by Ben Angel
Not many business owners know how to get to their target market for next to nothing, but by utilising your existing contacts that you have met through your local business networking group, it’s well within reach.
By utilising an alliance strategy called a host beneficiary
A host beneficiary is where you offer another business owner a special gift or discount for your business for them to then pass on to their client base either via email or in person. Instead of marketing through tv, radio or the newspaper, you suddenly start marketing through your business colleagues instead.
It works out a hell of a lot cheaper and more targeted when you align with the right kind of business.
This strategy benefits the three parties involved, the business owner who takes credit for arranging the offer on behalf of your business, the clients themselves as they get a special gift or discount and you as you gain access to a new group of potential customers overnight.
The best way to market your business through a host beneficiary is to come up with a special offer that sparks instant interest from your fellow businesses client base.
This includes three important factors:
The offer must add value to the host businesses client base, ie. be relevant to what their clients are interested in or looking for
The offer must give enough incentive for them to pick up the phone or email you to take the offer up
The offer must be limited to a certain number of people to make it exclusive and engage a faster response
Write an article
If you don’t want to go down the way of making an offer or giving a free gift to get a new lead, you can write an article of relevance to your business contacts database and get them to forward it on with your contact details at the bottom of the article with links back to your website.
This strategy is very effective if you have aligned with a business owner that has the same niche market as yours but with slightly different products/services.
Marketed to 8000 for free once a month
A colleague of mine established a host beneficiary with a video store owner six months ago that was in perfect alignment with her business.
Since then she has been able to advertise to their database of 8000 at absolutely no charge. Normally the client acquisition costs for that kind of database would easily run into the thousands, instead she gave away a few free tickets to an event of hers that cost her next to nothing.
By thinking big like my colleague did, you will open yourself up to a new market and lower your client acquisition costs instantly.
Your business networking group
At business networking events and business networking groups you will get to meet businesses from a wide variety of industries, take advantage of the host beneficiary strategy as it focuses on the 20% of things that will get you the 80% of results.
Until next time happy business networking…
Ben Angel is the Director and Founder of Nationwide Networking a business networking group that meets monthly to share referrals, knowledge, gain business advice from keynote speakers and work together to proactively help each other grow their businesses.