Give Your Joint Venture Customers A Reason To Buy

Have you formed a joint venture and experienced less-than-stellar sales compared to your expectations? Usually two or more entrepreneurs or business owners partner up to form a JV with the full intention of making more profit. However, the problem may be in the marketing of your JV product or service. Simply putting a product on the market doesn’t necessarily convince a potential buyer to make a purchase. That’s why you need to use marketing psychology to give your potential customers a reason to choose your product.

Triggering Psychology for Sales

Picture this situation: I recently was at the grocery store standing before an aisle full of different brands of green beans. There must have been 10 or more options, all with different price and packaging. As I stood there scratching my head trying to determine which can would have the best tasting green beans, I found one brand with a simple marketing line: “Picked fresh from local farmers and canned the same day for freshness”.  I remember picking greens beans fresh from my grandma’s garden when I was a kid and enjoying a tasty meal that same evening. I chose that brand because I wanted the same kind of freshness, despite the fact it cost 20% more than the basic generic brand.

This example illustrates why your JV product must differentiate itself from the competition. Consumers are indecisive. Help guide their choice by giving them a reason to buy your JV product. It doesn’t even have to be a proverbial grocery list of reasons. But simply highlighting a few simple benefits can help solidify a consumer’s decision.

Reasons Your Customers Buy

Here is a small list that is by no means complete regarding why your customers buy.

• Price – Some people will always base a decision on price. However, that doesn’t mean your product has to be the cheapest. You could promote that your product costs less than the leading competitor. Or you could charge a premium, but give a good reason why your JV product is worth it.

• Quality – Consumers like quality. Be sure that your product is manufactured or produced using quality and durable materials. Or if you offer a service, make it the best quality service and be sure to explain why it’s better than the other company.

• Innovation – Something new always attracts customers. Highlight how your JV product is innovative and can solve their problems better than standard products seen on the market today.

• Warranty/Guaranty – People also like to know that you will stand behind what you sell. Offering a warranty on a product or guarantying satisfaction can provide them with the impetus needed to buy your product.

Make sure your JV product or service stands out from the crowd. If you want to see your profits expand, then take the time to provide the reasons why customers should buy your product.

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.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

Give Bulk Bonuses for Bigger Joint Venture Profits

If your joint venture sells a range of products or services, then most likely you have a pricing list. This is a simple marketing printout that displays or lists your products for sale from the cheapest to the most expensive. The question is, are you cutting prices or giving bonuses to customers at the most expensive level? If you find that the sales of your higher end product offerings are lean, then read on to find out how you can give customers a boost when buying bulk.

Are Discounts Enough?

Many businesses cut prices. For instance you might sell an apple for $2, and you may promote a bulk discount by offering 3 for $5. That saves the customer money by purchasing in bulk and cuts the price of each apple by about $0.33. It also gives your JV cash register a bigger single sale.

This type of bulk pricing is seen all over the spectrum of business, and not just at the retail level. Wholesalers offer big discounts for buying in large quantities. Costco members can get a case of candy bars for cents on the dollar found at retail checkout lines.

However, price slashing for bulk, or for the bigger and more expensive items your JV offers, may not be tapping into the full potential of sales. Why not give something extra for customers who pay more?

Give the Extra Bonus

The fact is many customers will not buy bulk because they simply don’t need it at the time. If I needed only one apple, I would just buy one apple from you, even though I know I could save a few cents if I bought a few more. But what if your JV business offered me a free caramel dip for buying 3 apples at full price? That’s even more value to me! I then realize that I’m getting something for free and not just saving money. That’s a big psychological difference in the consumers’ mind.

Case Study: How Bonuses in Joint Ventures Work

It’s that something extra that gives customers incentive to put out more money. Here’s an example. John and Bill formed a JV wedding video business. John was a freelance video editor and Bill was a video producer the camera equipment. Together they offered various wedding video packages ranging from $500 to $5,000. They made more $5,000 sales than their cheapest package and saw their bottom line explode with profit. Why?

At the highest end of their package deals, they offered the bride and groom a free romantic stay at a local posh hotel, a free new DVD player, and a free short documentary featuring a love story about the couple. These few extras made the highest end package the best deal for customers, and John and Bill profited from their clever marketing.

