Two Methods of Marketing Using Joint Ventures
Whether you're a contractor a local merchant with 150
employees, whichever, however or whatever, you've got
to know how to keep your business alive during rough
economic times. Anytime the cash flow in a business,
large or small, starts to tighten up, the money management
of that business has to be run as a "tight ship." This is where an Honest Joint Venture will help increase,
not only business sales, but strong business relationships.
When things go together, they're said to be complimentary.
An example of two items that might go together are flowers
and baskets. If you're in the market for one of these two
items, you might be in the market for the other. You may be able to increase your business marketing
efforts by combining the marketing of one of your products
or services with the marketing of someone else's products
or services. There are two Methods of marketing using Joint Ventures: External joint venture marketing- You combine your marketing
with that of another business that uses a product or service
that compliments your own. You both benefit from the exposure
and your customers will be looking to this other business for
its complimentary offering. Likewise, the other business, and
their customers will look to you for their complimentary products
or services. You both access each other's customer database.
An example would be a cabinet maker and a hardware store that
could work together. Internal joint venture marketing- You probably offer
complimentary products within your own business. If this is
the case, you need to market this so potential customers will
be aware that your business offers certain products or services
that compliments each other. This encourages one stop shopping
and also allows your business to sell one product or service
on the back of the other. An example is 'computer repair store'
that also sells virus protection software. I've actually seen one business that sells a course on how
to write successful marketing campaigns. The majority of
their customers never find out that in addition to selling
that course, they do consulting and write marketing campaigns
themselves. They don't do an effective job of letting their
customer base know that Those things naturally go hand-in-hand. Another kind of internal joint venture marketing would be a
combined location or common business. You can have businesses
that shares a common location such as a mall or a strip mall
shopping center. They can market their businesses as complimentary
to each other. This can take a number of forms, but the most
popular is sharing the media cost. An example would be a strip
mall with a number of home improvement products or services. You want to take advantage of this either by phone or by
sending the other business a letter. You might say,
"Dear Mr. or Mrs. Business Owner. Our company specializes
in (or sells). We have discovered a logical tie into your
business or customer base in that it . We have created a
system for dramatically increasing your profits without risk,
investment or even effort on your part". Where you say, 'Mr. or Mrs., let me ask if you could generate
sufficient profits to - would that interest you?' The process
is relatively simple. First, we create a joint marketing plan
together to consist of either (choose 1 or 2 of the following)
a letter of endorsement from you, a telemarketing campaign,
a seminar, workshop, sales presentation, display or design a
customer/client newsletter, or a display ad. We will share the
profits on a 50/50 basis etc." You may publish this article in your ezine, newsletter on
your web site as long as the byline is included and the
article is included in it's entirety. I also ask that you
activate any html links found in the article and in the
byline. Please send a courtesy link or email where you
publish to: support@multiplestreammktg.com Copyright © 2005 Abe Cherian is the founder of Multiple Stream Media,
a leading performance-based Internet advertising
company dedicated in helping small businesses create
online presence, brand recognition and online automation.
Main company web site: http://www.multiplestreammktg.com Abe Cherian's online automation system has helped
thousands of marketers online build, manage and grow
their business. Learn how it can benefit you too.
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You have read part 1 & 2 of this article series (see below for link). And, you are probably asking yourself "what else is there to say about improving one's translation style?" The answer to that, my friends, is the most important part of the message.
Let's for a moment consider our profession from the perspective of the client. You have a translation project that needs a translator. You pull out all the stops: you hit the search engines; post on translation directories; you even call in a few favours asking for a reputable professional translation service. In short, you get the "word out." Pretty soon you have around a hundred (probably more) potential candidates. Then, based on your translation project criteria, and other priorities and considerations, you cull the list down to 10 candidates. The surviving candidates bring the exact same qualifications and benefits to the table. At this point you do an in-depth analysis on each potential candidate, and the material you have gathered on that candidate. So, here is the question: Who do you commission to take on your translation project?
Part 3 of this article series answers that question.
Applying the lessons of part 1 & 2 of this article series will put you in the final line up. However, although you may be the most accomplished professional in the business, it does not necessarily ensure that clients will contract your services. It is as simple as that-brutal to be sure, but the truth none the less! Here is where you get to ensure that you are not one of the "other nine."
