joint venture marketing
One of the greatest benefits of a joint venture is the ability to promote your products and services for free through your JV partner. Consider that this business owner is catering to a very similar target market to your own and has already built up a trusted relationship with his customer base.
When this business owner promotes your products through his business, he is giving you more than free advertising, he’s helping you build a list of potential customers that will be much more likely to buy from you than the general public would.
We have three tips to help you use your joint ventures to promote your products for absolutely no money at all.
Choosing a Partner
The first step in effective promotion of your products is to find a JV partner that caters to a similar target market. In most cases, this will be a business in a related industry to your own.
For example, a professional photographer selling wedding photography services might want to develop a joint venture with a catering company or florist. If a customer sees promotion of your photography business on the florist’s website, she might be more likely to contact your business as well.
While these businesses will be looking at a similar target market, they will not be in direct competition with your specific goods or services. This means that both JV partners can equally benefit from marketing to the same crowd.
When you find a potential partner, the next step is to convince this business to promote your products on their website. Since most savvy business owners are not too anxious to give something for nothing, you’ll fare much better if you can present a benefit the other company will receive from the joint venture as well.
Perhaps you will offer a similar promotion on your own website or provide a share of the profits you receive through your partner’s promotion. Begin your presentation with the benefits your partner can expect to receive, and he will be more likely to listen to the rest of your proposal.
One practical option for finding partners for promotion purposes is through ClickBank. This is an affiliate marketing website that brings digital businesses together for the sake of forming joint ventures or other types of business alliances.
In addition, ClickBank has tools to process and track sales, so the hard accounting work is done for you. The company will even send out commission checks to partners and handle refunds for customers. This process frees up your time to spend more on promoting your products for greater returns overall.
Effective promotion is one of the essential components to a successful business today, and if you can get that promotion for free, so much the better! Joint ventures are the perfect vehicle for free promotion, especially if the partner you choose already has a loyal, targeted market base. By utilizing the joint venture structure for free promotion, as well as other marketing strategies, you can make the most of your advertising efforts for 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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