joint venture marketing
joint venture marketing
The best part about developing joint ventures is the ability to create unique strategies to get new clients from the existing client base of the joint venture partner or through new marketing activities together. Some companies mistakenly, simply create a basic press release and expect the new partner to come up with all of the strategies and marketing materials to market the partnership. If a business wants to maximize each joint venture partner it’s best to be active in the marketing decision making process as well as develop creative offerings such as product bundles, free sample offerings, partner promo specials and other strategies to get new clients. If a business commits to being open to new marketing strategies regardless of past marketing campaigns and focuses on developing a complete new channel, great things can happen. At the heart of the strategies to get new clients should be the overwhelming focus to provide customers a great product or service for an affordable price. When developing consumer related joint ventures having special pricing and product promotions is critical.
Identifying whole solutions or product bundles that can deliver to a customer an entire solution or package that at the same time saves the customer money over buying each component separately is a strategy to get new clients. When marketing to a new potential customer base with a new joint venture partner many of these customers may already be using a competitor’s product or service so there needs to be a strong incentive to use a different company. Product bundling is an excellent way to handle all of a customer’s requirements and give them this great deal. Include a product or service from the joint venture partner into the product bundle if applicable and jointly market the product bundle. This also increases the buy-in that a partner may have in assisting with promoting the partner product bundle.
Free / Lite Version to Partner Customer Base
Depending on whom a joint venture partner’s customer base includes, developing a targeted free or lite version or product samples that can be provided free to the customers is a well proven strategy to get new clients. Often just getting customers to try a product out for the first time is the hardest challenge a business can encounter. This is seen most especially when launching a new product to market. Working in conjunction with a joint venture partner to distribute product samples, free versions of a product or service to identified target customers, will get the product in the customer’s hands quickly and efficiently. This provides potential customers the opportunity to get to know your product before making a buy decision. Depending on the structure of the joint venture partnership a free product demo sent to existing customers can be included in the agreement between the two businesses. Small businesses developing a new joint venture with a much larger company may have the product samples subsidized by the larger corporation because it is in both company’s interest that the target customers become acquainted with the products and the smaller companies brand. These types of joint ventures can really launch a new product into market rapidly. This is a strong strategy to get new clients that all businesses should evaluate if it would work for them.
Partner Promo Specials
Developing unique partner promotions helps differentiate the deal that a customer gets by having an existing relationship with a business that is now a joint venture partner. This is important for businesses that develop multiple joint venture marketing relationships. Depending on the level of a joint venture partner’s commitment, special promos can be developed so that they can offer their customer base a unique offer that is not being provided elsewhere in the targeted market. This allows a business to structure partnerships accordingly. Those partners that do the most for driving new business and spending resources on marketing the partnership can receive better discounts and promotions for their customers. Promotions can set up as just a single offering with a company or have a new monthly promo, whichever makes sense for the partnership. Using partner promo codes is always a great way to organize business leads in a CRM system as they are coming in through the defined sales channels. Being able to record a promo code can help you track leads and determine which sales rep those sales are coming from, which can be great data for managing the partnership.
There are many great strategies to get new clients through joint venture marketing campaigns with partners. Be active in identifying the right strategies for marketing the partnership. A few of the ways a business can reach out to existing customers is to offer them a special promotion, product bundle or even a free product sample to provide the required incentive to try a new product.
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.
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