Let Your Reputation Precede You
We are all somebody's client-no pearl of wisdom there, I am afraid. However, think about the time-and we have all experienced this at one time or another-when you made a major purchase decision for a particular product or service without the usual angst. It just seemed the most obvious thing to drop the "green", or money, on the table. You were totally comfortable with your decision. Why was that? Dell (computers) was my experience, and not because Dell produces the best computers, either. For me, it was because their reputation for quality, and quality of service preceded them. What is the lesson that can be applied to translation style?
Deliver on the promise. Always deliver client projects on time. Better yet, don't just beat the deadline-deliver the project with time to spare. If for some reason, an act of God hopefully, you will not be able to deliver on time, let the client know in advance. The response may not be pretty, but it will be appreciated. And, whatever you do, do not come up with a lame excuse!
Of course, nobody sets about a project intending to miss the deadline, and yet many do. You can avoid the "unavoidable" by not accepting projects with unrealistic or impossible deadlines. Negotiate a more reasonable deliver date, or simply refuse the job altogether-your reputation will not suffer. Working within your abilities is important, too. Do not accept material that you have little or no expertise knowledge about because then you will definitely end up making lame excuses. And finally, always make sure that you will be working within your abilities by evaluating the source text before you accept the project. Check it out yourself-do not take somebody's word that it is a business text.
Take a page from Dell's operations manual-make your clients feel comfortable by developing a reputation for delivering more than you promise. You are already standing tall in that line up.
Operate like a Professional to be a Professional
Start by knowing your client. That is, do some preliminary research on your client before submitting your material. This is important for a couple of reason. First, your research will manifest itself in the proposal submitted, and the client will definitely pick up on it. The message is powerful: this candidate is interested enough in the job to "go the extra mile!" Second, you are playing at a psychological level-you are appealing to a universal sense of vanity. Everybody likes to feel important enough to be "researched."
I recently received an email from a freelance translator. This person had skillfully worked an original phrase from an article that I had written into the resume. Now, you just have to know that I took a closer, longer look at that resume! What can I say, I'm only human.
Too much sweat? Apart from the obvious benefits, you may discover some interesting information. For example, your research may turn up a pierce of information that will land you at the head of the line up. Alternatively, you may discover that your client has a history of not making payments in which case you probably want to remove yourself from the list. A word of caution is in order. When working research into your proposal, be subtle and forego the flattery.
Professionals know how to listen to the client to understand what is required. Have you ever thought about the difference between "listen" and "hear?" And the "buzz" that comes with a reputation as a good listener-pure gold! One hears it all the time: these guys knew exactly what I wanted, and they got it right! Apply your listening skills and let your reputation precede you as a professional that gets the job done right first time. You will be rewarded many times over with repeated requests for your services.
The job does not start until the paper work is complete! You need a contract that is detailed, and you need an agreement on that contract before anything happens. At a bare minimum, your contract should have clauses cover pricing, terms of payment, limitation of liability, delivery of product (service), dispute resolution, termination of arrangement and confidentiality. Now, some may think that a contract at this point will scare a potential client away-quite the contrary. It speaks loud and clear of "professionalism!" In addition to protecting yourself, you are dealing up front and honestly with an issue that is of obvious importance to the client. And, at the same time you are providing transparency. For example, the clause on pricing will tell the client upfront how much your services will cost and how those figures are arrived at. There is no greater turn-off than a "black box" pricing structure-lurking sticker price shock at its worst!
Records. There are a number of very affordable project management software packages targeted at translators that do a good job of organizing and storing business records. E-mails, faxes, invoices, contracts, purchase orders, receipts, source files and translated files should all be stored. Some would say that this is a good business practice, which it is. I would argue that this is essential to being a professional. Organizing and storing records will ensure that clients get a prompt response to inquiries. In addition to lending an aura of professionalism to your operation, stored records are a great source of information when your business grows to the point where data mining becomes feasible. Plan for the future now!
I am a repeat customer of Dell. All our hardware (laptops, desktops, and servers) are Dell machines. As our business growths, there is a continual need to upgrade. How do I know what components to purchase? I simply log into my Dell account and enter the product number of the machine I need to upgrade. Every single information record about that machine is accessible-now that is business record keeping! Of course, not everyone has deep pockets for a state-of-the-art system, but you get the message.
How long should you keep records for? In some countries, you are required by law to keep business records for a certain period of time. If you employ a project management software tool you essential have the option to store records forever (recommended). At a minimum, store records for at least one year.
