joint venture marketing
Finding a joint venture partner and constructing an airtight JV agreement are just the first two pieces in a complex joint venture puzzle. Once the JV is official, it is time to get the word out to customers and potential customers about your new partnership.
While there are plenty of standard ways to market a joint venture that are effective (shared links, article writing and endorsements, to name a few), there are also more creative approaches that beg to be noticed. We have four creative ways to market your joint venture outlined below.
Send Out a Press Release
Press releases offer a newsworthy touch to any marketing campaign, making more customers sit up and take notice of your big announcement. There are many websites that publish press releases announcing everything from a new product launch to a joint venture. To write an effective press release, study how-to articles on the Internet or hire a contractor who specializes in press releases to ensure that your announcement stands out from the crowd.
Have a Joint Venture Giveaway
Giveaway events allow you to offer a free product to potential customers who sign onto your customer lists. You can plan your own joint venture giveaway by sending your offer to your partner’s customer list. Or you can sign up for a mass giveaway that involves many businesses and attracts a larger volume of potential customers. By offering the initial product for free, you effectively build your customer list with potential loyal clients for the future. If you choose a mass giveaway, check requirements before you sign up to make sure your business qualifies.
Test Your Market
Similar to a joint venture giveaway, this approach utilizes your joint venture to “test” a product on potential customers. Your joint venture partner sends an email blast to his customers asking if they would like to take help test a product from your company. Customers that respond get the free product in exchange for answering a few questions about why they like or didn’t like the item. You may tack on a number of new customers through this test approach, as they try out your product and find that they like it.
While you can send email blasts to potential customers yourself, it is much more effective if your joint venture partner sends out your advertising in one of his emails to his customer list. Customers are much more likely to read an email from a business they are familiar with, so there is a much better chance they will see the information about your company if it is attached to that business. You can exchange this service with your joint venture partner so you both benefit from the effort, without any additional cost to either one of you.
Joint ventures are an effective way to market a business today, especially when you use creative, proven techniques to get news of your joint venture out to potential customers. With these ideas under your belt, you can rest assured your new strategic alliance will get noticed by the people you want to reach the most.
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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