joint venture marketing
If you are looking for a way to amp up your marketing efforts, a joint venture may be just what you are looking for. These strategic alliances provide an additional boost from another company that brings its own wealth of resources, talent and customer lists to the table.
Joint ventures offer exponential returns on your advertising dollar because you are multiplying all of your efforts times two, or the number of JV partners you end up with in your entity.
We have four ways joint ventures can add the oomph you need to your marketing campaigns.
Let’s say you are planning to use backlinks as part of your online marketing strategy. These carefully placed links provide prospective customers with a direct connection to your company’s website, as well as SEO benefits. Of course, backlinks are not free; you usually need to provide cash and possibly text to post your backlink on other websites.
When you have a JV partner, you can double your backlink potential by utilizing all of your partner’s resources, as well as your own. In addition to backlinking on each other’s websites, you can work together to produce content for e-zines and other resources to drive as much traffic to your online business as possible.
Larger companies will often agree to endorse smaller businesses for a portion of their profits. While this might seem costly up front, the value of an endorsement can rarely be beat. When you get another company to recommend your business, you immediately establish customer confidence that is challenging to produce with online businesses today. Every customer that is satisfied with the products and service they receive from your JV partner will be much more likely to try out your business as well.
The Art of Sharing
Even small businesses have customer lists early in their operation. Just imagine what can happen if you exchange your customer list with another business that offers a related product or service to your company. You immediately explode your customer list with a long line of potential customers who are already interested in the goods or services you are selling. Joint ventures are target marketing at its finest, costing little up front, but providing a wealth of returns in the long run.
There are many great methods for online marketing today, but all of them are guaranteed to take a major bite out of your relatively small advertising budget. When you partner up with another business, you combine your advertising dollars and your talent to get maximum impact with a minimal upfront investment. You instantly gain the ability to diversify your marketing strategy, with enough money and resources to enable a variety of advertising techniques.
Joint ventures are the perfect solution for small businesses to maximize their marketing potential without much time or cost up front. For those that have little advertising money to grow their customer base when business is just getting started, joint ventures offer the opportunity to make the most of the small advertising budget available. By pooling talent, resources and customers with another company, you instantly power up your marketing returns for better business and a healthier bottom line.
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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