More Leads – Joint Ventures

Get a FREE copy of my Marketing Strategies e-Book for ideas that you can implement immediately into your business! “More Leads – Joint Ventures” is one strategy outlined in the book, which I’ll share here as well.

Do you currently have any established joint venture partnerships?

JV’s involve two or more businesses who decide to form a partnership to share markets or endorse a specific product or service to their customer base… usually under a revenue share arrangement. The key to creating successful joint ventures is to find partners who service the exact same type of clients that need or want what you sell.

Let me give you an example and I’ll use one we’re both familiar with… a florist. One of the most financially lucrative product lines for a florist is providing flowers for weddings. The average floral bill for a wedding often exceeds $3,000. But what we discovered about florists is they fall into what we refer to as an “event chain.” An event chain simply refers to a series of businesses that customers purchase from in a specific sequence.

For example, a wedding will never take place until an engagement ring is purchased from a jeweler. So jewelers are at the forefront of every wedding chain. Once the young lady accepts that engagement ring, this event chain kicks into high gear. First, this young lady knows EXACTLY where she wants to get married, so number one on her agenda is to book the church, chapel or synagogue where she wants the ceremony held.

Second on her list is to line up her wedding planner. Weddings today are a really big deal, and often women like to use the services of a professional wedding planner. Next up, she wants to secure the venue for her reception.

She knows most venues book out months in advance, so locking in that venue is high on her priority list. After that comes the wedding dress, so she begins the search for the perfect dress at an affordable price.

Next is our florist. The bride-to-be will want to begin selecting her floral arrangements for both the wedding and the reception. Then after the florist comes the wedding cake… the printer for the invitations and thank you cards… and depending on the financial ability of the bride to be, she may also be interested in hiring a limo… a DJ for the reception… a travel planner for the honeymoon… the hotel… catering and so on.

This event chain is typical of this industry. And for the florist, it specifically identifies a multitude of potential and very lucrative JV partners. But here’s why this becomes so important.

Every business ABOVE the florist has the potential to ENDORSE and SEND prospects to the florist. Unfortunately, the florist has NO control over that flow of prospects. Every business above the florist controls the JV relationship, so it’s critical the florist create such a compelling offer and relationship with these businesses that they feel obligated to send prospects their way.

But here’s what’s even better. The florist controls the prospect flow to ALL the businesses BELOW them in the chain, and by establishing specific processes and procedures to make sure their customers use those businesses, the florist can negotiate compelling offers with those business owners as well. So consider these numbers.

Let’s say this florist cultivates a JV relationship with at least one of each business throughout this entire chain. Staying ultra-conservative with our estimates, would you agree this florist… since they have NO control over the flow of prospects from these businesses… is it likely they could obtain at least ONE referral each month from just one of the businesses above them?

OK, would you also agree conservatively that since the florist controls the flow of prospects to the businesses BELOW them… that they could easily send at least ONE referral to EACH one of them every month? Keep in mind these are VERY conservative estimates we’re using here.

Since the average floral bill for a wedding is $3,000… then just ONE referral per month from those businesses ABOVE the florist increases their annual revenue by $36,000. Now let’s consider the businesses BELOW the florist where the florist controls the referrals. Let’s start with the wedding cake maker.

The average sales price for a wedding cake is also $3,000, and the florist could easily negotiate a 10% referral fee. So, just a single referral per month produces an additional annual increase of $3,600 for the florist.

Now consider the printer. The average sales price for printing is $1,000, and the florist again could receive a 10% referral fee, so that single referral per month produces an additional annual increase of $1,200.

If we stop there, this florist has just increased their annual revenue by more than $40,000… and that’s using ridiculously conservative numbers. Imagine if you continued to add up the revenue produced by all the additional referral fees the florist would earn from all the other vendors in this chain.

This same process holds true for businesses that aren’t in a chain. But just like the florist, they simply identify partners who service the exact same type of clients that need or want what they sell. Now I realize this looks easy, but it’s not… and here’s why.

You not only have to properly identify who would make an excellent joint venture partner for your business… but you also must determine the order to approach each one… how to approach them… and when to approach them. It’s critical you do this properly or you wind up burning through all of your potential JV partners and come out with nothing in return.

