joint venture marketing
Many small business owners experience great sales success when they form a joint venture, but some do not. What is the difference between a successful JV and an unsuccessful one? It could be the consumer psychology used to sell JV products and services! Read below to discover some simple tricks to help increase your JV sales.
1. Don’t Give Consumers a Choice
Consumer research has proven that too many choices can deter consumers and actually drop sales. Choices can cause the dreaded “analysis paralysis” in consumers. Rather than providing all things to all customers, a JV that markets a wide variety of similar products may do more harm to their sales because consumers would rather make no choice than make a complicated one.
Too many choices may also cause buyer’s remorse. Why? Consumers will wonder whether they should have made a different choice and possibly regret the buying decision. So why drive your customers away? Don’t give them too many choices. Rather, provide a quality product each and every time that will satisfy customers and give them reason to return or tell others about your JV business.
2. Customers Buy Happiness
Customers will spend more money when they feel good about their purchase. Even if your JV sells a product, the experience that the customer feels during the purchase can make the sale very worthwhile. What does that mean for your JV business? Focus on customer service and atmosphere.
When you greet customers and treat them as friends, they enjoy the experience more than with a sour-faced and bored clerk. Customers always appreciate good customer service, even if they do not acknowledge it in the moment.
If your JV runs out of a brick and mortar location, provide a welcoming place for your customers as well. Hire an interior designer if necessary to create an atmosphere where customers feel comfortable. A fine five-star restaurant is a good example of a place that may create a welcoming dining atmosphere. Consider all the senses, good lighting, creative décor, soft music, and pleasant aromas.
3. Focus Advertising on Your Product
Some general consensuses believe that certain elements in advertising will help sell a product, such as sex or comedy. The belief is that attaching attractive women to a product primarily bought by men will help its recall and sales.
However, researchers at the University College London found that product recall was no better when sexual or comedic elements were used in advertisements on television ads. Therefore, focus on your JV product and its benefits and problem-solving usefulness in your ads. There is no need to spend more money on clever gimmicks that do not help sell a product.
Your JV can experience more sales if you know how to effectively advertise, display your products, and treat your customers. Try these simple yet effective psychological tricks and see how your sales climb.
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.