joint venture marketing
Some studies suggest that as many as one-third of the top-growing companies around the world are currently involved in some type of joint venture. Why does this professional partnership garner so much attention from productive companies like these? We have eight reasons right here!
Joint ventures allow you to combine resources for greater marketing and product development potential. These partnerships, when done currently, accentuate your business’s positives, while filling in the gaps where your company might currently be lacking.
Ramped Up Marketing
Sometimes the easiest way to ramp up your current marketing strategies is by combining efforts with a related company. In addition to sharing ideas and technology, you share success stories, customer testimonials and a host of other resources.
New Product Testing
Businesses looking to try out new products on a targeted market base may find joint ventures are the most efficient method of doing so. Your JV partner already has a targeted customer list at your disposal, so you can send out surveys, give away free samples, or conduct other market research.
Boost to Consumer Confidence
Creating confidence in your online business is no easy task, but partnering with another established company gives you instant credibility that boosts that confidence rating. Choose a company with a loyal customer base, and those clients will be more willing to give your business a try as well.
Joint ventures can increase revenue, whether you use the partnership to boost individual profits or create a whole new money-making entity with the joint venture. When your revenue appears to be sagging, partnering with another business may be just the shot in the arm your bottom line needs.
Acquisition of Market Expertise
You may know about printing brochures and other promotional material, but you may be fairly naïve when it comes to Internet marketing. Find a company that thrives online, or vice versa, and combine your expertise to create a comprehensive and successful marketing campaign.
Shared Economic Risk
It can be very intimidating for new businesses to assume too much economic risk, but that is often the recipe if you want to grow your company to its fullest potential. By sharing expertise and resources with another company, you can take your business growth to a whole new level with much less cost up front. Minimal risk and greater gain are what joint ventures are all about!
Bigger Customer Lists
Growing companies understand that bigger bottom lines are a combination of building new customer lists, as well as strengthening customer loyalty. To ensure your advertising gets to the targeted market you want, use your JV partner’s customer list to grow your own business as well.
Growing businesses learn quickly that there are shortcuts to expanding an operation and boosting the profit margin. One of the most efficient methods for business expansion is the tried and true joint venture. With so many benefits that stand to be gained from these strategic alliances, it is no wonder that so many of the top-growing businesses are turning to joint ventures today.
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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