joint venture marketing
joint venture marketing is a highly successful strategy for attracting new prospective clients while learning how to expand your network of professional contacts. One of the secrets of a successful Internet business is to develop and maintain a strong and loyal customer base, while you continue to gain new client contacts and gain new business. This is a tricky balance to maintain – it takes a lot of time and energy to maintain loyal customers and continue to develop stronger relationships, while you put energy and resources into expanding your client base.
Owning a small business, particularly one that isn’t heavily staffed, can take a lot of personal energy as well as time. Many Internet business owners, particularly when just starting out, are running the business by themselves and do not have the time to both develop new business and maintain strong contacts with their existing customers.
Loyal and Repeat Customers
Once a new Internet business gets off the ground, part of its bread and butter is its loyal customer base. When you’ve developed relationships with clients who are happy with your products and services, you can anticipate and rely on a certain amount of repeat business which has the potential to keep a new, or even an established business in the green.
If you have a loyal customer following that you rely upon, your business may be able to happily hum along for months or years to come. But if you are interested in expanding your business, it is essential to expand your client base as well. This is where a joint venture marketing partnership can be the key to ensuring the long-term success of your business.
Expanding your Client Base
One of the most popular ways to form a joint venture marketing partnership is through the sharing of client lists and data. This is usually done between two companies that do not offer exactly the same product or service, but who have similarly related products.
You don’t want to forge your partnership with a company that will be in direct competition for customers – this would defeat the purpose of the partnership and would serve to shift clients from one business to the other, rather than improve and expand a customer base for each company involved.
Instead, form partnerships with companies whose clients have demonstrated an interest in a certain type of product or service that relates to the product or service your company is providing.
For example, if you sell high-end, imported hair care products, you may want to form a joint venture with a company who sells high-end skin care products. It stands to reason that customers who are interested in your imported hair care products will also be interested in your joint venture partner’s high-end skin care products. These are products that are in the same realm, but not in direct competition with one another, which is exactly what to look for when seeking out marketing partners.