Watch this interview with Vyral Client Chris Watters on how to raise vendor partner money.
1. Build the Invitation List
We'll pick 10 local business owners who currently advertise to reach homeowners and new movers. We start with the people you already know, and then if necessary, we'll research new perfect-fit business owners to add to your invitation list you approve.
2. Schedule a 3-Way Call
We'll reach out politely on your behalf to present the opportunity. If they are interested, we'll schedule a 3-way meeting. You'll get to meet your vendor partner and we'll explain when your business grows, their business will grow too. We have a prepared presentation that's customized to your market and revenue levels with the amount we're asking for that's also based on the business owner's revenue and industry profit margins per sale.
3. Sign Them Up
We sign them up, collect the money, and pay you monthly. Our team will arrange your partner Zoom/phone interviews, build your website vendor page, design their gift certificate to share with your clients, and include their ads in your email/blog marketing for you.
"Is this available for every client?"
Yes. You'll work with your Marketing Consultant. You'll first work together to build your invitation list you approve. We'll then reach out to schedule 3-way meetings to deliver the presentation with you. At the end of the meeting, we'll sign them up. We'll handle the billing, administration, co-advertising, and most importantly - making sure you get paid on time.
"What do you say to my vendors?"
"I work with Bob Smith at ABC Realty. We sell "x" homes a year. Many of these homeowners and new movers to the city need your product or service. We would like to set up a streamlined way to send you these customers consistently so they buy from you or hire you. Can I schedule a 3-way call with me, you and the CEO of ABC Realty to talk about getting that in place?"
"What if I don't know anyone?"
You likely do, you just can't think of any off the top of your head. You'll start by going through past transactions to see who has benefited from the sale. Then, we'll make a Facebook® post and send an email to your database to ask if any local businesses owners in your list would like you to send them new customers. After that, we'll look up the contact information of business owners in ideal industries currently spending money on advertising to homeowners and add them to your invitation list. We find the local newspaper is a great place to start to build a cold invitation list.
"What if they don't sign up?"
After every meeting, you'll add the business owner to your video blog updates and monthly print letter on the Vyral Marketing Plan. This way they get to know you better over time. It's just like nurturing any relationship that grows with communication.
"How much should I charge?"
We'll recommend pricing based on your location and revenue. We typically recommend you charge $3,000-$12,000 a year per co-advertising agreement.
"Does this violate RESPA laws?"
We recommend partnering with businesses not on the settlement statement.
"How many vendors can I have?"
We recommend at least two vendor partners, and at the most, twelve.
"Why an initial list of 10 business owners?"
We sign up 2-3 vendors for every ten we invite to co-advertise with you.
"What's the charge of this service?"
There is no charge for the first $14,000 a year ($1,167 a month) we raise with you. This covers your full Vyral Marketing fee (including the one-time build fee), $150 a month Facebook video remarketing spend ($5 a day), and the cost to mail 250 letters a month (about $1 each) to your best contacts on the Vyral Marketing Plan. We charge a management fee for any additional money we raise.
"Will you credit the money to my fee?"
No. You'll receive a monthly direct deposit by ACH to your bank account.
"Is it possible to make a profit with this?"
Yes. There's no limit to the money we can raise.
"How do I get started?"
Request a Free Marketing Strategy Call and we'll show you how it works.
"Am I required to participate in this as a client?"
No. Vendor participation is completely optional.
"What's the retention rate?"
It's very strong when your clients redeem your vendor's gift certificate for ROI tracking, they receive monthly communication, they are proud of their Zoom/phone interviews with you (which they are excited to share with their customers too), and you invite them to your team meetings and/or business masterminds to keep the relationship alive.
"Do the vendors sign a contract?"
Yes. We provide a Vendor Participation Agreement your vendors sign, with their billing information, that clearly outlines the expectations for the relationship. We will ask them to sign this via DocuSign when they are ready to start. This is a confidential agreement we'll share with you when you're a client. It's the basis for your compelling vendor presentation.
"Who are the ideal industry partners for real estate?"
Businesses owners earning $1,000,000+ revenue currently spending money on advertising who want to reach existing homeowners and new movers to the neighborhood. We recommend you avoid the businesses in bold as they are subject to RESPA. You can co-advertise with them, just don't accept money without a Marketing Services Agreement (MSA) and meticulous 3rd party valuation.
*NOTE: It is possible to include your lender in your Vyral Marketing fee. We have all the paperwork completed.
"Do I need any disclosures to do this?"
Make sure to check with your attorney. You are liable for all money collected. We recommend an Affiliated Business Disclosure on your website, and in your consumer contracts, that clearly states your vendors are paid advertisers and consumers at not obligated to hire them.
"Can I have more than one vendor in an industry?"
Yes. You'll let the consumer decide who to hire and you'll provide your competing vendors with equal exposure.
"How soon can I expect results?"
We recommend your video blog is live with us first. When we approach your current relationships first with the sponsorship opportunity, we'll raise the initial funds within the first 30 days.
"Can I raise money without your help?"
Of course! We're simply here to help administer your vendor program and collect the money - along with all the accounting and reporting to all parties that goes with it. You do not need to participate in this program if you wish to manage it yourself.
"What happens if I leave Vyral Marketing?"
We will end the agreement with your vendor partners and stop collecting the money. You are welcome to approach them directly to re-start the relationship without us.