joint venture marketing
Is your small business making just enough to stay afloat and provide you with a livable salary? Perhaps you haven’t analyzed your product potential well enough. There may be a joint venture that can take your small company from a neighborhood business to national exposure with exponential profits.
Joint Ventures Turned Stickers into a Multi-Million Enterprise
How can you take a small business and turn it into a multi-million dollar enterprise? Consider a strategic joint venture with a big name company. Take a look at Mello Smello. Jon and Leah Miner, husband and wife, had a small sticker store they operated in Minnesota. They approached another Minnesota firm, 3M about combining their technologies to create a new line of stickers. The result was a process called micro-encapsulation, where odors and smells could be captured and coated onto paper stickers.
Scratch n’ Sniff stickers were born, and Mello Smello suddenly went from a small, unknown business to a multi-million dollar a year company. Since then, Jon and Leah have partnered up with the likes of Disney, Nascar, and DC Comics to create Mello Smello stickers of popular characters. They have also developed other products such as glow-in-the-dark stickers, temporary tattoos, and children’s greeting cards.
The Benefits of Thinking Big
Jon and Leah have enjoyed over 20 years of tremendous success due to their original idea of forming a joint venture with a big partner. What can you do with your business by thinking big?
Reduce the Learning Curve – Strategic joint ventures with big partners reduce your learning curve for technology significantly. By agreeing to share revenues with 3M, Mello Smello gained access to new technology bases that otherwise may have taken years, even decades, to develop and market on their own. 3M’s revolutionary technology for sticky paper helped Mello Smello to manufacture their creative product.
Build Credibility – By linking your business with nationally branded companies, you can increase your credibility as one who produces quality merchandise, products, or services. Would Mello Smello have been able to partner with Disney without the technological help and exposure from 3M? Probably not. But by teaming with a national player, the little business from Minnesota was able to start growing in exponential waves with new partnerships with other big businesses.
Create New and Bigger Revenue Streams – With a joint venture, new markets open up for your business that may not have been available before. With the licensing partnership with Disney, Mello Smello gained international markets for their products.
Additionally, Mello Smello began additional product development that helped create new revenue streams. This can be another exponential revenue generator. With a successful product already in hand, new products can double, or even triple, revenue cycles.
Joint ventures can be the key for a small business to make a quantum leap from local business to national producer. Take the time to take a look at possible strategic alliances that could position your business for the future.
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