Everyone wants their business to be successful but not many know the steps to get there. Well we have outlined some of the steps to a process known as “host beneficiary”. For a startup this is the fastest way to get the money you crave.
You use established businesses that have a similar target audience to you and create a relationship with them. You then promote yourself to their database and let them do the work for you. This may seem like a lot of work but it is really simple.
Here are the six steps you should follow:
1. Clearly define who your target audience is – You need to create an extremely detailed profile of who your target customer is. The more that you can identify, then the more businesses you can approach.
2. Identify and form relationships with local businesses in similar market segments – You will be able to get more business if you associate with similar markets. For example: If you are an auto dealer for BMWs or Ferraris then you would want to associate with upscale clothing shops and businesses because this is where most of your prospective customers will be
3. Develop and clear and concise plan for each prospective partner – Come up with a product/service that is of value to customers and of low cost to you. For example, a computer company might offer a voucher for computer repair from one of the local businesses. This brings in business for both you and your partner
4. Pitch the Plan – Of course if you want to get anything done, you have to tell your possible partner about the plan. Pitch the plan and make sure to emphasize and highlight how it is of benefit to the prospect. If they don’t see any or enough value then they will probably deny you.
5. Create a Draft Offer – Create a written out version of the offer so that it can be spread to others through newsletters and emails. This also makes it easier to go back and make changes if need be.
6. Develop a Strategy to create repeat customers – Over the course of this business, you need to watch and figure out what strategy works best for you. Which voucher did the customers respond to? Who is benefiting you the most? You need to question everything so that you can profit more in the end.
So now that you understand how this works, it should be easy for you to see why this is one of the most beneficial plans to gaining success. Instead of trying to bring in new customers, you can use those who have already gained success to bring in your own. It benefits everyone and with not too much effort. It really is the best way to go.
For more information on the subject check out the full article: http://www.entrepreneur.com/article/185880#
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