Next in this success tip series we’ll discuss Joint Ventures. Today we’ll talk about how to create a successful ‘industry fair’ with other like-minded businesses that share the same target market as you.
Like the open house concept discussed last blog post, industry fairs are a great way for a group of entrepreneurs to work together to expand their businesses.
To start off, take a look at your paying customers and build a profile of your perfect customer. Are they men or women? What is their average age? What communities do they live in? What are their earnings, etc?
Next, create a list of non-competing businesses that sell to the same type of customers. These are the businesses you should invite to participate in the industry fair.
Prepare a list of expectations for each business that participates: For instance, they should donate door prizes, promote to their own customers, set up a table to promote their products, and commit to bringing a set number of guests.
Like the open house format, this isn’t a high-pressure sales situation. Instead, it’s a way for you to give away FREE samples, have people try out your services with minimal risk, and build relationships with future customers. As always, plan your next step, and think about how you can get those new prospects to visit you again.
Have you tried this out? Any suggestions, tips or questions? Leave a comment below!