joint venture marketing
Your joint venture is a great way to expand business and experience additional revenue with less work. However, in order to access additional revenue, you need to tap into existing and potentially new markets with your JV offering. Your marketing message is one of your key strategies that will determine whether your joint venture is a success or not.
To have a viable marketing strategy and an effective marketing message, you and your JV partner need to know what your customers need and want. A proper market research strategy can provide valuable information and insight into the behaviors, motivations, and intentions of your customers.
Market research can be performed formally or informally. Informal research can be performed simply by asking your existing or potential customers their opinions on a particular product or service your JV wishes to offer. A formal market research plan, however, will be more in-depth and provide a great deal more of quantitative and qualitative data.
Your market research can help you formulate a successful marketing message with information about:
- Demographics – What is the education, income level, age, gender, etc., of your customer?
- Geography – In what areas will your joint venture product or service most likely be successful? Metro? Rural? Midwest? Coastal states?
- Business Markets – Will your product or service be more successful as a B2B or straight to consumer? Where will your customers likely buy your product – retail stores? Online shopping?
What Motivates Your Buyers?
When you develop your marketing message, keep in mind the motivations and behavior of your predetermined customers. You can learn a lot about your customers’ motivations from reliable market research that tells you why customers need your product and how much they are willing to spend for it.
Create a message that tunes in to their motivations. Your product message should explain how it can help make life easier or better. Do they want a cleaner house? Environmentally “green” products? More free time? Better tasting food? If you know what motivates your target consumer, you can more easily convince them to buy your product.
Testing Your Message
A marketing message is not done with the first draft. An effective marketing message is something that is flexible and adaptable to market changes and responses. Let’s say you have developed what you feel is a great sales copy to post on your joint venture product website. In order to determine if it is the best message, you should test it against others. Develop a short and long version of your sales copy. Or even two or three sales copies with different approaches. Use them all at once during a set sales campaign and use the statistics you gather to determine which one attracts more customers and makes more sales. By continual testing, you can discover and develop the most effective marketing message.
Getting the word out to your customers is one of the most important key aspects of a successful JV. Choose to focus and work with your JV partner to come up with an effective marketing message, and you will have great chance of JV success.
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.