hi I’m Evan Carmichael welcome to the
edition of ask Evan in today’s episode
I’m going to answer question phone on my
face book readers Terry who wrote in
asking about partnerships and he wrote
in saying can you explain I want to sell
my brand and my hot wings who should I
partner with to market our product this
is a great question and partnerships are
a fantastic way to be able to reach a
new audience especially for when you’re
starting the business it’s a low-cost
way to be able to go out and get
customers so the idea here is find
somebody who’s already selling to your
ideal target audience and strike up a
partnership with them so you can reach
that target audience a lot faster than
if you were going to go out and do
advertising or some of the more costly
or expensive ways to promote your
business so if you’re selling wings or
it doesn’t matter what type of product
is selling but in case of wings you want
to think about where are people going
and what are they buying before they buy
wings and after they buy wings so if you
think about before as an example what
are people doing where your customers
coming from before they buy your wings
if you don’t have any customers yet if
you’re just starting up think about
where your ideal customers are coming
from before they want to come and buy
your wings so example might be a little
league baseball maybe after Little
League baseball games everybody goes out
and wants to go have some wings so here
you want to make a partnership with
either the teams or other people sell
into Little League Baseball or the the
association or strike up deals with the
coaches so you can get them coming to
your your establishment after every game
they have maybe it’s going to office
workers maybe people after after their
day at work they want to go home and buy
your wings because they want to have
dinner so it could be striking at
partnerships with the buildings where
these people are working or with the
individual company suppose flyers in
their in their own lunch room or their
photocopy room so you’re thinking about
where are people going before they come
to you and let it know about you before
they have to make that decision and
partnering up with the companies who
also target those types
people in terms of how to make a
partnership arrangement there’s a whole
you know lack of different ways to do
it’s a million different ways to be able
to strike up partnership agreements but
the most common ones is either just
cross promotion so here it’s you know
you’re going to promote their product if
they promote your product and there’s no
money changing hands so that can work
sometimes the second is you offer
commission so you’re actually paying no
10-percent twenty percent thirty percent
whatever is depends on your business and
your margins if they’re going to go out
and you know promote promote your
product quick example this and my first
software company this is what we did to
expand ourselves internationally and we
had a pretty good presence in North
America but also had people who could
use our software in Europe and Australia
and all around the world so we partnered
up with people who were already selling
to those companies and we gave them
Commission to help us sell it for us so
we’ve gave them even a few leads but
their job is to go and promote us to
their audience and so is great is we
didn’t really have a foothold in England
or rest of Europe or Australia or you
know everywhere else around the world
and you just found people who are
already selling to those guys and made
an agreement with them to get them to
stop for us if you are giving them a
commission you want to think about
what’s called the margin to motivate and
that’s when you’re you know thinking
about how much money do I have to give
them to really motivate them to sell for
me so if you’re selling something and
you’re giving them a one percent
commission you might say yeah okay let’s
make a deal but they may not ever
actually sell anything for you because
it’s not enough money to really make a
difference for them so think about for
your own business what you can afford
and how much is going to really make
them want to go out and sell so is it
ten percent is it thirty percent is that
fifty percent is it seventy-five percent
just depends on the type of business you
have and what your margins are a lot of
times people will will front load a lot
of these agreements so you get fifty
percent commission in the first year and
then that’s it so if the type of
business where you get repeat customers
then you can afford to give up you know
a bigger percentage for the first
transaction in the first year then
ongoing then that’s all your money
afterwards so that’s that relationship
sometimes people
work out really effectively as well and
then the last way to do it if they’re
know if you’re not just going to do a
trade or if you’re not going to give a
commission is you give a discount so if
you’re going to companies or if you’re
going to the Little League teams as an
example then you know they may not be
interested in taking a commission off
any sales made but you can give people
who they bring a discount so instead of
paying the commission that you’d
normally pay you give them a discount so
we said anybody who comes from this
company or from this little league team
you give ten percent off and you give
the middle coupon they can come in and
you know redeem at your place so that
could be an incentive for the company or
the little league team or whoever
partner to promote it to their people
because they’re going to get a discount
for coming to your place so hopefully
that helps and get you thinking really
think about those people who are buying
you know or what are they doing before
they come and buy from you and how can
you target the companies who are you
know working around those people so
hopefully that helps if you guys liked
the video please give it a thumbs up I
love seeing them come in and it makes me
want to do more these videos for you so
thank you i always appreciate it and if
you have a comment or a thought about
partnership does love to hear it or if
you have a question that you want to ask
i’ll definitely check out the comments
below so feel free to leave it in the
comments and we’ll see you on the next
episode
you
you
