MBA891 Guest Teacher: Dale Beaumont- How to Use Marketing Partnerships to Scale Fast

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Hi, it's Dale Beaumont here from Bryn AI and welcome to this presentation which is exclusively for the $100 MBA. And the title for this presentation is how to grow your business fast through partnership marketing. I've got some great information and content to share with you, so let's get down to business. All right, the topic of partnership marketing. First of all, you may be wondering, well, what is partnership marketing? So let me quickly explain to you what it is and clear up some, perhaps some misconceptions. So partnership marketing is where two businesses or more come together to help each other grow. And there are basically a few different terms out there that are oftentimes used kind of interchangeably. Sometimes we call them strategic alliances, other times we call them joint ventures. But I'm just going to use the word partnership marketing. Partnership, generally speaking, is where things are kind of less formal. There's just a very simple, oftentimes verbal agreement or email agreement in place, and we just work together for mutual benefit. Then if you want to formalize something, you could enter into a formal strategic alliance that's kind of oftentimes kind of known as getting engaged. Where things become a little bit more serious. We might have a small legal document in place and now we're going to agree to work together. And then the kind of marriage is really like a joint venture. So even though oftentimes they're kind of used to pretty much describe the same thing, generally partnership marketing is kind of a less of a commitment, strategic alliances are somewhere in the middle and joint ventures are kind of, yeah, a lot more serious. So let me explain to you, first of all, now we know what we're talking about. What is the reason why partnerships work so well? First of all, it's way faster to reach customers and it's a mindset shift. Rather than trying to find the next customer all the time. Instead of finding customers, you really now searching for marketing partners because there's already groups out there that basically have your customers, your potential customers. And if you can influence the influencer, then they could kind of open the door to hundreds or even thousands of potential customers that could take you months or possibly even years to find one at a time. So the first kind of takeaway is to stop looking for customers and instead look for marketing partners. So I'm going to go into the mechanics of how to do it shortly. But first of all, that's the first mindset shift. The second thing is it's way too cheaper. You know, the cost of advertising with Things like Google AdWords and Facebook advertising is increasing by the day. However, all partnerships takes is some time and if you can develop a really good formula for how to do it, then once you get these deals set up, then they really cost you nothing. The next thing is, is it's far more effective because what happens is that when you have, when you're trying to find a new customer, for example, they may not know you and so naturally they're going to be skeptical. However, if you are marketing through a marketing partner that endorses you, that recommends you, that says this is a great company to work with, then that third party endorsement rubs off on you. So not only do you get access to more potential clients, but these clients are going to be much more responsive. So your conversion rate, your impact is going to be much higher. It's also great for your brand as well, because if you're just operating as an island, people again are thinking, well, can I really trust this person? Are they going to do a good job? But if you can have on your website, our partners include and you can have logos of three, four or five companies that you're working with on a regular basis, then immediately it reduces people's skepticism and makes them more likely to work with you. So they're just some of the benefits that why marketing Partnerships work so well. Alright, so let me first of all, before I kind of get into the how which is coming, I want to quickly give you an example example because there are examples all, everywhere about how companies work together. One of the classic ones is of course dignity and McDonald's. A long time ago, Disney worked out they were never going to get into the fast food business and McDonald's worked out that they were never going to get into the movie business. Yet they both share common customers, which is families and kids that love all of the Disney characters. So basically how it works is that you go to McDonald's, you buy a Happy Meal for the kids and it's basically wrapped in a billboard of the next Disney movie. So basically what then happens is the kids get excited about this, this, this, this new toy or this, this new concept and they go and they watch the movie. Once they're at the movies, then normally there's going to be an ad at the beginning of that movie for guess who? McDonald's. And within a short walk of almost all movie cinemas is McDonald's. And so because the kids now have the association with McDonald's and also the movie, they before they go, when they get out of the movie, they go straight to McDonald's and they grab themselves the next Happy Meal. So it creates this cycle whereby both companies are working together to help each other grow. Another one is Nike and Apple as well. You buy a pair of Nike shoes and you can