Communicate like a professional. This is a vast topic that I could never do justice to, and in an article of this length, I also run the risk of losing the original message. Allow me, instead, to focus on written communication since this is probably the most common form of communication that you will have with clients, and in most cases, it will be the first communication that you have with a client. Your writing abilities either are one of your greatest assets, or one of your greatest liabilities. That's it.
A Japanese friend found herself in the un-enviable position of having to e-mail the entire company alerting them to an error she had made on a project that she was the lead project manager for. This was a critical error on a major project on which everyone had been slaving away for months. Tempers were very short. She asked for my input. I immediately realized that she was so stressed, and in such a hurry to fire off that e-mail that she had not done the best job she could have done on format, grammar or style. I explained to her that normally people would overlook such issues as trivial, but in the current situation, she would probably be put to the stake! We re-worked the e-mail several times, took a lazy dinner, and then re-worked it some. How did her colleagues respond? In her words "Oh... it was good response!"
Written communication is incredibly powerful. Take writing courses if you have to. Definitely re-work everything that clients get to read until it is perfect. And remember this, once it is out there, it becomes a permanent record that you have no control over (i.e. can not edit) for ever.
You can dominate the line up by projecting an image of a true professional. Researching the client, listening carefully to identify what the client wants, tying up (legal) issues that are of concern to the client, employing project management tools, and communicating in a clear and concise manner all serve to focus that image and polish your translation style.
Do Not Make Clients Look For You
Getting referrals, putting out resumes, working the phones, and pressing the flesh are marketing approaches that I am sure you are employing to stay on the client's radar. What more can you do?
If you maintain visibility by employing any of these approaches, then like the rest of us, occasionally you drop of the client's radar. How does this happen? Well, physical addresses change, as do phone numbers, when you move. Maybe your e-mail address changed with your new ISP that you got a great deal on. Or, simply, you changed your e-mail provider because you were unhappy with the service. Do you even remember all the places where you have posted your contact details? The point is this: your hard work at staying visible is all for naught because the client will not be able to contact you about a proposal during this transitional phase, if at all.
An internet web site offers a permanent solution. Most professionals shy away from a web presence for a number of reasons. They assume that the cost is too prohibitive, that they do not have the technical skill requirements, or that the commitment is too great. This could not be further from the truth. Unfortunately, these misconceptions may be preventing you from harnessing the full potential of the web to grow your freelance business. A web presence is within anybody's reach!
What are the possibilities? Your internet address, or domain name, will never change, which means that you will have a permanent sign pointing to your office door. You will always have the latest version of your material in front of the client that can be accessed from anywhere at any time. In effect, you will be open for business 24/7. A web presence will not only stabilize your income, it will provide the opportunity for growth-planning for the future.
Stay accessible to clients, stay in the line up.
Who Do You Do Business With
Let's revisit that major purchase decision that we happily made a while back. Sure, the product (service) came with a good reputation, the operation was professional, and we did not have to look too hard for it. In other words, even before we made the purchasing decision, we were already quite comfortable with the idea of making a purchasing decision. In effect, we were already "pre-sold." However, pre-sold is not quite the same as "sold." That fleeting interval between pre-sold and actually making the purchasing decision-laying out the green-is where it all happens. Sales people refer to this as "closing the sale." And sales people know that in order to close the sale, the client must not only feel comfortable with the deal, but must also like the person making the sale. Surprised? Do not be, you do it all the time, and so do your clients!
All things being equal, we buy from those we like. That bears repeating: 10 candidates offering the exact same qualifications and benefits, and clients will always go with the professional they feel most comfortable with and like.
I am afraid that there is not much that can be done about character-we are who we are. But, there definitely are some things that you can do to improve your "likeability" ranking.
A good, positive attitude attracts clients. Clients do not want to work with professionals; they want to work with professionals that project a positive attitude. Just as we avoid colleagues that are unpleasant to be around, so do clients avoid contracting professionals that do not project the right attitude.
Show appreciation for having the opportunity to work with a client. Send a card, nothing fancy or expensive, with a personal and original thank you message. You should try it-it works wonders.
Have a genuine interest in your client's best interest. Share you insider knowledge of the industry with your client. When you can not take on a job (maybe you have enough work, or are not qualified for that particular subject matter), reach out to your network and forward the job to a colleague. You can also point clients to web sites that can handle their translation project. Clients appreciate these small acts of kindness, and they certainly do not forget about them!
