What would you prefer? Getting one or one hundred clients at a time? This is the difference between working alone, and seeking joint venture alliances.
If you contact prospective clients, just say you make 10 calls. If you’re lucky you will get two clients. This is a 20% conversion. However, if you make contact with potential alliance partners, making just ten visits, and get only 2 partners. You’ve now made an alliance that with the same effort and conversion rate could send you up to fifty clients per partner over the coming year. That’s the power of joint venture alliances. These ten visits could get you over one hundred clients instead of just the two you’ve achieved yourself.
So leveraging your networks and making alliances with the right partners will benefit both parties in the joint venture.And of course these alliances benefit the clients too.
Let’s look at this example: Suppose you are a ball room gown designer and you have joint venture with a chain of dance studios: The dance studios hand out your special offer coupon to every member and mention you in their newsletters. In return you make sure that your clients receive the dance studio’s flyer and you regularly mention their service in your website and blogs too.
Can you see that in this situation everyone wins? The Dance studio wins because they get in front of perhaps 50 to 200 people who might want to learn how to dance by taking dancing lesson. The customer wins because they get introduced to a first class dance studio, possibly with free trial dance lesson. And you win as well because you get a steady stream of clients who want you to design dance outfits for their competitions. This could lead to ongoing clients for the rest of the life of your business… Not a bad result for one day’s work by just connecting with your networks and making the right joint venture partner alliances.