Host beneficiaries can introduce your business to their database.
The premise of the strategy is to offer something of value to the host business through which you want to run a promotion. Offer one of your products or services at a discount to the host beneficiaries database. And it doesn’t cost the host business a cent. It actually looks like they are providing a value add to their customers. Why would that be a good idea from our point of view? Simply, you get to be exposed to the database of the host business and effectively can significantly improve the size of your database if the people respond to the offer made.
The most important thing to remember is that you must target the host business whose target market (ie. 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.
Before you embark on a host beneficiary relationship it is key to know your acquisition cost. Understand how much money you need to spend to find a customer. This is crucial when talking about the offer for the host.
This host beneficiary strategy has worked for us in the past and it shouldn’t be overlooked.
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