get an ipod and they sync up together. And so there's examples kind of everywhere of partnerships and they can happen on a small scale or they can happen on a big scale. Alright, I've got to get into the how to. Now I've got heaps of information that I'd like to share with you, so let's get into that right now. First of all, let's go through the steps. The first step, and let me just quickly check my notes here, there's a number of steps and the seven. So let me share with you what the steps are. I'm going to talk about each one for a minute or so and then we'll wrap up at the end. So the first step to doing partnership successfully is before you go looking for partners, you first of all go, who is my target market? Who are the people that I am trying to reach? If you've been around marketing for some time, you might even haven't heard of this concept called your avatar. So who is your avatar? So that's their first step. The next step is to identify who has Your target market. So once you know who you're trying to reach, then who already is selling to those particular customers. So what you need to sort of think about once you know who they are is where else are they spending money, what else are they buying, what magazines are they reading, what events are they going to, what shops do they might be buying from, what type of web places do they go on holidays, for example, where else do they spend money? So once you get really clear on who your customer is and then you can develop it of a profile, then you got to identify who are the companies that are also trying to reach also own, also selling to those same customers. Now one really quick tip on this is what you can do is you can ask yourself what are the magazines that your target market reads now by the magazines, have a look through them. But you're not going to look at all of the articles, you're going to look at the ads because they're the people that are paying money every single month in order to reach the same people that you're trying to reach. So all those people could be potential marketing partners. Alright, so once you've then identified who has your target market, you're going to write a list. And this list is going to have somewhere between 5, 10, 20, maybe even 30 potential companies that you may wish to form a partnership with. So basically you're not directly competitors, you're not doing the same thing, but you're still selling to the same customers. Alright, so once you've developed your list, then we're ready to go on to the next stage. And number three is what you've got to work out is not what you want that's coming next, but it's what you have to offer. What do you have to give, what do you have to trade? Because if you just go into partnerships going what do I want? How can, what can I get out of it? How can I make more money? And you're not giving back to the other party, then it's really just a one way traffic and that's just simply not going to work. There needs to be, there needs to be a way that both companies can come together and each party can receive benefit. And so number three is what do you have to offer? And every single person has things to offer. You might be able to offer quality content in the forms of articles or audios or videos because maybe they have a database but they're constantly struggling to go what do I send to the database? But maybe you could be good at creating content so that could Be something that you could do to help them. Maybe you've got books or you've got gift vouchers that you can give away. Maybe you can run webinars or presentation. You might give them a financial incentive, you might actually pay for leads, or you might help them with giving a special voucher or discount to their clients. There's a whole bunch of things that you can offer, but what I'd like you to do is come up with at least, least five things that you can offer them that are ultimately going to help their business. What could those five things be? So think about what they are. One is of course promotion to your database. But that's not the only one. There are of course lots of other things that you can do by giving potentially discounts or vouchers or giving content. Or there could be many other benefits as well. But you can give your client a gift with purchase. That's another idea too. All right, number four is then you're going to go, what do I want? What's ultimately going to benefit me? So what do I have to offer? Come up with five things and then what do I actually want? Now what you got to think about is what is ultimately going to benefit you the most. So is it on the other side where every time that they sell to one of their customers, they give one of your gifts with purchase or they give one of your discount vouchers? Maybe what you'd like is maybe an email to their database with a link to maybe some type of a lead magnet or a free gift in order to get them on your database so you can remarket to them. Maybe you want to be included in their next mail out with having a brochure in there. Maybe you want to have some type of brochures at their front desk or where their customers purchased their products from. Or maybe you want to have some of your of your brochures or collateral in the waiting room of their particular practice if they have a physical store. Or maybe you're just going to want them to send your content out to their network and database. So think about at least five things that would ultimately benefit you. So what do I have to give and then what do I actually want in return?

