Yes, you read the title correctly. To grow your company’s revenues, you should give away your products. The caveat is that the numbers of products you give away are minimal – but the exposure you receive in return is exponential. In fact, work together with several other joint venture partners, and your benefits increase tenfold.
Increase exposure with Joint Ventures
As businesses ranging from sole proprietorships to Fortune 500 companies have realized, joint ventures are a powerful marketing strategy that significantly increases exposure – without proportional increases in your budget cost. With a little effort, your business can earn the benefits of joint ventures, which can produce greater results than any traditional advertising campaign.
The list of joint venture benefits is quite extensive, and the advantages themselves would comprise an entire article. I have written about the tangible and residual benefits associated with joint ventures previously, but here’s a small recap:
- Increase your company’s credibility through your affiliation with a reputable business
- Grow your potential client list with quality leads
- Expand your product offerings, thus boosting your revenues without any inventory or investment on your part
- Obtain greater market exposure, without any increased advertising costs
Managing a giveaway Joint Venture
One of the most effective joint venture campaigns is embarking on a giveaway. Several joint venture partners work together, giving away a wide array of their products and services. When the joint venture partnerships put their promotional efforts together, the giveaway event obtains more exposure and thus, each partner benefits from increased marketing.
The powerful foundation of a joint venture giveaway campaign is that people love “free stuff.” The hundreds of thousands of websites strictly dedicated to “free stuff” is evidence of the appeal of complimentary items. Thus, when you partner together in a joint venture, your business capitalizes upon the appeal of “freebies”, which will ultimately build your client list.
Here is how it works. You pick a digital product, such as a report, software, or subscription for the giveaway. Considering that you already own the rights to the digital products, this giveaway will not cost you any additional funds. Make sure that all of the proper links work, and that there are no typos within your giveaway content. You want to make sure that you are a professional partner within the joint venture. You work together with your joint venture partners and promote the giveaway. Each time consumers want a free item, they must enter in their contact information – giving you additional customers to add to your prospective list.
The key is that the joint venture partners must have customer base synergies, as you want to ensure that the client list will be useful to all parties involved. Remember, choosing your joint venture partners is the core foundation for your giveaway promotion’s success. Each customer who views the giveaway promotion will instantly associate you with your joint venture partners and thus, form an impression about your company. However, with the proper partnerships, your business can flourish from the increased exposure and with a joint venture partnership, giving away your product results in a significant increase in sales.