Unlock the power of Joint Ventures
People who know and have worked with me know that I always beat the drum when it comes to Joint Ventures.
Many health and fitness businesses I speak to have a problem of positioning their packages and services and have come to the end of the road when trying to sell to their existing database/clients.
True, you might have a problem with your proposition but most of the time your database is full of people who don’t want your services. At this point I quickly ask them…
Who is already dealing with the type of people who are already buying your services?
This is where we can start to propose a series of powerful Joint Ventures (JVs) where we can develop a win-win-win situation.
A good JV is based between two or more non-competing businesses who share the same customer base and who work together for mutual benefit and for the benefit of the customer (win-win-win)
Instead of scratching around for new clients, you get your new clients from your new JV and they get clients from your database.
There are a few different ways you can set-up JVs but my first Top Tip is be very selective… make sure everyone knows what to be expected and have something to measure the success of your relationship by….or you could find that you don’t get the results you want or the relationship could peeter out as its got no direction.
The typical JVs:
- Build your database – You have a list of potential clients and so does your new partner. So why not build each others?
Simply send an email out to you list endorsing your partner and vice versa. This works better if you have something you could offer of high perceived value for free to build your list. - Back scratching – If you are a PT and there is a Nutritionist in the same area you could simply recommend them.
Or you could make it more formal… for example, for every purchase your clients make they get discount to the other JV and vice versa. - Packages and cross-sells – Expanding on the PT and Nutritionist idea (coincidently I think both parties shouldn’t operate without the other anyway!!! Get connected people!!!) you could develop a super doper uber package together to provide additional benefit for the client…A sure fire way to get results!
When you work together it makes it very hard for clients to go to the competition and expect the same level of service and detail - Pay affiliate revenue – Affiliate payments are earned by one business when it drives paying clients to another business
This is my favourite by far!
This method proves itself time and time again and is a particularly effective way to quickly set up a large number of relatively risk free JVs because you don’t have to spend time building a relationship with them.
The principle is very simple…you pay your new JV them a little thank you for each sale they make on your behalf. Typically it is a percentage of the spend or a fixed fee.
In today’s market where options are vast and consumers are savvy, purchases are going to be made built on relationships and trust. Working with a well established JV will save you the time it takes to build that relationship.
The best thing about all of this is that it can be set-up to run automatically online by using a good customer relationship management system (CRM) or you could do it manually by using vouchers and promotional codes.
As I said this is my favourite type of JV as it can be quick to set up and automatic but be very very careful. The types of relationships you have with your JV might turn out to be shallow.