edition of ask Evan in today’s episode
I’m going to answer question phone on my
face book readers Terry who wrote in
asking about partnerships and he wrote
in saying can you explain I want to sell
my brand and my hot wings who should I
partner with to market our product this
is a great question and partnerships are
a fantastic way to be able to reach a
new audience especially for when you’re
starting the business it’s a low-cost
way to be able to go out and get
customers so the idea here is find
somebody who’s already selling to your
ideal target audience and strike up a
partnership with them so you can reach
that target audience a lot faster than
if you were going to go out and do
advertising or some of the more costly
or expensive ways to promote your
business so if you’re selling wings or
it doesn’t matter what type of product
is selling but in case of wings you want
to think about where are people going
and what are they buying before they buy
wings and after they buy wings so if you
think about before as an example what
are people doing where your customers
coming from before they buy your wings
if you don’t have any customers yet if
you’re just starting up think about
where your ideal customers are coming
from before they want to come and buy
your wings so example might be a little
league baseball maybe after Little
League baseball games everybody goes out
and wants to go have some wings so here
you want to make a partnership with
either the teams or other people sell
into Little League Baseball or the the
association or strike up deals with the
coaches so you can get them coming to
your your establishment after every game
they have maybe it’s going to office
workers maybe people after after their
day at work they want to go home and buy
your wings because they want to have
dinner so it could be striking at
partnerships with the buildings where
these people are working or with the
individual company suppose flyers in
their in their own lunch room or their
photocopy room so you’re thinking about
where are people going before they come
to you and let it know about you before
they have to make that decision and
partnering up with the companies who
also target those types
people in terms of how to make a
partnership arrangement there’s a whole
you know lack of different ways to do
it’s a million different ways to be able
to strike up partnership agreements but
the most common ones is either just
cross promotion so here it’s you know
you’re going to promote their product if
they promote your product and there’s no
money changing hands so that can work
sometimes the second is you offer
commission so you’re actually paying no
10-percent twenty percent thirty percent
whatever is depends on your business and
your margins if they’re going to go out
and you know promote promote your
product quick example this and my first
software company this is what we did to
expand ourselves internationally and we
had a pretty good presence in North
America but also had people who could
use our software in Europe and Australia
and all around the world so we partnered
up with people who were already selling
to those companies and we gave them
Commission to help us sell it for us so
we’ve gave them even a few leads but
their job is to go and promote us to
their audience and so is great is we
didn’t really have a foothold in England
or rest of Europe or Australia or you
know everywhere else around the world
and you just found people who are
already selling to those guys and made
an agreement with them to get them to
stop for us if you are giving them a
commission you want to think about
what’s called the margin to motivate and
that’s when you’re you know thinking
about how much money do I have to give
them to really motivate them to sell for
me so if you’re selling something and
you’re giving them a one percent
commission you might say yeah okay let’s
make a deal but they may not ever
actually sell anything for you because
it’s not enough money to really make a
difference for them so think about for
your own business what you can afford
and how much is going to really make
them want to go out and sell so is it
ten percent is it thirty percent is that
fifty percent is it seventy-five percent
just depends on the type of business you
have and what your margins are a lot of
times people will will front load a lot
of these agreements so you get fifty
percent commission in the first year and
then that’s it so if the type of
business where you get repeat customers
then you can afford to give up you know
a bigger percentage for the first
transaction in the first year then
ongoing then that’s all your money
afterwards so that’s that relationship
sometimes people
work out really effectively as well and
then the last way to do it if they’re
know if you’re not just going to do a
trade or if you’re not going to give a
commission is you give a discount so if
you’re going to companies or if you’re
going to the Little League teams as an
example then you know they may not be
interested in taking a commission off
any sales made but you can give people
who they bring a discount so instead of
paying the commission that you’d
normally pay you give them a discount so
we said anybody who comes from this
company or from this little league team
you give ten percent off and you give
the middle coupon they can come in and
you know redeem at your place so that
could be an incentive for the company or
the little league team or whoever
partner to promote it to their people
because they’re going to get a discount
for coming to your place so hopefully
that helps and get you thinking really
think about those people who are buying
you know or what are they doing before
they come and buy from you and how can
you target the companies who are you
know working around those people so
hopefully that helps if you guys liked
the video please give it a thumbs up I
love seeing them come in and it makes me
want to do more these videos for you so
thank you i always appreciate it and if
you have a comment or a thought about
partnership does love to hear it or if
you have a question that you want to ask
i’ll definitely check out the comments
below so feel free to leave it in the
comments and we’ll see you on the next
episode
you
you
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