Let me ask you a quick question. Just off the top of your head, how many potential JV partners would you estimate might be a fit for what you sell? Would you believe that I could identify more than a dozen for your profession? So conservatively, how many referrals would you estimate might be possible if a dozen other businesses were compelled to refer their customers to you for additional purchases?

Conservatively, let’s say you only get 3 referrals every month that buy from you. That’s less than one per week. How much additional revenue would that add monthly? Now multiply that by 12 to see your annual revenue increase.

One more thing before we move on. Remember earlier we discussed the critical importance of creating a highly compelling informational offer that would promise so much value to prospects that they would knock your door down to get it?

Suppose the florist offered this informational offer in their marketing, “5 Things Every Bride Should Know to Avoid Disaster on Their Wedding Day”. This offer would place TONS of prospects into their drip campaign and result in a tremendous increase in sales. Those new sales can then be referred to their new JV partners and they collect multiple referral fees every month.

This would absolutely dwarf the revenue we just uncovered for the florist in this example. What I find really exciting about JV’s is this is a strategy I help my clients implement immediately… and it begins generating instant cash flow for them right out of the gate.

In a recent case study I conducted, I found $75,000 in additional annual revenue just using the JV strategy.

And again, that’s revenue that business will generate year after year after year.

$75,000 in additional annual revenue increases the valuation of that business somewhere in the range of $225,000 – $300,000.

Get the full e-book for FREE by clicking the button below!

You can also check out our FREE GUIDED-TOUR of our E-Learning Marketing System by clicking HERE!

As a business coach and marketing strategist, I work with small and medium size businesses that have little or no money to spend on markeitng. I show them how to generate all the leads they can possibly handle without spending any extra on marketing or advertising.

One of my focuses is to look at existing marketing and dramatically reduce your existing spend while significantly increasing your response rate. I aim for a 2-10X increase in response rate, but 50-100X is not out of the question.

If you’ll invest 45 minutes with me on a video call, I’ll show you how I can find at least $10,000 inside your existing marketing. I’ll show you how to get it and I’ll show you how to put it in your pocket.

I’ll do that in 45 minutes if you’ll give me the opportunity at the end of our conversation to disccuss what I could do for your business. (with zero pressure)

If you want to generate more revenue in your business click HERE now!

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Book Quote of the Week 148

“…the false thinking that any amount of reading, watching videos, browsing social media, or going through courses will get me out of my situation… the ONLY way out is for me to take action like crazy!”

Dana Derricks

Book Quote of the Week – 146

In the talent hotbeds I visited, the chunking takes place in three dimensions. First, the participants look at the task as a whole – as one big chunk, the mega circuit. Second, they divide it into its smallest possible chunks. Third, they play with time, slowing the action down then speeding it up, to learn the inner architecture. 

Daniel Coyle

Idea Broker

Making a 22 hour drive from Southern Alberta to Arizona gives me plenty of time to think, and listen to audio books. Fortunately, this time I’m not alone on the trip so my wife has shared the driving, which gives me time to work and write.

While I was in Canada we were spending time with family and I had a chance to visit with a nephew who had asked me to suggest some good books for him to read. We were talking about the different books and he shared a few with me that he had enjoyed that I hadn’t read yet. One of them was Smarter Faster Better by Charles Duhigg. So this is one of the books I have been listening to on my trip home.

There are many intriguing thoughts and stories in this book, but something that really caught my attention was in his chapter on Innovation when he talked about Innovation Brokers or Idea Brokers. The reason this was so interesting to me is because I have been spending a lot of time recently preparing for an upcoming Mastermind Group, and the ideas he shared help to explain how and why a mastermind group works so well.  

In his book, Duhigg refers to the work of Ronald Burt in a 2004 study he conducted. Burt conducted a study with a large number of managers in a company and found that ideas that were classified as creative came from people who were particularly talented at taking concepts from one division of the company and explaining them to employees in other departments. Burt explained that people connected across groups are more familiar with alternative ways of thinking and behaving. “This is not creativity born of genius, it’s creativity as an import, export business.”

As I listened to this and the rest of the book I decided to do a little more research on Burt’s ideas. On this topic, when people seek out insights from people in different fields, different organizations or of different mindsets, Burt refers to it as “brokerage.” He explains how this can lead to better ideas, improving processes and more. He says, “if you’re charged with innovation, you need to branch out and build brokerage.” “It’s essential. The new ideas we come up with come from the places where we vary. A person who only knows about the variations in what they do will get better at what they’re doing, but will always come to the same place.”