Don’t just cut prices for your highest end products. Give something extra. The extra value that the customer gets from buying bulk will help them open their checkbooks and help drive your JV 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.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

3 New Ways to Find a Great JV Partner

Still haven’t formed winning joint ventures because you can’t find the right partner? JVs are a great way to increase business and make more money, but you need to have the right partner to make it succeed. If you’re still looking for the perfect JV partner, here are some ways you can focus your search and get started on a JV right away.

1. Subscribe to e-Newsletters

Smart people like to share their intelligence. That’s why you will find literally thousands of entrepreneurs on the Internet sharing their experience and advice. Many of these enterprising individuals have created a website that helps them spread the word about their moneymaking formula, marketing techniques, or their work.

Perform Google searches for popular sites, and look for links to recommended sites that offer the type of services or products you want in a JV. When you find one you like, sign up for their RSS feed if they have a blog, and subscribe to their email newsletter if offered. Usually subscribing is free, so what have you have to lose?

Get to know potential JV partners from their e-newsletters. When you feel you have found a perfect match, approach them with a proposal.

2. Read Trade Magazines

Trade magazines in your industry are also a good way to find a great JV partner. Read them all and look for articles highlighting or interviewing an entrepreneur for their innovation. These are the types of people you want on your side. You may have to conduct some additional research to find contact information, but use clues in the article to narrow a city and look for website information.

You might also look for entrepreneurs who have contributed an article with some fabulous insight to the industry. Usually an author gets a brief bio at the end of an article where you might find an email address or website. If you find a good prospect in a trade magazine, don’t let him or her pass you by!

3. Use a Matching Service

The Internet has a place for everyone. There are websites you can visit where you can get paired up with a potential JV partner, much like a dating service. Usually these websites charge a fee for their service, but you will find that there are lots of potential matches. You may choose to post a proposal for all members to read and let them contact you, or you could browse others’ posted proposals and find one that matches your JV interests.

These sites can be hit and miss. It may take a few months to find a good partner, but you need to calculate whether that subscription is worth the cost of finding one.

Your perfect JV partner is out there. Try using these options to make a search, and get creative with other ways you can find a good JV partner. With the right effort and focus, your JV business will be running full speed in no time.

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.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

Twitter Weekly Updates for 2009-10-25

• How to use social media in your PR pitch plan. Susan Payton at Mashable. http://TwitPWR.com/ueH/ #
• Give your website a personal touch. Jennifer Shaheen at smsmallbiz.com. http://TwitPWR.com/ueI/ #
• Mashable’s weekly guide to social media conferences and events. http://TwitPWR.com/uXy/ #
• Marketing locally? Think globally. Eddie Davis at smsmallbiz.com. http://TwitPWR.com/uXz/ #
• The truth about SEO. Informative stats. Lee Odden. http://TwitPWR.com/uXA/ #
• 5 Tips for creating an effective content marketing strategy. Michelle Bowles. http://TwitPWR.com/uXC/ #
• Internet marketing for smart people. Sonia Simone at CopyBlogger.com. http://TwitPWR.com/ueJ/ #
• 7 Considerations for tracking social media success. Thomas McMahon at toprankblog.com. http://TwitPWR.com/ueL/ #
• How to fund a start-up. Colleen Debaise at The Wall Street Journal. http://TwitPWR.com/ueM/ #
• The top 100 Twitter publishing tools and services. http://TwitPWR.com/uXF/ #
• 3 Realities of social media. Michael Brito at briansolis.com. http://TwitPWR.com/uXM/ #
• Accounting for your joint venture. http://TwitPWR.com/v48/ #
• 10 Proven applications for social media. http://TwitPWR.com/v4o/ #
• Top 10 ways to find joy at work. Good article from Rosabeth Moss Kanter at HarvardBusiness.org. http://TwitPWR.com/v4m/ #
• How to integrate Facebook with your blog by Christina Warren at Mashable.com. http://TwitPWR.com/v4n/ #
• Burned out? Take a creative sabbatical. Gina Trapani at HarvardBusiness.org. http://TwitPWR.com/v4M/ #
• Essential. 8 things to consider before using Twitter lists. http://TwitPWR.com/v4N/ #
• 5 Ways to know if your blog is on the right track. Darren Rowse. http://TwitPWR.com/v4Q/ #
• 5 Ways to get your blog indexed by Google in 24 hours. http://TwitPWR.com/v4T/ #
• Follow Wal-Mart’s joint venture example. http://TwitPWR.com/vaV/ #
• Nokia lawsuit could cost Apple $1 billion. Ouch! http://TwitPWR.com/vlw/ #
• How to add more value to your Joint Venture with intellectual property. http://TwitPWR.com/vm8/ #
• How successful CEOs respond to failure. David Silverman. http://TwitPWR.com/vlA/ #
• Is freelancing right for you? Ariana Green at HarvardBusiness.org. http://TwitPWR.com/vlB/ #
• #1 secret of confident bloggers. Sonia Simone. http://TwitPWR.com/vlI/ #
• 3 best ways to build business credit. Raymund Flandez at The Wall Street Journal. http://TwitPWR.com/vlJ/ #
• Adding value. The future of marketing. Bob Gilbreath at smsmallbiz.com. http://TwitPWR.com/vlM/ #

