joint venture marketing
Psychology is at work all around us in our everyday lives, and it influences why people buy certain products and how people shop for those products. Understanding some basic tenants of psychology will help you get a competitive edge when it comes to marketing your products and services. Entering into a joint venture marketing partnership can help you target customers in a gentle and effective way, without being overbearing or invasive.
A joint venture marketing partnership is an agreement with at least one other company, where you share your industry experience and expertise to raise mutual awareness for your products and services. There are many forms that a joint venture marketing partnership can take, but one of the most widely used, effective, and inexpensive methods that capitalize on customer psychology is sharing website advertising space.
Website Advertising and Psychology
There are several ways to share advertising space with your joint venture partners, from creating a third party website for advertising or simply placing ads on one another’s existing websites. Using your partner’s existing websites to advertise your own company’s products and services is by far the most cost effective method for increasing exposure for your company. It is also a psychologically savvy way to gain the trust of new customers.
Why Your Joint Venture Ad Looks like an Endorsement
When you place an ad on your one of your joint venture partners’ websites, it has the look of being an endorsement, rather than a cold advertisement. This increases the likelihood that the customer will click to visit.
All businesses have a loyal client base. It is the bread and butter of any business. Your goal is always to increase and gradually grow your foundation of loyal customers. Advertising on a partners website will appeal mostly to their existing base of loyal customers, which are the most stable and reliable consumers.
You have already selected joint venture partners who are likely to have clients who will be interested in your products because they are in the same realm as your partners, without being in direct competition.
It is human nature to buy things from people we like and to give our business to people we trust. Shared website advertising in a joint venture marketing partnership is capitalizing on this psychological truth. If a customer regularly buys something from your partner’s website, the client obviously believes in the products that your partner sells, and trusts their previous experiences with your partner.
When this customer goes on your partner’s website to make their monthly purchase and they see an advertisement for your products, they immediately associate your company with the positive experiences they enjoyed with your partner’s company. In this way the customer is more likely to trust your business and its products than a company they would find by just searching the web with a search engine.
The Internet is a seemingly endless realm that can be quite overwhelming. There are many products out there offered by different companies that appear to be almost identical so which one do you choose to buy from?
Just as you are more likely to take the recommendation of a friend than a stranger, customers are more likely to buy from a company who is suggested by a company they trust. A joint venture marketing partnership is an effective way to maximize on the principles of consumer psychology to boost your exposure and ultimately your bottom line.