As a business owner, have you ever wondered how to wow your customers?, and at the same time get introduced to more new ones?
One of the most under utilised, yet, extremely effective methods to do this is something called a “Host Beneficiary” or “host ben” for short.
Usually, the first reaction I get when I mention this is; “host what?”
Now I actually love to get that reaction because it usually means that I’m just about to teach my client something new, that also promises great results..
The way it works is quite clever. The main purpose of the strategy is to introduce your business to the database of another business, and vice versa
Now, don’t worry, this doesnt mean that you directly share access to your or your partners data, the entire control can and in most cases does, remain with the owner of the database.
One of the keys to this is to first of all offer something of value to the other business that you’re working with. I.e. Offer a product or service that would be a benefit to the customers of the other business. Ok?
As an example, a fitness centre could offer the products of a health food store to its members, (and of course vice versa).
The aim is that the Fitness Centre is able to offer something extra to it’s customers . The customers see this as an additional benefit of being a member of the Fitness Club. Do you see?
And wait for it, the even better news is that it doesn’t cost the host ben, (the fitness centre in our example), a penny, because we, as the provider, organise the whole thing.
Why would that be a good idea from your point of view? Simple, you get to be exposed to the database of another business and can significantly improve the size of yours if people respond to the offer.
So this is a real WIN:WIN strategy, you get exposed to lots more customers, your partner gets to provide extra stuff to their customers, adding to their hopefully already great service & product
To make this strategy extremely effective, you must be able to sell the benefits of it to the host ben business and prove what a cheap and effective method this can be for both of you.
You can make it easier for them by drafting the letter that can be used in the mail out or ad which would then be produced with the their letterhead or brand.
The results can be staggering.
What is more fascinating is that you can reverse the favour and make the offer of the other business’ products or services to your customers.
The most important thing to remember is that you must target the host bens whose target market (i.e. customer profile) matches yours; otherwise, you are unlikely to get repeat business from those taking up the offer.
Remember, selling to people once is a promotion, selling to them repeatedly means that they are your customers.
Most of all have FUN with it and it will reap you the rewards you deserve because you tried something new.