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Fidelity Brokerage Services, LLC Member NYSE SIPC okay then number five is what you got to do is then know how to make contact. You've then got to know who you're trying to reach and then make contact. Now there's different methods for making contact. Sometimes you may pick up the phone. Other times you you might send a short email. You could connect with them on LinkedIn. You could visit them via trade shows. You might want to send them some type of package in the mail. You might even want to if you have a podcast, for example, you want to call them up and interview them for your podcast. They're all ways of getting in touch. So just running short of time. So I'm going to switch over to the next one. So you're going to make contact. That's number five. Number six is then contact them. And it's basically what I call do the dance. That's contact and do the dance. And this is where what you're going to do is you're going to meet with them either over the phone or face to face and you're just going to kind of like sound them out. You can ask them a bunch of questions like, tell me about your business. How did you get into that? What are your goals for the next 12 months? What are the most effective ways that you found to reach new customers? Have you done any partnerships before? Do you have a database? How often do you communicate with them? What form is the database in? When was the last time you gave your clients a gift? How would, how would your clients like me to how can I add value to your business? Or how can I add value to your clients? And you just trying to basically you're really asking questions to try and find what is going to turn them on, what's going to get them excited, what are the things that you have to offer that they actually want. So once, then they go, oh great, I'd love to be able to offer that to my clients or that would really help me to save time or that would, would be really a lot of value to me. Then what you can do is say, great, well I'd love to be able to do that for you. And in return, here's a couple of suggestions of what could benefit me. And what you're going to do is then get to a point where you're both happy, where you're going to give them something of value and they're going to give you something of value in return. Sometimes they could be an equal thing. Sometimes it's just a promotion for a promotion. It could be a gift with purchase, with a gift, with purchase, but other times it could be something else. It could be an email with content. So just don't always think that they have to be, they have to be of equal, they don't have to be the same thing, but they do have to be both value to each party. Alright, so let's now go to number seven. Number seven is to seal the deal. And this is where what I encourage you to do is put in writing what you agree to, what they agree to and make sure that you send it through at least on email and have them write back to say I accept. And then it's basically a matter of reviewing it once you've done your campaign, see how it's going and if it's something that's ongoing, you might want to meet once a quarter to just check in and make sure that the partnership is still working for both parties. That's really all I've got time to share with you. Right now my time has come to an end, but I know there are plenty more amazing episodes with the hundred dollar mba. And so I really would encourage you to keep learning as much as you possibly can and I wish you really well on your journey to business success. If you'd like to find out more information about our business and how we help business owners and entrepreneurs right around the world, then you can head to our website, which is Brinbrin AI, and there you can download the world's first business advisor in your pocket. It's an app that has in it well over a thousand videos to help you to build the business of your dreams. And right now the app is 100% free. So go to bring AI and check it out. You'll be glad that you did. Thanks so much for listening to this episode of the $100 MBA. I'm now going to pass you back to Omar. Bye for now.

