise approach Mr. S to explain what they offer, and how it can help the magazine readers.

He evaluates their “knowledge products” (training or otherwise) for its potential usefulness to his readers.

Note the italicized reference to “his” readers in the preceding sentence.

Majority of those who will attend many of the seminars during the week will often be readers of his magazine.

This is because all the seminar offerings will be advertised in Mr. S’ business magazine some weeks before the event is due to hold.

So, for prospective resource persons/trainers he accepts to partner with, the difficult business of advertising to reach their target audience is made quite easy.

The business magazine’s readers are most likely to be people who own their own businesses or plan to start theirs.

As a result prospective seminar facilitators are sure that the right people will be reading the adverts they’ve placed. And they are likely to be interested in attending the events.

Mr. S in effect “endorses” the resource persons to his list of trusting readers who “believe” that anything they read in the magazine must be useful to them.

In exchange for his willingness to share advertising access to his readers, (and also organizing the week long event, taking administrative stress off their necks, the prospective facilitators/resource persons give a percentage of their earnings from the seminars to Mr. S.

According to Marc Goldman, who calls this technique “The Most Powerful Marketing Method Ever Invented”, the norm in terms of percentage of the profits one could expect for doing something similar to what Sunny does is 50%.

But he adds that the person giving others access to his network of buyers has the right to demand whatever percentage of the sale s/he wants.

The reason for that is that the “seller” being endorsed by you, to your buyer list or network is going to gain new customers. And s/he will go on to make MORE money from them in future that you will NOT get a piece of!

That is why if YOU are the one providing the referral opportunity in a Joint Venture Marketing Partnership arrangement, you should aim to capitalize on the profits made at the very first run.

Just in case you’re already challenging the above, let me quickly help make the point even clearer.

Let’s imagine you are one of those experts intending to offer a seminar to Mr. S’ readers.

The truth is that without Mr. S allowing you to advertise to his readers through his magazine, it would be quite difficult for you to find so many people potentially interested in buying your products/services (or attending your training) all in one place!

And even if you did find a medium like Mr. S’ magazine, would the readers readily attend your seminar/hand over their hard earned money to someone they do not know (i.e. YOU) – and have no reason to trust?

Do you see why Mr. S’ endorsement is worth a hefty sum of money now?

You see, Mr. S offers you the “unfair advantage” of instant credibility before the readers of your advertisement in his magazine.

That’s one of the benefits you’ll pay for, by giving up as much as 50% of what you make through him.

Final Words: If you can find someone to work with in a Joint-Venture arrangement, you are likely to boost your marketing efforts tremendously.

It would make you quickly gain good ground and acceptability in the market place with your product and/or service.

Also, and depending on the kind of business you go into, you will find that at a point, you will be able to offer another person access to your own customer list, and in the process make good extra income for yourself, almost without lifting a finger – like Mr. S does!

You can learn even more about this technique by doing a search on the Internet!