Straight to the point…Those who don’t use joint venture/referral agreements, cross promotion and similar partner agreements as a MAJOR part of their marketing strategy are missing out on an immense opportunity.
This remains one of the most effective, efficient and produces a HUGE ROI compared to many other marketing tactics BUT (and note this is a BIG but) most fall dramatically short of what is possible.
There are of course several steps, and rules of the game (which we will talk about in a later post), in creating effective partnerships, but there are THREE mistakes we see time and time again that mean you could be one of the majority with potential profit left on the table.
BIG profit destroying mistake number 1 – Wrong partnerships
Look this ain’t rocket science but finding the right partnerships is likely to yield more effective outcomes.
If you fail to identify your key target market(s) (this is staggeringly common), how can you possibly hope to find those who are likely to have those people lurking on their list that are a great fit for your products or services.
There is a creativity needed that is crucial in taking this to the next level, and re-structuring your message to find new markets, but again that is another XYZ story for another day, simply because most have not even got the ABC sorted.
BIG profit destroying mistake number 2 – Enrolment..then nothing
YAY! Well done you have enrolled some partnerships, and they may even be the right ones BUT (yes there’s one of those big buts again) then what? A proactive approach to assisting your partners to get out your message (after all you are the expert right?), in a way that is compelling rather than the standard “we got a partner check em out” damp squib sort of email that invariably is what happens in reality.
Question…. Are you creating and giving REAL bullets for your partners to fire? (and that’s not just a flyer saying how great you are) that REAL bullets..that attract and create a compelling reason to connect with you.
Of course this becomes more difficult if your existing marketing materials are simply “brochure type” lists and explanations of products and services rather than a “solution-based” focus (again one of those another story…etc)
BIG profit destroying mistake number 3 – Focus on the NOW not “now and later”
Most partnerships tend to have interventions that create a one-off “are you ready now” message. This is understandable and is a fit with traditional focus on a sale immediately or nothing approach that perhaps used to work back in the day.
The reality is of course that the majority of buyers of any service or product unless looking URGENTLY right now will not buy right now. The NEW client wants and often needs nurtured in some way, either to convince them that you are the person to do business with rather than anyone else or that you have something that is remarkably different than your competitors.
Think of it this way, if a partner sent out a ‘message’ on your behalf, let’s say of those who read it, 1% are ready to buy now, 24% are sufficiently interested to listen now, another 25% may be interested later (and would perhaps engage with a future campaign) and 50% not at all.
Would you rather risk all with an immediate sale offer for the 1% or rather have the 25% equating to the buy now, listening now and may be interested later groups.
So what does this suggest about what your partners should be offering on your behalf?
..do you want a sales push and get the 1% or do you want offer something of value that may capture the details of the full 25% so you can convert them over a period of time into buyers.
No brainer? Well, apparently not if you look at the behaviour of many partnerships.
OK so those are your BIG three..IF you want more “knock it out of the ball park” info about relationship marketing you can download a blueprint here.
Either way …take the time to consider the above put things right, and ask for help if you need it. just email me at email@example.com and let’s catch up
Alternatively of course, you can do nothing with what you have read above and delight your competition.