A Brilliant Joint Venture

Here’s an idea I suggested to a business owner when he hired me as a consultant. It resulted in bringing in 10 new customers each month, and is still bringing them in, because he is constantly doing the same thing each month.

All of us have a favorite restaurant we all go to where we know the owner personally. If not get to know a local restaurant owner. Then introduce yourself and share the following idea.

You can generate new customers for the Restaurant owner each month by him/her doing a special event. A cooking Class.

You now invite 10 or so of your clients/customer, along with their spouses.

You do not, I repeat, you do not want to make this into a Sales Seminar. It should be considered a “Client Appreciation night” where you as the owner of the business want to thank them and remind them why you are doing business together.

What would be the cost? With the restaurant we had this arrangement with, their cost was less than $2 per person. It was a win-win situation for the Restaurant and also a win-win for the business owner.

I wonder how many of you can think of other types of Special Events that you can Joint Venture with? Let’s hear from you.


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9 Responses to “A Brilliant Joint Venture”

  1. Gints says:

    Ken, thanks. This idea very correct. Actually all we are doing this approach even subconsciously…when we are entering in activities with some other part, we are building let’s call it JV. Through appreciation of this “other part” we are guiding the process to the success direction. Let’s prize the JV…

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  2. Lydia Brown says:

    Ken I really like one that it is a way to anty up customer service and that this method helps out a business in the community. I would like to know what would be the approach to get the restaurant owner to be willing to decrease his prices that much for serving a meal to about six people. Would just the idea of being able to introduce new people to his/her establishment be enough to support such a low prices as $2.50? Thanks

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  3. Hi Ken ..

    Good idea you have. I’ve actually offered up this idea before and the restaurant owner said the work and cost involved didn’t turn in new business. Might you suggest another approach, or a suggestion on how the restaurant owner can keep the cost and work involved down to warrant the return on investment? (just curious)

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    Loren Tikka Reply:

    @Sharon Gadbois,
    one idea for the restaurant owner is to offer a 50% discount
    off the meal if the card placed in front of them is filled out with first name and mobile phone number. To offer text by phone offers on their slow days. This could be offered to walk in patrons as well. Soon the data base is filled with customers and the advertising cost has been very resonable.

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  4. Hi Ken,

    I completely agree with the joint venture approach. I do a lot of advisory work for non-profits and recently we helped make a great marriage betweeen an owner of a small movie theater chain and a non-profit. The charity (in this case) was able to invite potential donors to seminars given in the theaters in the morning (downtime) to create a unique and charming offsite experience.

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  5. Paul says:

    Good idea Ken, I was actually trying to connect the owner of my favorite restaurant with an investor when I came across this. I e-mailed him and he thinks it’s a good idea too!

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  6. Loren Tikka says:

    Great idea Ken, I just may begin a business contacting business owners on how to keep a data base of happy customers to offer their specials to.

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  7. Bruce says:

    I was thinking of this idea for a while in a little different format. Because I do markets as a vendor and I market foods I was thinking of doing a dinner at my business with one vendor selling the spices and one selling the teas and me doing the food using the spices. Then each person or vendor inviting as many prospects as they want. Then doing it as a evening out for friends and new associates.

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  8. Tess says:

    My hat is off to your astute command over this toaob-crpvi!

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