Do you currently have any established joint venture partnerships? 

JVs 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 sharing arrangement. The key to creating successful joint ventures is to find partners who service the exact same type of clients who need or want what you sell.

For example, let’s take a florist.  One of the most lucrative product lines for a florist is unsurprisingly 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 call an “event chain.” An event chain is just a series of businesses whose customers purchase in a specific sequence.

Every business ABOVE the florist in the chain 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 creates a compelling offer and relationship with these businesses, so  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.  In doing so, all parties involved can significantly increase their business.

Needless to say, strategic partnerships when creatively thought out can add  tremendous leverage to any business.