The Power of the Host/Beneficiary Relationship
By Scott Letourneau
In this economy leveraging your valuable capital is a must. Most individuals and small business owners have very little if any additional capital. That means you must find creative ways to market with almost no budget. How do you obtain additional customers at no cost to you? That is the million dollar question.
First, you have to work on your relationship skills. I know this part sounds like stuff you might learn in kindergarten but so few business owners do it. These things include returning phone calls the same day ideally, returning emails within 1-2 days. Asking first, how may you help or serve. Follow up on what you say. If you finish a meeting and say you will follow up with an email that afternoon with the steps for that person to take, do it.
If you “forget” because you are unorganized or have a pattern of overpromising, that is an issue. One strategy that I take is after every call I schedule a to-do item on my calendar of what I need to send that person after the call. Many times I am able to do that within 5-10 minutes after the call, but many times there may be 2-3 calls in a row and instead of relying upon my memory for what I am promising, I track it. Remember to say please and thank you. Follow up. Add more value. Over deliver.
Be honest. If you cannot deliver something, tell someone that you cannot do that in a time frame or manor expected. Most will respect you more. Even something as simple as asking, have you heard of ________. Instead of faking that you should know that person, be honest. No, I have not heard of that person. Most people will respect your honesty instead of half faking you know them. I remember hearing one speaker who actually sent out a thank you card to a promoter, BEFORE he speaks. I have always done that after, but not before. I thought that was a great improvement.
For some reason so many seem to skip these basic steps and then they apply the strategies I will teach you next and they conclude they do not work. Most of the times the reason they did not “work” for you is that you did not have these foundational elements in place. Many of you may need to be really honest with yourself and find you need to improve greatly in these little things first.
Let’s discuss the power of the host beneficiary relationship.
The ultimate form of leverage for your business is to find a company, a business or individual who already has the relationships you need access to. They have already spent the time, the money to acquire and keep your ideal customers and clients. They are seen as the trusted advisor in their field. That is true leverage!
The marketing term is called a “host/beneficiary relationship”, popularized by marketing guru, Jay Abraham.
A host beneficiary relationship is where Company A (the host) agrees to let Company B (the beneficiary) deliver a sales message to people who are Company A’s customers or clients.
If you are the beneficiary, you are providing valuable content to the host’s clients in exchange for FREE exposure to their entire list! Many times a host may have a membership site or continuity program and are looking for guests to interview either through a teleseminar or webinar. Many times it is your ability on how you position your product or service to add massive value to the host’s clients.
On the other hand, in growing your own business as the host, you may be looking for other great information, tools, resources that really can help your own clients be more successful. Why wait for your clients to find (if they are likely) the right resources to grow their business or find the consumer resources they need. It may be your responsibility to search out the best resources for your clients or customers and become the host of numerous bonuses, teleseminars, webinars and other ways to brings in beneficiaries to help your clients or customers become more successful. In fact, the revenue share you may experience by being the host may offset your entire marketing budget when done properly!
Summary Steps to Expedite Your Joint Venture (Host Beneficiary Experiences):
Step 1: Who already has a strong relationship with your ideal clients or customers and might be open for you to provide your product or service (or resources) to?
Step 2: Affectively approach the owners of companies looking to add value to their current clients, help them convert their unconverted leads, retain more clients or bring in more clients. Many times your free reports, audios may be used as bonus gifts to help the Host bring in more clients. If interested you will need to be prepared with a bio, picture, email to send to the Host’s list, interview questions, free report…as tools to make it as turnkey for the host to promote you to their clients as possible!
As an incentive, offer the prospective “Hosts” reverse access to your customers – or, simply offer them some percentage of any sales that you make as a result of their help. Point out to your Host that at the very minimum their customers will thank them for introducing you to them and helping them gain information about your beneficial product or service.
Step 3: Follow through and over deliver as the beneficiary. Make sure you deliver great content and value! If you are the Host, make sure you properly promote the beneficiary to your clients and customers. Make sure your beneficiary gets financial results!
Other important tips for success:
1. Follow up. Do not follow up 1-2 times and assume the host is not interested. Send emails, marketing tools, offer them a free sample to your membership site…and position always HOW YOU CAN HELP THEM develop a strong relationship with their current clients and new clients. All designed to help the host make more profits. Any hint of what is in it for you and why you are so great up front, does not always work. There are exceptions. Some bigger players may respond better to, I need some help, I appreciate your work and would you be able to do a teleminar for my list (which is switching to a host situation for you). Follow up months later or every quarter. Many that said no a year ago may find their business in a better situation to say yes to your product or service now.
2. Always look to add value first. Do not feel entitled, even if you invested in a big program of the host. Some do offer a big package that will include an opportunity to offer your product or service to their list, but rarely is that the case.
3. Offer something of real value. If you produce a crap product or service no one will be interested in exposing their list to it.
4. Over deliver when you do have an opportunity to be the beneficiary. If you promised all those that respond to an offer, 2 bonuses, give them three (a surprise bonus). The goal is to create great feedback for the host from their list that they will recommend you to their other friends and look to use your support again in the future!
5. Calendar time to prospect for host opportunities. This should be no different than calls to clients or leads. JVs should be a part of your weekly marketing calendar. When done properly, you will be in a much better position 6 months from now, where order taking is the key!
Looking to master this subject? The best approach is to immerse yourself and your business in three days of intensive training. Why takes years to master it when you can do it over a weekend? Your opportunity is coming soon.
There still is time and a few seats remaining to register for the 2012 Ultimate Joint Venture Boot Camp in Las Vegas, January 27-29. Your powerful training includes myself, Armand Morin, Spike Humer, Sohail Khan, Richelle Shaw, Rachel Quilty, Jim Chianese and Lee Phillips! For complete details and to register go to www.TheUltimateJointVentureBootCamp.com Register by January 20th, 2012 and you will receive an extra 10% discount. Call our office to register at 1-888-627-7007 for the 2012 Ultimate Joint Venture Boot Camp in Las Vegas, January 27-29th (9 am to 6 pm each day).
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