Joint Ventures…
A friend of mine spent a dozen years as a performing arts administrator and developed a worldview of how a business should be run from that period in his life. So it was no surprise to him that at his most recent Oregon Symphony subscription concert, the lobby was filled not just with officials from the orchestra, but also representatives from a local classical radio station as well as a classical music store.
Arts organizations in most communities recognize, perhaps out of financial necessity, that through collaboration and cooperation with each other that they can leverage shared exposure to a single audience, and all benefit. This may be something that major corporations recognize too, as do professional marketing firms – consider, for instance, the cable company’s kiosk at your local ballpark. But most small businesses fail to do much by way of collaboration to win or provide added benefit to their customers.
I’ve participated in several chambers of commerce, for example, where you might imagine such joint venture alliances would develop. But instead of determining how to collaborate, most of the activities are spent on either promoting each of our businesses to the other members or lobbying public representatives to legislate in the interest of the business community.
In the world of internet marketing, however, I’ve found a much more open and welcoming community when it comes to joint ventures. Whether it’s providing added value to current customers or leveraging a wider audience by working with other online businesses or marketers, it seems a great way to grow one’s business. Online commerce lives and dies by the email list, and a business that can provide a “special offer” to its list on behalf of another business, cannot only earn goodwill among its customers but also potentially share in the proceeds of any subsequent sale.
I am often invited to attend webinars, for example, by some blogger whose insights and opinions I appreciate. They’re usually offering up a chance to learn some new marketing platform or understand how to build an aspect of my business using a certain technique. The webinars are co-produced by someone else who presents some valuable content, almost always followed by a special “email-list only” offer to buy whatever they’ve just set us up to believe is the solution to our needs for some great “low” price. It’s a brilliant marketing device, and inevitably they make some sales to members of a warm audience.
A similar collaboration can be found among my colleagues on the Prosperity Team. Most Wednesdays, a collection of team members get together for a live Google Hangout to discuss some topic that not only provides value to visitors, but that helps me convert prospective clients into customers. I attend occasionally too because there is often some new tidbit I pick up if and when I do. The point is that through the shared efforts of multiple business owners, we all can come out ahead.
So think about what businesses compliment what you do, and find ways to collaborate in an effort to bring added value to your individual clients as well as introduce them to the products and services of the other participating businesses. It’s a simple idea that, in the long run, will benefit everyone.
If you have any comments please post them below.
Make it a wonderful day
Ken Barrett
P.S You can find this and my other comments at KenBarrett.us
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