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By Jay Abraham
Then explain your assumption that the target company's product would bring great value to your customers. Ask enough questions to figure out whether or not the product or service is a "one shot" or has a back-end component. If it's a one shot, offer to split profits or sales (splitting gross sales is always preferred) with them. If it's got a good back end, try and get all of the front-end profit and even some of the back end.
Value and respect the real worth of your endorsement to your list. Keep control. Have the orders and even the money--if appropriate--go through you. Also, maintain quality control on the product, promotion and customers. Stipulate when going in that all resulting customers are your proprietary property and cannot be resolicited without your written approval.
Put all of this in writing. Once you've made the deal, don't do things too big. First, test small to make sure the hosted product sells. If it does, offer it to all your customers. If it doesn't sell, the problem could be the choice of product/service, or it could also be your execution on the endorsement. Find a different product or service and try it all over again.
If you don't succeed at first, it's no problem. Keep trying until you hit pay dirt. The first time you tap into your goodwill with your customers or clients by endorsing something--sales should shoot to the moon.
The Flip Side
When trying to become the product or service being endorsed, the opposite applies. Find a target company that already has your desired customers as its customers. Approach the company. Tell the owner/president/manager that you believe they have enormous untapped wealth stored in their goodwill with their customers, and just because they haven't fully tapped into it doesn't mean they shouldn't.
Then walk them through a deal that lets you keep from 50%-75% of the profits or gross--depending upon what you're able to negotiate.
Tell the targeted host company that you'll do everything, for them, but that they will retain 100% approval over what you do, how you do it and what you say. In essence, give them all of the control, none of the risk and up to half the rewards.
Here are a few of the profitable joint ventures that I have engineered over the years:
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