The one thing every business owner should do…
Back on 9/2/2010, I published a blog article entitled “The no. 1 strategy for getting new customers”. I want to continue that thought here for this reason: many business owners are passing up a large revenue source by not including offline marketing in their marketing arsenal.
How would you like to reach 50,000 to 100,000 prospects, already pre-selected as being likely to buy from you, at no cost whatsoever? These prospects may be waiting for you offline through “Host Relationships.”
Here’s how it works. You research and find a non-competing company whose customers are the same type of people as your customers. You convince the company to pay for a mailing to their customers promoting your product. You split the profits 50/50 with the host company.
Does it sound too good to be true?
In my years in business, I did it dozens of times. The profits it generated were huge. The Host Relationship, and it has some variations to it, is one of the most leveraged marketing techniques I can teach you about.
It’s the most leveraged because the host company may have spent many years and millions of dollars identifying prospects and winning the trust of their customers. By accessing that customer base, you get the benefit of all that effort and expense without having to spend a penny yourself.
One thing though. I want to stress that you should be very generous with the host company when you set up the deal with them. If you can’t get the host company to pay for the mailing, offer to pay for it yourself. Or you can offer them 100% until they double their investment, and then a lower percentage thereafter.
The key thing is to make it happen. Offer them whatever it takes to get them to do the joint venture with you. You will have invested so little up front and you will have so much to gain yourself.
Here’s an example:
Let’s say you own a home or an office cleaning business, you should contact every carpet dealer within a geographic area you think you can handle. Offer to pay the cost of a mailing to their customers.
For the mailing to the customers, you should write a letter that will look like it came from the dealer. In it, you recommend your cleaning service to his customers. The carpet dealer receives a percentage of the sales.
This is a win-win for both of you—the carpet dealer wins because he generates more revenue and you win because you are accessing only qualified prospects.
The cost of acquiring a customer via a host relationship is a fraction of what it would be if you ran an ad or did a mailing of your own. This results in a higher profit on every sale for you.
You must offer a good product or service so that the host companies have nothing to lose by recommending you. It will mean thousands of dollars of profits for them with almost no effort on their part.
Hope this gave you an idea you can implement soon. Let me know your thoughts on this strategy and the results you’ve gotten when you implement it.
If you want to re-read the previous article I wrote on this subject, you can see the article here: http://www.kenvarga.com/news/the-no-1-strategy-for-getting-new-customers/