Coming from the marketing and advertising industry, my two favorite words in business are JOINT VENTURES. This is when two different companies partner up to help each other increase their business.
In the advertising industry as example, if I have a website that is generating a certain amount of traffic to a certain demographic or target market, it now becomes an asset that has a certain value that can be used as leverage to negotiate cross promotions or joint ventures deals.
But how do you do this type of business with your MLM? Reading this blog post could put some serious cash flow into your jeans.
Join Ventures…. my favorite two words in business! And if they are done correctly they can mean some BIG $$$$ – OR some BIG exposure for your business. But how do you go about doing them?
When it comes to doing joint ventures and cross promotions, its important for you to be running your MLM business like a real business. What do I mean by that? Well, most conventional businesses have websites that they drive traffic to, vehicles that they advertise on, business cards that they hand out, brochures that they distribute, trade shows or events that they attend etc.
The Question Is….Do You Have a Marketing and Advertising Budget?
Almost every conventional business budgets a certain amount of marketing and advertising dollars each month to help promote their business. Local businesses love to get more exposure and if presented properly, they will get involved with these type of promotions. You will be able to increase your client base through their client base.
Here is an example of how I have used joint venture deals and cross promotions to explode my MLM. A group of my leaders all got together and decided to host an exclusive and private V.I.P business opportunity showcase and networking event.
We made it the grand opening launch for our MLM in that city. But when we started to add up what it was going to cost, we were shocked! Between the cost of the room, stand up banners, decorations, printing, small catering…
We Were Dealing With a Bill of Over $4500!
Say what? $4500! Are you serious we thought? Who’s gonna foot the bill for $4500? So we set out on a path to put together a joint venture/cross promotion event while at the same time showcasing our MLM.
Here’s how it went down…
The event was called SUMMER LOVIN’ BUSINESS OPPORTUNITY SHOWCASE. We made it an upbeat high-end business after business networking event. We held it at a 4 1/2 diamond hotel that had lots of parking that was easily accessible to all suburbs of the central city in Vancouver.
We took the whole floor of the convention facility with a social area, for appetizers and product sampling and a presentation room where the event went on. We allocated specific areas of the room for local businesses to showcase their goods and services around the back of the room perimeter.
Each company provided us with their logo that was projected in rotation on the wall in two high-traffic areas and they were given a certain amount of space to set up a display. As well, their logo was put onto all of our promotional materials as one of the proud corporate sponsors. Each company was allowed to provide some type of promotional piece to go into a little goody bag that every person left with at the end of the event.
Each company also received 7 tickets to the event for staff and V.I.P. customers that had a value of $15 each. We knew that the event was going to be packed, because we were all promoting it, plus we had about 15 local businesses promoting it as well through their retail stores. 15 x 7 = 105 people plus our own personal promotions totaled 225 people in attendance.
The room was spectacular with full staging, balloon bouquets around the perimeter. Pull up banner stands – typically used for trade shows were set on each side of the stage. The signage company gave us the banners at their cost just so they could participate. WOW!
The event started with 60 minutes of mingling and networking, appetizers were served, as well as coffee and tea. Blenders were going on in the sample room and people were all mingling, networking and sampling our products.
One of the sponsors of the event was a clothing company so we added a little entertainment flare with a 15 minute fashion show to kick start the event. Then we featured a million dollar income earner from our company as the guest speaker. He went over the vision of the company, the products that people were sampling and an overview of the compensation plan. After the event, there was more networking that went on for another 2 hours. The energy was high and no one wanted to leave. It was awesome.
What An Amazing Event – Zero Costs… In Fact a $200 Profit!
The energy was ultra high and everyone left with more product samples in a bag with a host of other goodies as well. We enrolled about 20 new reps that night and in the days to follow after the event. Total cost for the event was ZERO – NADA- NOTHING – in fact we profited by $200.
Joint ventures can be done in your local area with restaurants, tanning salons, fitness centers, manicure/pedicure locations as well. You can offer added value to new reps for enrolling into your program on a specific month, or do contests and promotions for your team members. Mix it up and make it exciting!
I’ve even done deals with local retail outlets where they display some of my brochures on their counters, or give away product samples to their V.I.P. customers. It’s all part of your branding and awareness and if you have products that WORK people want to order them.
Treat your business like a real business it will pay you like a business!
Interested In Generating Leads For Your MLM Business?
Ultimately, success with your MLM business requires a working knowledge of both lead generation and personal branding. Learn to build your down line by becoming an Alpha Networker both offline and online. Additional online training to help you Sponsor More MLM Reps is available with Darren Little.
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