joint venture marketing
joint venture marketing
Humans by nature are social creatures and they have the ability to greatly influence one another. This influence is not limited solely to a person-to-person basis, as people are just as readily influenced by advertising, reference and recommendations. Suggestions are most powerful when they come from a known and trusted source, but people are almost constantly looking for advice, approval and suggestions on a very psychological level. Expert marketing strategies capitalize on this basic truth of human nature, and the strength of a joint venture marketing partnership creates a space where you and your partners can benefit tremendously from the psychological edge naturally created by your partnership.
The Psychological Edge of a joint venture marketing Partnership
You may not be aware of this psychological philosophy, but just having a joint venture partnership engenders trust among consumers. At its core, a joint venture marketing partnership is a relationship. The stronger your relationship with your partners, the stronger and more successful your venture is likely to be. Relationships are built on trust, and when consumers see that you have partnerships with one or more companies, it demonstrates that you trust one another. This instills a feeling of confidence in the consumer.
Consumers are presented with an endless array of products and companies from which to choose. Depending on the industry, there are usually many companies and websites selling similar, if not identical products or services. In a world of big business and globalization, consumers are increasingly conscientious of the dwindling small business and mom and pop-like stores on which the United States was built. Many consumers, if given a choice, will purchase from a small company rather than a large one, because they believe their purchases are appreciated and make a difference to these smaller companies.
How to Use Consumer Psychology to Your Benefit
If you have a joint venture marketing partnership of two or more small businesses, this immediately plays to this type of consumer psychology. They are more likely to buy from your company, even though you sell the same products or services as a larger corporation because the consumer has a feeling of being personally invested in your company’s survival. On the other hand most people believe a large corporation will survive with or without their purchase.
Being part of a joint venture marketing partnership is an automatic endorsement from your partners, creating a feeling of confidence and trust among your potential customers. If you agree to a partnership, it means you view the company you’re partnering with as a trustworthy source. The reverse also holds true. Your joint venture marketing partners have trust and faith in you and your company. This is demonstrated to consumers simply by the business link that you share.
Consumers recognize these relationships as endorsements and recommendations. Even if the consumer doesn’t know of your company, the fact that you have other professionals and businesses that connect with you is a vote of confidence. One the smartest and most strategic ways you can capitalize on consumer psychology and build customer confidence in your company is to develop a joint venture marketing partnership.
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.