This is exactly where the power of a mastermind group comes from. I recently wrote a post High Performance Mastermind Group, and explained a challenge I had dealt with for some time which I had not found a solution to. But when I had an opportunity to sit with a group of entrepreneurs who were all in very different industries than me, we quickly found a solution to my problem as a group because the others in the group looked at my situation differently and had been through their own challenges in their industries.

Joining a mastermind group allows you to look at each other’s problems and challenges from different perspectives, industries and life experiences. But it also gives you an opportunity to discover things that are holding you back that you were not even aware of. It allows you to be more innovative in your business, your life and your thinking in general. 

Join our Elite Performance Mastermind and prepare yourself to take your life and your business to the next level! You will be with an elite group of individuals, from different industries, backgrounds and different areas of the country that will be able to share their brilliance and knowledge with the group while you do the same for them. I’ll also be sharing some powerful tools you can use to give yourself the power to create the future you’ve been dreaming about.

If you don’t own or run your own business, don’t count yourself out. Whatever it is you do, you will do it better after joining this mastermind. You’ll think different. You’ll network. You’ll have the tools to be successful.

Be your best entrepreneur. Be the best manager. Be the best employee. Be the best YOU.

Book Quote of the Week 141

“I learned from Joe Polish that there’s no relationship between being good and getting paid, but there’s a huge relationship between being good at marketing and getting paid.”

– Stephen Larsen

Book Quote of the Week – 139

Interesting question:

Why do break-through performances sometimes ignite talent booms, and sometimes not?

The answer is that talent hotbeds possess more than a single primal cue. They contain complex collections of signals – people, images, and ideas – that keep ignition going for the weeks, months, and years that skill-growing requires.

 

30 Days to Save Yourself

I recently finished going through the One Funnel Away Challenge from Russell Brunson/ClickFunnels. There were a number of things I received as part of this course, which included a book, which I’m currently reading and have to say that I love it! It’s a unique book from Russell, put together by going to his Two Comma Club members and asking them what they would do to get back on top if they lost everything. Here’s what he asked them:

“You suddenly lose all your money, along with your name and reputation, and only have your marketing know-how left.    You have bills piled high and people harassing you for money over the phone.

    Plus, you have a guaranteed roof over your head, a phone line, an internet connection, and a ClickFunnels account for only one month.

    You no longer have your big guru name, your following, or JV partners. Other than your vast marketing experience, you’re an unknown newbie.

    What would you do, from day 1 to day 30, to save yourself?”

This book is different than anything I’ve ever read before. It’s a compilation from 30 different individuals who give their day by day plan for 30 days on how they would deal with the situation Russell outlined. 

I’ve really enjoyed reading through each chapter as each one is focused on the individuals expertise. Some are coaches, some sell products through e-commerce, some are affiliate marketers and the list goes on. 

If you’re interested, you can find out more at the following link:  http://bit.ly/JH30DaySummit

Today I was reading Stacey and Paul Martino’s chapter. Stacey and Paul are some incredible people and the founders of RelationshipDevelopment.org

For the past while I have been focused on structuring and organizing our upcoming Mastermind Groups. So there was one section of their chapter that really stood out to me and I loved what Stacey wrote because it ties in so well with our Mastermind Groups.

“When people just do what THEY know, they fail and RETREAT.What do the ones who break through do differently? They seek out The Mentor and The Tribe solution.When I am looking at my goal and I know that it is outside my current comfort zone and I need to break through, I must find a MENTOR who (a) already navigated to that goal successfully for themselves, (b) has a proven process for taking other people to that outcome successfully, and (c) has many success stories of others they helped to get the SAME goal that I want to achieve.And now for The Tribe – people who BREAK THROUGH to new levels, surround themselves with a tribe of people who are on the same journey, going to the same goal or beyond. These are the people who will catch me when I stumble and celebrate with me when I am victorious. I must surround myself with The Mentor who has the solutions and The Tribe that will support me.”

This is why I love Mastermind’s so much. Your knowledge and abilities has got you to where you are today. When you combine the collective genius of a Mastermind Group, you have the opportunity to grow and reach another level. 

