Last week, I updated my favorite planning tool and was reminded how powerful and inspirational it can be when you take the time to work through it. If you really want this year to be your best, be sure to pick this up.
What does this Facebook post have to do with The Manhattan Project, the highly secret military initiative conducted during World War II ? Keep reading...
This photo belongs to the historical collection #TeresaWaldof is gathering to document her grandfather's biography and his historical role in the development of the atom bomb. #HarleyWilhelm, PhD was the leading scientist at the Ames Laboratory located at Iowa State College (University) in 1942. It was Dr. Wilhelm who developed the uranium production methods which made the production of the atom bomb possible... (more…)
Joint Venture With a Handshake - Grow Your Business Fast!
Wikipedia describes a joint venture as:
joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance.
A well executed Joint Venture deal is one of the most powerful ways to grow your business ever created!...
Suppose for moment, you've developed a high-end training program teaching others how to become a local business consultant. You're looking to expand your business. What if you could send a letter to the non-buying leads of a much larger company that sells training programs to become a real estate consultant.
An example cited in Forbes, by Patrick Hull outlines the benefits such an arrangement can deliver...to both parties.
"Take the example of a friend of mine ... He was looking to expand his business a few years ago and entered into a JV with a much larger company that sells training programs teaching people how to become a business finance consultant. The company generated thousands of leads a month and had a 7% sales success rate. My friend worked out a deal to have the larger company mail a letter he wrote to all the non-buyers (93% of the leads) at his cost and shared a percentage of the sales. These leads were all people interested in learning a skill – just not the exact one the company offered. He was able to gain access to the leads the other company generated at no cost. Both companies benefited because leads were not wasted and the larger company made additional profits with no additional expense while my friend made a killing with this JV.[#1] "
You can read the full article here: http://www.forbes.com/sites/patrickhull/2013/06/21/joint-ventures-provide-opportunities-for-entrepreneurs
So have you generated a list of leads?
Do you have a sizable customer list?
You can certainly use this asset to grow your business, very quickly.
Why not get a little creative here? . . .You already have a sizable list of loyal customers, right?
Consider offering them a service or perhaps a catalog of services you've negotiated special pricing on, just for your "preferred customers"...you'll be offering them an opportunity to take advantage of special pricing, they'll feel they are really special, and you'll generate more sales for both yourself and your JV partner.
Here's why this works...
Your customers know you and trust you.
When you send a letter endorsing a service or a product, they trust your endorsement...they are three times more likely to purchase from your recommendation than if the owner of that particular product or service offered it to them directly.
Here's a few more reasons to consider why joint ventures are so successful.
You're sharing resources...mailing lists, products and services, therefore there is absolutely NO ADVERTISING COST.
You can turn it around and have your JV partner send your endorsement to their list...their loyal customers respond just as yours did to his offer.
You are developing new customers, clients to whom you can now offer additional products and services.
You can easily set up a Joint Venture and create large profitable windfalls for both parties in a relatively short time.
When done correctly, Joint Ventures are profitable for both partners.
Here's just a short list of possible JV Partnerships:
- Car Wash/Auto Detailer/Car Parts Store
- Moving Company/Storage Units
- Tackle Shop/Fishing Guide
- Wedding Planner/Photographer/Prenuptial Attorney
- Equine Vet/Saddle Blanket Maker/Farrier Service
- Tree Saw Manufacturer/Skid Steer Manufacturer
- Home builders/Landscapers/furniture stores/Pool builders
- Chiropractor/Massage Therapist
Getting the picture?
What other services and products do your customers buy either before or after they buy your services?
What products or services would enhance their enjoyment of your product or service?
Who sells a product you have the perfect companion to?
Who are your competitors? Don't rule them out...you may be able to offer your product services to their non-buyers and vice versa. You may even be able to package both services for a remarkable value.
Who sells to customers who fit your customer profile?...They may offer completely unrelated products or services, but their customers are perfect for you...What are their hobbies?...Their net worth?...Where do they live?
Once you identify potential JV partners, you can contact them with your idea.
My clients know the success of your joint venture is limited only by your creativity .
So let's take a look at the five ways to Joint Venture:
1. You joint venture with another business and supply the products or services.
2. You joint venture with another business that supplies products or services to your customers.
3. Your company can license or set up reseller deals with other companies so you both profit
4. You acquire the rights to someone else's product, as a certified reseller or licensee
5. You connect one company with another that desperately needs the product or services of the other--as the middleman.
When you're ready to contact your potential JV partner, if you know them personally, the best approach is in person if possible. Otherwise, simply pick up the phone and call them.
