joint venture marketing
Joint ventures can take on many different looks, which can make it confusing to navigate the JV world today. However, the diversity in joint ventures can also be an opportunity, allowing both companies to design a partnership that works for their specific needs. Peruse these 10 ideas for joint ventures and make your partnerships reap the rewards for which you hope.
1. Brochure Exchange – A joint venture may be as simple as agreeing to display one another’s brochures in the other’s business. Offer them to customers you think might be interested in your partner’s goods or services.
2. Link Exchange – This is a particularly effective method of online advertising. Instead of offering a brochure for your partner, you provide a link to his website on your own to drive more traffic to his website as well, and vice-versa.
3. Cross-Endorsement – Word of mouth is one of the most effective methods of advertising, particularly when it comes from a business customers already know and respect. Endorse your JV partner through joint mailings, product reviews on your website or simple, direct referrals.
4. Sharing Advertising – Even online advertising can add up quickly in costs, but if you split the cost of your virtual ads with your JV partner, you get that much more bang for your advertising buck. This can also be effective with print advertising or even a booth rental at a trade show.
5. Sharing Customer Lists – Any business owner knows the challenge of forming a really good customer list, but when you pool your resources; you get exponentially more customers with little additional effort.
6. Co-Writing Articles – Articles effectively establish the writer as an expert in his field, while directing customers to his product website. When you work together toward this end, you leverage your resources for even greater results.
7. Co-Hosting Marketing Events – When you share the cost of renting a space and advertising an event, you get a lot more value from your marketing efforts. You are also pooling talent and expertise to present potential customers with enticing information.
8. Bundling Products – When you and your JV partner offer related products, you can create bundles of items that can sell for a reduced price. This can be an effective way of attracting new customers who enjoy the value of the “package deal.”
9. Offering Product Reviews – You are already considered an expert in your field, as is your JV partner. When you “objectively” review one another’s products or services, you add legitimacy to the process. Provide reviews on your own websites, with links to your partner’s website included.
10. Exchanging Marketing for Profits – If you don’t have the customer base or the reputation to offer a potential JV partner, offer a percentage of your profits for every sale you get from your partner’s efforts.
These types of joint ventures are just the tip of the iceberg, but they can inspire you to form the right type of partnership for your needs. As long as you and your JV partner are both satisfied with the arrangement and are profiting from the joint venture, there is no right or wrong way to partner with another business for the sake of increasing your customer base and profits.
christian fea is CEO of Synertegic, Inc. A joint venture marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.’
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