Many people have built their companies by partnering with others and becoming an integral part of their business. Developing joint-venture relationships, however, is an undertaking that surprisingly few entrepreneurs capitalize on.
An easy way to start finding joint-venture partners is to make a list of every company (local or national) whose customers match the customers who buy your products or services. Then, make a list of all the products or services each of those companies sells and which of your products or services would be a perfect add-on to that company.
Add contact information to your list and update it regularly as you note other prospective “partners” or new ones open for business.
Then start contacting these companies, one by one. Use the telephone, and develop a script ahead of time to help you keep on track. Assure yourself each time you call that you are speaking with the actual decision maker. Don’t stop until you speak with that person.
In the beginning, offer to send samples, literature, do a free service call, or provide a simple plan that the decision-maker can read to see how your product or service enhances their company’s product lines or service offerings. Make sure you communicate how this venture will help their revenues.
For example, if you are a photographer, start contacting commercial space designers or interior decorators to see if you can be listed in a bid to display your photographs in public spaces or corporate offices.
Another way to become a “value added” is by making it easy for other companies to refer business to you. There are many low-cost and no-cost ways that you can help other companies to direct people to your products and services.
You could install a display at the other company’s premises — filled with brochures or with the product itself. You could visit the customer along with the referring company’s service personnel. Or, you could provide the referring party with brochures, business cards, tear-off coupon pads, and other attention grabbing or reminder devices. Think outside the box about this.
Very few customers will ever question the referral or outsource; they will generally believe that this is merely the way that business is normally done.
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