Conclusion

Dont make one of the biggest mistakes in the book by ignoring your customers. You paid a lot to get them. Youll pay a lot if you offend them. Why not make a lot by delighting them?

Joint Ventures: Using Other Peoples

Customers to Get New Business

Recently, I developed a marketing manual for a niche industry that I service. After reviewing the chapter in the manual about producing television spots, I admitted to myself that it wasnt as strong as most other sections. Knowing a media consultant that serviced the same industry, I contacted him and inquired as to whether he might want to beef up the chapter on television production. In return I would recommend his services to business owners in the industry.

Sadly, he declined because he considered me to be his competition and he didnt think it would be "smart" for him to collaborate with me. I kindly smiled and offered my thanks.

As I walked away, I thought to myself how foolish and shortsighted this fellow was for not taking me up on my offer. He just turned down thousands of dollars in business. I was not only offering him the opportunity to have full access to my customer base, but an endorsed promotion to my customers!

Too many small businesses make the mistake of not looking beyond the walls of their own business to see the vast opportunities of business waiting for them through "joint venture marketing." Joint venture (JV) marketing is the process of marketing to the customers of complimentary businesses.

Im not talking about ruthlessly going after your competitions customers. Not at all. Im talking about gaining access to new prospects with the express permission and cooperation of the business that acquired those customers in the first place.

The "common customer" is the center of the joint venture marketing concept. Your customers are also customers of other businesses that sell related products. For instance, suppose that you are a personal sports trainer. You help your customers get and stay healthy. Most likely your customers also purchase products and services from

Athletic shoe and apparel stores

Athletic equipment providers

Fitness centers

Health-related mail order catalogs

Health-related magazines and books