If you don't know them personally, you'll want to contact them first by phone, postal letter, or an express mail package. I discourage the use of email for the first contact...it's simply too impersonal and unreliable.
If contacting by phone, you want to keep your introduction brief and explain the benefit of your idea to their customer and to them.
If by letter, of course, your first concern is getting your letter opened. Let your prospect know how your product will benefit both them and their customer. Suggest they act quickly since you'll be contacting other companies in the future.
When creating your offer, you'll want to develop a deal your Joint Venture partner will find impossible to pass on.
The best way to do that?...You want to put together an offer so unique your market can't resist it. You want to build in value and offer it at a great price.
Be sure to build in the value for your JV Partner. You'll want to make a list of everything that's in it for them. What are their benefits? What will the profit split be?
Explain your role. How you will do everything, including taking on the risk. They have no investment to make.
One very effective approach: "What we like to do, is work with other companies on a joint venture basis to do X;Y and Z. Do you have a moment to talk to me about it?"
Remember: Sell the Results, Not the Process.
Give your prospective partner a timeline.
If they have an interest, I recommend you send a non-disclosure agreement prior to sending your proposal. By doing so, you position your proposal as having greater value, as well as protecting your ideas.
Keep the deal simple. Focus on the benefits to your JV partner and their customer. Follow through and have fun!
Bill O’Reilly’s personal story brings up a real issue for all #authors everywhere.
His story (aired on Fox News) emphasizes a fatal flaw in the way books are listed on New York Times #BestSeller list. This isn’t the first time this flaw has been pointed out by the #media in recent times.
Tim Grahl, posted an article in the Observer in February of this year, pointing out the “riddle wrapped in a mystery inside an enigma” when he referred to the NYT selection process for its bestseller list.
O’Reilly noted the failure of his newest book, “Legends & Lies: The Patriots”, to reach #1 on the famed New York Times best seller list despite selling more (14,500 more) books, than “The Gene”, which was listed Number one in the same week.
WATCH THE SEGMENT HERE:
********** The video has been removed from the site, however, I found this transcript
Is the NY Times Best-Seller List Honest?
The Factor alleged that something is amiss with the New York Times important best-seller list. The new book "Legends & Lies: The Patriots' debuted at 1 on the Wall Street Journal and Publishers Weekly lists, but it is number six on the Times list. Also, 'Legends & Lies' has sold far more books than 'The Gene,' which tops the Times list. The Times editor refused an invitation to appear, but two publishing experts spoke about the list. "The Times plays games all the time with many of our books," groused Marji Ross of Regnery Publishing, "and many of our authors have experienced the same thing you have experienced." #Marketing consultant Tim Grahl agreed that the Times list is questionable. "They're selecting the data that fulfills what they are looking for, they are sampling the stores to make sure that the list leans the way they want it to list. The New York Times best-seller list should have a big asterisk!"
Here’s how it seems to work:
The New York Times samples its own list of book sellers across the country. According to Tim’s article, a small group of people determine the data and criteria used to select the list.
Now here’s the interesting part, apparently if your book is written with a conservative slant there appears to be evidence your book will rank lower on the list and drop off faster than one written with a more liberal slant…and it’s not always about the actual number of books sold. One other thing, the list segregates digital books and print copies. (You can find the full article here: http://observer.com/2016/02/the-truth-about-the-new-york-times-and-wall-street-journal-bestseller-lists/ )
Why does this matter to you as an author? Because a BestSeller listing means more book sales, more speaking gigs and more money.
1. Focus on your audience and your reader.
2. Leverage Amazon: reach bestseller and leverage your status
3. Be sure to place your book in every format possible, everywhere possible.
You’ll want to be sure you make it available on Amazon as a Kindle book, as well as print…and don’t forget about audio. Audio books can outsell print or digital books as much as 60%.
Diane K. Bell is an award-winning 1 best selling author passionate about helping others achieve bestseller status and sell more books. Want to launch your own book to #1Best Seller? Contact Diane at 303-242-4461.
My Friend Mike Koenigs just posted a great video on how to interview experts.
I've outlined his advice below:
I love his advice to watch and listen to as many interviews of your guest as possible, then your outline and following tips to:
1. Determine an Outcome, Result or Big Take-Away going into the interview
2. Prepare Your Questions Ahead of Time
3. Get them Comfortable ahead of time, give them an easy out for any difficult questions
Click here to learn more
Watch Now...How to Interview Experts
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Pitching Coach, as in Pitching Your Business...
Michael Parker's presentation is so good, it warrants your attention...After you've reviewed it, please leave a comment below. I'd love to know what your thoughts are.