Thanks, Dale, for that great lesson on partnership marketing. One of the things I want to pass on to you when it comes to partnership marketing is that you have to be very selective about who you market or partner with and how often you do it. Now, there's a lot of entrepreneurs online that really go overboard. They really abuse this technique. They're doing some sort of partnership marketing and emailing their list sometimes three, four, five times a month. Now, in my book, I think that's overboard. I think it's overkill, because what happens is that your audience, your email list gets fatigued. It gets fatigued with all these different offers and all these different, you know, invites, whether it's for an event or a webinar or for a deal or some sort of promotion. I think once a month is actually pretty healthy. Once a month. If you could do less than that, maybe once every two months, that's even better. We at the 100 MBA and webinar in we don't do as many as some other people do. I don't leverage this partnership marketing strategy as much as maybe I should, and maybe because I'm just focused on other things right now in my business, marketing to your subscribers. But other offers for your partners can get fatiguing. So just be aware of that. Also, be selective. You want to make sure that you're associating with the right partner. Do your homework. Research them before you say yes. Sometimes we get convinced because, hey, the commission's quite high. It might seem like a good product and you want to get behind it, but you want to do your homework because maybe later down the line, one of your subscribers finds out that, hey, this person's not that ethical and their track record is not something to write home about, nothing to be proud of. So you want to make sure that you partner with only the best people in your marketplace, and it shouldn't take too much homework for you to figure that out. So, number one, make sure you don't oversaturate. You don't do this too much. You don't use this strategy too much. Two, be very selective about who you partner with. Number three. And this has been very beneficial for us. I like to partner with people and ask for nothing in return, especially if I'm very interested in working with this person in the future. I might not know exactly how I want to work with them. I may not have a product in mind or an event in mind that I want them to come to or something like that. But I like what they stand for, I like what they do, I like their vibe, I like their message. And I mentioned this before on the show, but oftentimes I will reach out to people and say, hey, I would love to run a webinar with my audience with you as my guest. You could talk about what you do. You can help them with your area of expertise. And if you want to offer a special offer of your product that's helpful, I might make a suggestion. Hey, I really like this product. I think that it could help my audience. I will do that. And this is like top tier caliber people that I'm trying to really build a relationship with. And I really don't want anything in return. I just want to work with you. I want to get a chance to meet you. And I want nothing in return. I tell them this. I just want to have this opportunity to have some sort of working relationship and get to know you on this level. It's very hard for that person to say no to that. They're going to get to get in front of a new audience. They're going to grow their own audience. They're going to get a chance to make new sales and have exposure to people that they wouldn't have exposure to. Why would they say no? In exchange, they just have to show up and do their thing that they would normally do. So you might be saying, but Omar, why would you do that? You're not getting anything returned. This is a raw deal. Maybe in the short term, but I'm a long term thinker. I like to build things for the long term. Let's say, for example, this webinar that we're hosting together with this partner goes very well and they have a great experience. They will not forget it. It's always better in a relationship for somebody to owe you one than the other way around. Now, again, I'm not expecting anything in return, but the law of reciprocity always exists. That person is going to feel like, hey, that person did me a solid. If later down the line, I would like them to. Later down the line, we want to do another partnership. Or maybe I just want to pick their brain or buy them a cup of coffee. It's going to be a whole lot easier to do that and get a yes after giving them something first. I got to tell you, some of the most solid business Relationships I have today started with this. Started with me giving something of immense value, asking for nothing in return. Now, I don't do this with everybody. I do this with select people that I really would like to work with, get to know with on a high level. So there are my three strategies, the three tips I wanted to pass on to you dealing with partnership marketing. I hope you loved today's episode. If you did, let us know in an itunes rating and review. We read every single review. It helps us, you know, know what we're doing. Know what we're doing right, what we're doing wrong. I hope you enjoyed the show. If you did, leave us an itunes rating and review. We read every single review. Each review helps us improve the show. It helps potential listeners know more about the show before they hit play and helps us grow and reach new audiences. So thank you in advance for leaving us a review. That's it for me today, guys. But before I go, I want to leave you with this. No one, no one, no one builds a successful business alone. You got to work with other people. You got to work with people in your marketplace. You got to partner up. There's no shame in that. Put your pride aside. It's like what Jim Rohn says. Your network is your net worth. So building that network is often helped with these partnerships that you build through partnership market. So keep that in mind. You don't have to go crazy. You don't have to have like five or six partnerships every month. You can just focus on say, hey, I want to partner with somebody this month. Once a month, I want to partner with somebody in something small. It could be an email. It can be an ask me anything on Reddit. It could be anything like that. Just get in the habit of reaching out to other people to work together. All right, thanks so much for listening. I'll check you in the next episode. Take care.

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