After completing under graduate school in Japan, I returned to Zambia briefly to help in the family business. We made it a policy to recommend customers to establishments-even if they were competitors-that most likely carried the product that we could not provide. Did customers ever appreciate it! They ended up coming around more regularly and making more purchases. Not only that, but even our competitors started referring their customers to us during stock outs. Of course, we made sure not to run out of stock too often-clients also have businesses to run?
The customary caution is not to introduce the client to a nightmare. A good rule of thumb to follow is to never introduce the client to a product (service) that you yourself would not layout money for.
When clients like you, you are the line up.
Conclusion
Ultimately, the success of your translation style can only be measured by the number of your clients, and the number of projects that those client entrust you with. That is very much a function of how successful you are in making your clients feel comfortable with your deal-as defined by reputation, professionalism and visibility-and by climbing in the "likeability" rankings.
Trade Show Promotions That Are Memorable
If you have been to expos and trade shows as an attendee like me you would be familiar with the exciting prospect of carrying home a heavy plastic bag of trade show promotions, the end result though is usually the trade show promotions end up down the back of the couch, on the floor or in the bottom dusty drawer of your desk, hopefully reading this article on tradeshow promotions, your gift to clients and prospects will not share the same fate.
My Marketing Budget Is Small - How Can I Make The Most Of It?
Regardless how small or large your budget is, there are a number of ways you can make it go farther. One way is to capitalize on the seasonality of your business.
Client Attraction Technique #1: Niche Marketing
When asked "what business are you in" many business owners often identify an industry, for example, "I'm an accountant" or "I run a beauty salon " or "I own a restaurant." But claiming to be part of an industry is not what attracts customers. Customers come to you because you offer a specialty.
For example, which advert are you mostly likely to respond to:
Marketing Miracles - Do They Just Happen?
A simple answer to that is: Yes, Marketing Miracles happen!
But, these marketing miracles do not just happen. The
process is not instant. It is sequential. It takes planning
and the planning requires decision and focus. The decisions
must be well thought out and the focus must be spot on.
Ten Breakthrough Marketing Ideas
Ten Breakthrough Marketing Ideas
Adapting Blog Technologies To Corporate E-Newsletters
Every January, trade publications put out a list of predictions for the coming year. They discuss products, services and trends that they think will change the way business is done, labeling these "disruptive technologies."
The idea of disruptive technologies comes from Clayton Christensen's 1997 book, The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail. A disruptive technology is a method, procedure, skill, device, or material that redefines the competitive standards. Note that the technology doesn't have to be a physical item and that it often forces us to re-examine the way we work.
InfoWorld's list of disruptive technologies for 2003 included open source, self-service CRM, digital identity, and my personal favorite, Weblogs. How can a simple, Web-based journal be disruptive?
For starters, it's worth describing what a Weblog is. Basically, a Weblog or "blog" is a personally created, online, time-stamped web page that includes the thoughts, ideas, and comments of the "blogger." The musings are usually brief, but they are published frequently and consistently. People can subscribe to receive the blog updates via e-mail. Often, the blogger is an expert on the subject he/she is discussing.
At first glance, it doesn't appear that blogs would be at all disruptive. So why all the hype? If we look closely at the structure and intent of blogs as a communications tool, we can see some powerful ideas at work.
Blogs are a direct, one-to-many vehicle for communicating ideas. They expand an individual's ability to communicate. They are fresh and timely. The blogger, in order to maintain interest, must communicate often. Blogs enable a single person to share ideas, insights, and useful knowledge with an audience. Thanks to the Web, the audience can be a global one.
Whenever a new tool or process-such as e-mail- expands communications, the effects are far-reaching and dramatic. Even though blogs have been around for 3-4 years, they could be the next big thing.
Blogs Are The "Real Voice"
Two important characteristics of blogs are that they are written by a person who is knowledgeable and passionate about the topic, and that they are written in a "real voice." This is a cosmic shift from the marketing and public relations materials that are the staple of business communications.
Often, when information goes through a formal marketing or PR process, the end result is an attractive, expensive, stale, diluted document written in corporate speak. This result is generally due to the processes that evolved to accommodate the costs and standards of print technology, rather than to the incompetence or malevolence of corporate communicators. The edge, the authenticity, and the voice of the professional speaking to his fellow professionals is lost.
Blogs offer the human voice that can be loud, controversial, and even wacky. But the realness of the blog inspires trust and piques people's curiosity. A blog can create a community and a dynamic discussion.
