Many new business owners get so excited at the thought of starting their own profitable company online that they do not look before they leap. They come up with what they think is a great new idea and start to try to sell it without doing proper market research to determine demand and what customers in the niche are willing to pay for products. Other new business owners go to the opposite extreme and steer clear of certain top-earning niches because they think there is too much competition.
One of the best ways to put yourself head and shoulders above the competition even in a crowded niche is to link yourself with key companies and influencers. In these ways you can offer all new products and services, increase your authority in your niche, and earn more income all at the same time.
The easiest ways to accomplish this are through:
- Affiliate Marketing
- Joint Venture Partnerships
- Strategic Partnerships
Affiliate marketing is an excellent way to get to know the top people and companies in your industry. There are a number of affiliate marketplaces that allow you to link up with top influencers, companies and products all in one location. The main ones for digital products are Admarula and Affiliate network. The best ones for tangible products are Admarula and Mantality. Create your links once, paste at your site and in your marketing emails, and those links will keep on earning for you even when you are away from your computer.
In the process of finding affiliate products to sell, you will discover the top individuals and brands in your niche. Make a list of them and their websites and email addresses. Once you have a large email marketing list or are willing to be interviewed or contribute to a webinar about your niche, you can form Joint Venture (JV) Partnerships.
With JVs, you market together and split the proceeds 50/50. If you have a mailing list of 500 people, for example, and your JV partner has a similarly sized list, propose mailing to each other’s list and splitting the cash. If their list is twice the size of yours, email 2 of their marketing messages instead of just one.
Strategic partnerships can be formed online or offline in a similar way. Partner with anyone who is not a direct competitor but sells complementary products and services. For example, if you sell wedding gowns, partner with other local merchants who can provide any of the other items commonly required for weddings, such as flowers, formal wear, limos and so on.
One other useful way to find local partners is to offer an interesting workshop or talk at your local Chamber of Commerce. They will do all the marketing and promotion for the talk. You just need to deliver a great presentation. Those who get to meet you in this way might just want to partner with you, or know someone who does. Online networking is great, but don’t overlook the opportunities to forge relationships within the community, especially if you have a brick and mortar store.
Every business and entrepreneur is judged by the company they keep. Form relationships with the top movers and shakers in your niche and see what a difference it can make to your profits.