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Joint Ventures With Banks

by johntoll
5 replies
Right now all of my sales are made through cold calls and cold emails. I need start thinking about some ways to get leads to call me up.

Someone suggested that I partner with local banks. So let's say that I'm selling something like mobile websites (which I'm not). The idea is to generate inbound leads with businesses that visit the banks and setup new accounts. I'm assuming that the bank gets commission on each sale.

So in my case the bank will make at least $2,000 per transaction.

I have been looking for some information about how to approach a local bank about a joint venture. Has anybody ever done something like this?
#banks #joint #ventures
  • Profile picture of the author Freebiequeen1999
    Well....banks are super hard to approach for most things....layers of "blocks", little access to the real decision makers. Lots of banks have many branchs but the decisions are made at their headquarters

    they also have a certain "image" and trust to maintain....if someone buys this mobile site and is not happy they will blame the bank....not good .

    you should IMHO try other avenues....maybe a web or marketing firm that does not offer what you offer

    maybe print advertising agency - they are often struggling to keep current it seems

    even a local newspaper or shopper magazine would be a good candidate

    my local newspaper gets thinner and thinner...they have tried charging for "access" to pages online...
    they tried a local "directory"...evolved it into a coupon site...which failed....
    they offer affiliate links...they sell online ad space to any ad group haha
    lots of "one old wives trick to a flat stomach" and such haha
    they have an "app" .....they get less and less ads and get smaller and smaller

    my guess is they will next put the reporters out to panhandle LOL
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  • Profile picture of the author J50
    You could always start an additional service which is either a loss leader or just about breaks even to harvest information. For example this website https://golimited.co allows new companies in the UK to register new limited companies, once you register a limited company the company behind this website https://www.crunch.co.uk then calls you up and sells you payroll and accounting solutions.
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  • Profile picture of the author johntoll
    A lot of great information here.

    Thanks everyone. I have considered doing JV's with marketing and web design companies so I"ll explore that avenue first since there will be less road blocks to go through.
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  • Profile picture of the author pennya08
    Talk to the Branch Manager, Business/Personal Bankers. They may not be able to help you directly but can refer you to their clients as they come in for service. I had a great personal banker that fed business to me this way and was ok with the banks.They love networking events too, so you can meet up with them outside the bank and they are even more happy to help.
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  • Profile picture of the author Matthew North
    Originally Posted by johntoll View Post

    Right now all of my sales are made through cold calls and cold emails. I need start thinking about some ways to get leads to call me up.

    Someone suggested that I partner with local banks. So let's say that I'm selling something like mobile websites (which I'm not). The idea is to generate inbound leads with businesses that visit the banks and setup new accounts. I'm assuming that the bank gets commission on each sale.

    So in my case the bank will make at least $2,000 per transaction.

    I have been looking for some information about how to approach a local bank about a joint venture. Has anybody ever done something like this?
    Banks are probably one of the hardest kinds of businesses to do a joint venture with, there's so much red tape and layers of decision makers it would be such a headache, if not impossible.

    You want to partner with a business that is similar to you in terms of scale and sell a similar but non-competing product. Selling websites to a business that does printing could be a good fit. Or selling websites to a business that only does Adwords and SEO would have an even better synergy, but usually they will be referring that business to other people already.

    Ideally, for a joint venture to be the most effective, what you do needs to be unique, or very different to what everyone is doing in your industry.

    You need it to be obvious for your partner that they are getting a very good deal by doing business with you.. that they would miss out on a lot of sales themselves if they didn't take you up on your offer.
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    you cant hold no groove if you ain't got no pocket.

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