If you are a product manager working in the chemical products industry, chances are that you would rather hear about the real experiences of other product managers in your industry than read a glossy marketing piece put out by the marcom department. Blogs fit this communications requirement perfectly.
Blogs Are Simple
Weblogs are easy for people to publish, read and respond to. They can foster a community of like-minded individuals and be the catalyst for spirited discussions. Blogs are an inherently proactive form of communications. Weblog participants can subscribe to receive scheduled postings to the blog. Weblogs are inexpensive to produce and they can include a variety of multimedia content (audio, video, files, etc.) and hypertext links that add value to the discussion.
Blogs Empower The Individual
There are a host of tools on the Internet that make blogging a snap! Blogs empower a single person to capitalize on the reach and ubiquity of the Web. And they don't require the investment or recurring costs of print technologies.
Blogs Empower The Enterprise
Blogs empower the knowledgeable people within a company to share their insights, know-how, and expertise. The value to a corporation is that this knowledge can be organized, distributed, and leveraged to increase the value of different product and service offerings to the customer.
If a corporation is going to use a blog, however, it should understand that controlling the content of the discussion is difficult. If you want an authentic exchange, you have to be willing to accept the stone-throwing and critical comments that often occur in a blog. This requires extending trust and giving up some of the control a company would normally have when it publishes a press release or hosts its own online forum, for example. The upside is that people will listen to a real voice.
Adapting Blog Concepts To Your Newsletters
You can adapt blog technologies to your corporate electronic newsletters by taking advantage of the underlying concepts. You can, for example:
* Publish a small amount of well-organized information frequently and regularly
* Include content from individuals who are knowledgeable and passionate about their work
* Make it easy for your employees to communicate directly in their own, human voice
* Respect the reader by making sure your e-newsletter provides value and that he/she wants to receive it.
E-newsletters geared towards educating a marketplace, rather than those focused on advertising or marketing, turn out to be particularly effective. E-newsletters offer an affordable, direct way for the experts in a company to communicate with an audience. This means that a product manager or an engineer can enhance the flow of information and make it more accessible to those who want it.
Think of your channel and the information needs of your partners. Your company has a wealth of information that would help them sell your products more effectively. There is much insight within your partner community that could be leveraged throughout the channel. And your technical experts and engineers have critical knowledge and understanding that everyone could utilize.
What's often missing is an easy way for the "know-how" keepers to capture their knowledge, organize it, and deliver it. The best e-newsletters are written in a real voice, not in corporate speak.
Two years ago, the book The Cluetrain Manifesto shook up the business community (see http://www.cluetrain.com/book.html). The revelation? That business is about humans. As Wall Street Journal columnist Thomas Petzinger Jr. writes in the foreword: "I was dumbstruck. There in a few pages, I read a startlingly concise summary of everything I'd seen in twenty-one years as a reporter, editor, bureau chief and columnist for my newspaper. The idea that business, at bottom, is fundamentally human. That engineering remains second-rate without aesthetics. That natural, human conversation is the true language of commerce. That corporations work best when the people on the inside have the fullest contact possible with people on the outside."
It turns out that the human "voice" is an underserved or ignored need. In a world of 6+ billion inhabitants, the individual craves to speak and to be heard.
References
Blogs As Disruptive Tech: How Weblogs Are Flying Under The Radar Of The Content Management Giants, By John Hiler, CEO, Webcrimson, http://www.webcrimson.com/ourstories/blogsdisruptivetech.Htm
Making Room For Disruptive And Emergent Technologies, By Hugh Blackmer, Science Librarian, Washington & Lee University, http://home.wlu.edu/~blackmerh/sabb/nitle2.html*
Blogs As Disruptive Innovation: What A Brave New World Blogging Is Building!, by Dr. James V. McGee, Professor, The Kellogg School Of Management,
http://www.mcgeesmusings.net/2002/05/15.html
Weblogs At Harvard Law, Bookmark List For ABCD Weblogs Meeting, By Dave Winer,
http://Blogs.Law.Harvard.Edu/Stories/Storyreader$199
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shared a very serious marketing blunder: Their potential
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The Value of a Good Sales Letter!
Regardless of how many forms of promotional material you create, the simple yet very important sales letter never goes out of style. As a matter of fact a good sales letter should definitely be included as part of your marketing strategy for it can be the most effective tool over any other promotional material. A good sales letter gives you an opportunity to make a smashing impression right out of the gate. The following are some strategies to consider when preparing your letter.
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