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Have You Considered Creating A Joint Venture?
A Joint Venture is a powerful yet simple concept. It's someone that will endorse your product/service to their established customer base in exchange for profit or services. This can be a portion of the sales, a donation to an institution, or whatever you agree upon.
Joint Ventures are a great way to quickly increase your business. It's simply putting together the deal, putting together an offer for the customer base and contacting the customer with the offer. It's quick and beneficial for all parties involved. The party with the product gains instant sales and new customers. The person with the customer base gets to offer his customers a new value they may not know about. The customer (if the deal is set up correctly) gets an added value from someone they already trust.
It's a win, win situation!
The advantages to having someone endorse your products:
It's quick.
You get new customers.
You don't need to cold call.
You are endorsed so you already have credibility.
The disadvantages to having someone endorse your products:
It's usually expensive. For example when someone is endorsing you it's usually for at least 50% of the profit, sometimes of the gross sales.
The characteristics for a successful Joint Venture deal:
The product/service must be a good match for the customer base.
Trust must exists between the two parities setting up the deal.
A contract or terms should be drawn up to protect the interests of both parities and to keep the deal understandable and clear.
There must be a way to track sales.
There should be a set up like an escrow that protects the funds for both parities.
The offer has to be a good deal for the customer base. Give them added value for taking advantage of the offer in the form of a discount, a bonus, something free, etc.
The product/service being endorsed cannot be in competition with the endorser's product/service, but rather should be something that complements the products or services he has.
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