joint venture marketing
Joint ventures are an excellent way to boost profits exponentially with minimal up-front cost to the business owner. Despite their advantages, many companies are hesitant to jump into a joint venture because they’re unsure of how to begin.
To help you along this process, we have provided examples of four potentially successful joint venture opportunities. These examples may get your creative juices flowing so you’re ready to set out and find your own joint venture partnership.
The Wedding Collaboration
Aren’t weddings all about coming together to form a union? Bring that concept to your level by finding partners that can help you expand your wedding businesses. Florists can collaborate with photographers, who can partner with caterers and so on and so on.
The key to a successful joint venture in this area is to consider other businesses that will cater to the same client list you work with. Approach them about sharing advertising or endorsements so you can both capitalize on new clients that approach either business for services.
Home Maintenance Matches
Realtors are famous for these sorts of joint ventures because they usually carry lists of home maintenance experts that their clients have worked with in the past. If you’re a plumber, build your empire by bringing an electrician, roofer and general contractor onboard. Give your JV partnership a general name, so homeowners know they can contact you for any type of home repair or maintenance project. Share one another’s business cards and get those real estate associates involved if you can. Get ready to watch your profits soar.
Radio and Donuts
We got this idea from the BSP Shorts website. A local donut shop offered free boxes of donuts to radio stations for daily giveaways. In return, the on-air talent talks up the store and the products they sell. DJs regularly sing the praises of the donuts, which bring more customers into the shop. For the cost of a box of donuts, this business owner has become savvy on how to garner free publicity in one of the most effective mediums available.
Travel for Profit
Travel services are also tailor-made for joint ventures. Consider a business that sells a wide range of specialty luggage and travel equipment. What’s the best way to get their name out to travelers? By partnering with a popular travel agency, of course! These two businesses help one another by offering free endorsements and discounts to build their customer lists. A customer walks into the travel agency to plan a cruise vacation and finds out there is another business right in town that sells luggage and supplies specifically for cruise travel. It’s a definite win-win for both companies.
Finding joint venture opportunities isn’t all that difficult once you open up your mind and let your creativity take over. By finding the right JV partner, you can build your customer list and your profits for a fraction of the time and money it would take you to do the job on your own.
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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