How to Double Your Sales Force Without Spending a Dime
We have all heard that developing Strategic Partnerships or Joint Ventures can transform your business. This is likely the most powerful marketing leverage on the planet! As you have learned, there are tons of other businesses that have strong relationships with your targeted prospects.
YES, but do you know HOW to systematically develop such a program? If you are like the 94% of the 68 entrepreneurs that we surveyed (that have spent at least $2,000 on marketing programs) the answer is a solid NO!
I am talking about the critical details. To creating a winning formula– how to find, reach, and approach the right partners: what to say to them, how to craft equitable deal structures, contracts (if necessary), payment options, measurements, profit analysis and more.
A Guru’s Missing Advice causes Thousands to Fail….
were you one of them?
I have talked to hundreds of companies that attempted to create strategic alliances and the vast majority failed. And they failed for a variety of reasons but one important reason was that they tried this with just 1-2 potential partners.
My friend and big time marketing guru, is one of the leading proponents of strategic alliances. One day we were spending a day together brainstorming and we talked about strategic alliances. So I shared that the problem is that most companies try this with 1-2 companies and then they give up. I said, “and that is only the beginning of the problem. They have no clue on HOW to implement such a program.”
He looked me in the eyes and said, “Well you know that you need to have 50 in play to close one great partnership!” I was blown away and said, “Well, you never mentioned that in your seminars and training programs.”
So YES, Strategic Alliances can be powerful but only IF you know how to implement them. In our Strategic Endorsement System, we teach the complete 10 Step Detailed process. But for this week’s Profit Tip, I want to get you started on a simple way to drive in new clients, customers and patients using this powerful growth strategy.
Strategic Endorsement Opportunity # 1
Get Other Businesses to Endorse You to
Their Trusted Customers
How can you gain access to the customers of other businesses that sell products and services that compliment yours? If you could point a laser beam at your targeted prospects and then get someone they trust to refer them to you, this would be the ultimate in leveraged marketing, wouldn’t it? It is like having a separate sales force that you don’t have to manage or pay unless they produce profitable customers. Effectively taking advantage of this opportunity can double or triple the number of customers you can sell to, without any risk or cost to you!
In addition, the cost to reach these “ready to purchase” prospects is a fraction of what it would cost you in advertising to find such prospects. Why? Because the “strategic endorsement partner” you align with already has the trust of your target prospect – namely their customer. By them introducing your business to their customers, you instantly create a “warm” feeling before you even make your offer.
Let’s discuss three (3) ideal situations where other businesses can endorse you to their customers.
1) They can endorse your product or service to their customers that have a need, but which they can’t fulfill.
By them helping their customers to locate top quality companies with favorable prices and terms, they are really providing a service to them. And by you performing a quality service for these customers, you are performing a valuable service for this strategic endorsement partner as well – that is, you are helping them maintain a lifelong relationship with their customers. Make sense?
The second situation where other businesses can endorse you is…
2) When specific purchases trigger related purchases.
Many purchases are “linked” to other purchases. When these subsequent purchases occur shortly after the initial purchase, it creates an incredible timing opportunity for endorsement.
For example:
- The homebuyer must choose a home inspector and mortgage broker within 48-72 hours after the offer has been accepted.
- A person buying tickets to a play will often call for a restaurant within minutes.
- A person booking a hotel for their wedding reception will certainly be selecting a dress, invitations and so on within days or a few weeks.
Wouldn’t it be of untold value to the home inspector if the Realtor informed them that someone just signed a contract? Or better yet referred this buyer to them – Boom, instant sale!
The third situation where other businesses can endorse you is…
3) When inquiring prospects don’t convert to customers.
These prospects represent someone that took the step to inquire, and you and your strategic endorsement partner can both win by helping these prospects purchase from you.
What are the situations that cause someone to inquire but not purchase?
The businesses’ product or service is either too high or too low in quality.
Perhaps the prospect wants to build an elaborate room addition and your strategic endorsement partner exclusively does framing. In the past he turned down the job, but now he can refer this work to you – the master builder – and in turn get both the framing job and a referral fee as well.
The business is too busy to service the customer timely.
What do most businesses do when someone inquires about their service and they are currently buried with customer orders? Right, they say “I am sorry but we are booked or can’t get to that repair for six weeks or can’t install your landscaping until next year.” Do we, the “I want it now” generation, wait? Heck no – we find someone else, don’t we?
This brings up a critical distinction:
The prospect that calls a hotel to book their wedding reception, only to find out that it is unavailable until after their wedding date, is really called what? An absolute guaranteed customer! After all, they will most certainly call other hotels until they find a banquet hall and 50-100 rooms won’t they?
If this hotel created a strategic endorsement with another hotel of similar quality, they now can say to the inquiring prospect “I am sorry we are booked but The Plaza Hotel is quite elegant (if a high end buyer). Their Grand Ballroom is filled with crystal chandeliers and beautiful mahogany decor. Louise has been a master wedding specialist for over 25 years. I can call to see if they have availability and have them call you or you can reach Louise at 555-1212. They could also say “If I call, I can save you 10% on the entire package because of our affiliation.”
Wouldn’t this motivate these inquiring prospects to at least call?
Let’s Put This Information to Use
Ok, let’s identify where you may have strategic endorsement opportunities in which you can leverage off of other companies client list.
What I want you to do is write down 1-2 opportunities that you have to provide your product or services to other competitors. Also, list which products or service would be the best fit. For example, the hotel could link up with wedding coordinators, churches, wedding gown shops and so on.
Apply this strategy and ProfitNOW™.
Learn more about how to form strategic alliances that work as a Gold Member of Small Business Growth Club: http://www.smallbusinessgrowthclub.com/public/10.cfm
