joint venture marketing
All business is about building relationships. Whether it is building relationships with partners, employees, customers, or vendors, everything successful about your business depends on the relationships you form. And it is no different with a joint venture.
Your JV is first and foremost a relationship with another business owner. You must build a bond with another individual who is successful in his or her own business. And the more successful you are with building that bond, the more likely that your common goal of making JV profits will become reality.
Relationships: How They Influence Joint Ventures
But what is the most important relationship element of a successful JV? Customers. Without customers, there are no sales, resulting in no (or negative) profit. That’s why it’s important for you and your JV partner to think about relationship building with your customers. You can do this from the first point of contact with relationship marketing.
Relationship marketing is a strategy where you and your partner acquire customers by forming a mutually beneficial relationship. You and the seller must focus on the value enhancement of selling a product to a customer. With an approach that steps outside the normal purchase and exchange process, you strive to make a purchase more meaningful to the customer.
With a personalized approach involving direct contact and a wholesome exchange experience, your customers will feel a more emotionally richer purchase experience. This way, you and your JV partner create an emotional tie with your customers, and they feel more satisfied with their exchange with you, and they will want to buy from you again.
Goals of Relationship Marketing
Relationship marketing creates strong bonds and builds a healthy customer base. With a relationship marketing approach, a JV should have two goals in mind:
- Satisfaction – Relationship marketing relies upon the complete and total satisfaction of a customer. By providing quality goods and a holistic and personal selling strategy, each individual customer becomes relevant to the total customer base.
- Retention – Relationship marketing is also focused on retention. By providing exemplary customer service and exceeding the customer’s expectations, they will want to do business with you again and again. It is human nature to do business and have contact with others who make us feel comfortable and offer a pleasant experience.
Without even conducting mass marketing to a wide target base, your relationship marketing approach can build your customer base even faster. Not only do you retain customers through relationship marketing, you gain more through word of mouth and referrals. Referral customer building can have a viral effect when friends tell their friends, and so on.
A joint venture with intentions of building upon existing customer bases should consider relationship marketing as a viable way to grow and expand business. When customers love the experience and want to spend money on your product or service, you have succeeded in your relationship marketing campaign.
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.
To discover more joint venture marketing Strategies join his free joint venture marketing Wealth Report.