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. Then they try to sell it without doing any homework.
This lack of prep includes doing the proper market research to figure out demand for their new idea. This research should also include finding out what customers in the niche are willing to pay for products. Other new business owners go to the opposite extreme. They steer clear of certain top-earning niches because they think there is too much competition.
Have you fallen into either one of these camps on your entrepreneurial journey? I’m a planner and researcher by nature so I’ll typically fall into the “it’s too competitive” camp.
One of the best ways to put yourself head and shoulders above the competition, even in a crowded niche, is to partner with influencers and key companies in your industry.
In this way, you can
- offer all new products and services,
- increase your authority in your niche, and
- earn more income all at the same time.
Can you say trifecta?!
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3 Key Ways to Partner with Influencers in Your Niche
The easiest ways to accomplish this are via 3 relationships:
– Affiliate Marketing
– Joint Venture Partnerships
– Strategic Partnerships
Step 1: Affiliate Marketing
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 infiuencers, companies and products all in one location.
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.
Step 2: Joint Venture (JV) Partnerships
In the process of finding affiliate products to sell, you will discover the top individuals and brands in your niche. As you obtain this information, 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.
Step 3: Strategic Partnerships
Strategic partnerships can be formed online or offline in a similar way. When you’re trying to partner with influencers, you’ll want to find people who are not direct competitors. Look for those who sell complementary products and services.
For example, if you sell wedding gowns, partner with other local merchants who can offer 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.
People 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. When you partner with influencers, you will cultivate relationships with the top movers and shakers in your niche. Nurture these relationships and experience the difference it can make to your profits.