I remember when one of my business partners was doing his Executive MBA. I was talking to him about it and asking, with all of his business knowledge and experience, was he able to learn much? His response was that you don’t know what you don’t know. 

If you’re ready to take your life and your business to the next level, go to this link: MASTERMIND, to complete the form so you can find our more about our Elite Groups!

Book Quote of the Week – 135

“The FASTEST way to getting back on my feet is to find the right customer who will advertise for me through word-of-mouth referrals.”

Julie Stoian

Book Quote of the Week – 132

“People often ask me, “What does it take to make money?” My answer is that it takes a dream, a lot of determination, a willingness to learn quickly, and the ability to use your God-given assets properly.” – Robert T. Kiyosaki (Expert Secrets – Russell Brunson)

Click below to get your FREE copy of Expert Secrets!

Book Quote of the Week – 131

“People will do anything for those who encourage their dreams, justify their failures, allay their fears, confirm their suspicions, and help them throw rocks at their enemies.” Blair Warren (Expert Secrets – Russell Brunson)

Click Below to get your FREE copy of Expert Secrets

The Best $100 Investment You Will Ever Make!

Russell Brunson is a name and face I’ve seen plastered all over the internet for a long time. I’ve known a little bit about his company, ClickFunnels, but only to the degree that it’s an online marketing company.

Recently he caught my attention with a great hook. It said, “What would I do if I lost it all?” That got me curious and took me right into his funnel. The next thing I know, I’m signed up for the One Funnel Away Challenge.

As an entrepreneur I love to hear the stories of other entrepreneurs. I love hearing how they got started, where they’ve failed and where they’ve succeeded. So this is what got me excited about the One Funnel Away Challenge.

Here’s how Russell explained the challenge:

Recently, I asked 30 of my ‘Two Comma Club’ members (those who have generated over $1 Million+ inside their ClickFunnels funnel) a very loaded question…
“You Suddenly Lose EVERYTHING…
You lose all your money, along with your name and reputation, and only have your marketing know-how left. 

You have bills piled high, and people harassing you for money over the phone. 
Plus, you have a guaranteed roof over your head, a phone line, an internet connection, and a ClickFunnels account for only one month.


You no longer have your big guru name, your following, or JV partners. Other than your vast marketing experience, you’re an unknown newbie.
What Would You Do?
(From 
Day 1 To Day 30) If You Knew You Only Had ONE FUNNEL To Make Back Your Millions?” 

Each of them replied to my email with a brilliant detailed 30-day plan of what they’d do to get back on TOP. 

They broke it down day-by-day… 

“Day 1, I’d do this…  Day 2, I’d do this… Day 3, I’d do this…”  

Each of them laid out a complete 30 day battle plan to get their business back on track…starting back at “square one” with:
 No Product…
 No List…
 No Traffic…Running Errands… 
 No Reputation…
 And No Funnel…

The “30 Days” book is a GIANT 550 page hardcover book of ALL their compiled battleplans (Day 1 through Day 30).

30 chapters… 30 action plans…

You can actually flip through the pages day-by-day, and SEE the “big picture” of their ONE FUNNEL plan laid out right in front of you! 

You can HOLD it in your hands…

You can page through, and reference it as you try out new business ideas…

You can highlight key ‘a-ha’ moments’ as you read, and make notes in the margins… 
If you’re starting from scratch (or starting again), with no name, no reputation, no list, no money, no traffic, and no product…
The One Funnel Away Challenge is what I would do, from Day 1 to Day 30, if I lost everything, and had to create ONE FUNNEL to get back on track!  

Now that is something that gets my attention. Wanting to hear all those stories excites me. I love reading autobiographies to see how different people built their businesses. But this one is unique! 30 successful entrepreneurs walking you through a day by day plan of what they would do if they had to start over again.

I spent the $100 to join the One Funnel Away Challenge. I’m a week into it and I can definitely tell you that I’m not disappointed. I have learned a lot about marketing, sales and funnels. It’s not just another course that you may or may not use the things you are taught. From day one you are taking action and creating your business. But I’ll tell you what. If I had spent the $100 and only got the 550 page “30 Days” book, it would have been money well spent! This book is Golden! The things shared in it are invaluable!

Click HERE and find out more about the One Funnel Away Challenge.

CLICK HERE TO LEARN MORE ABOUT THE ONE FUNNEL AWAY CHALLENGE