Powered by Twitter Tools.

Twitter Weekly Updates for 2009-10-25

• How to use social media in your PR pitch plan. Susan Payton at Mashable. http://TwitPWR.com/ueH/ #
• Give your website a personal touch. Jennifer Shaheen at smsmallbiz.com. http://TwitPWR.com/ueI/ #
• Mashable’s weekly guide to social media conferences and events. http://TwitPWR.com/uXy/ #
• Marketing locally? Think globally. Eddie Davis at smsmallbiz.com. http://TwitPWR.com/uXz/ #
• The truth about SEO. Informative stats. Lee Odden. http://TwitPWR.com/uXA/ #
• 5 Tips for creating an effective content marketing strategy. Michelle Bowles. http://TwitPWR.com/uXC/ #
• Internet marketing for smart people. Sonia Simone at CopyBlogger.com. http://TwitPWR.com/ueJ/ #
• 7 Considerations for tracking social media success. Thomas McMahon at toprankblog.com. http://TwitPWR.com/ueL/ #
• How to fund a start-up. Colleen Debaise at The Wall Street Journal. http://TwitPWR.com/ueM/ #
• The top 100 Twitter publishing tools and services. http://TwitPWR.com/uXF/ #
• 3 Realities of social media. Michael Brito at briansolis.com. http://TwitPWR.com/uXM/ #
• Accounting for your joint venture. http://TwitPWR.com/v48/ #
• 10 Proven applications for social media. http://TwitPWR.com/v4o/ #
• Top 10 ways to find joy at work. Good article from Rosabeth Moss Kanter at HarvardBusiness.org. http://TwitPWR.com/v4m/ #
• How to integrate Facebook with your blog by Christina Warren at Mashable.com. http://TwitPWR.com/v4n/ #
• Burned out? Take a creative sabbatical. Gina Trapani at HarvardBusiness.org. http://TwitPWR.com/v4M/ #
• Essential. 8 things to consider before using Twitter lists. http://TwitPWR.com/v4N/ #
• 5 Ways to know if your blog is on the right track. Darren Rowse. http://TwitPWR.com/v4Q/ #
• 5 Ways to get your blog indexed by Google in 24 hours. http://TwitPWR.com/v4T/ #
• Follow Wal-Mart’s joint venture example. http://TwitPWR.com/vaV/ #
• Nokia lawsuit could cost Apple $1 billion. Ouch! http://TwitPWR.com/vlw/ #
• How to add more value to your Joint Venture with intellectual property. http://TwitPWR.com/vm8/ #
• How successful CEOs respond to failure. David Silverman. http://TwitPWR.com/vlA/ #
• Is freelancing right for you? Ariana Green at HarvardBusiness.org. http://TwitPWR.com/vlB/ #
• #1 secret of confident bloggers. Sonia Simone. http://TwitPWR.com/vlI/ #
• 3 best ways to build business credit. Raymund Flandez at The Wall Street Journal. http://TwitPWR.com/vlJ/ #
• Adding value. The future of marketing. Bob Gilbreath at smsmallbiz.com. http://TwitPWR.com/vlM/ #

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