joint venture marketing
joint venture marketing
Executing successful marketing techniques is a key part of any marketing joint venture and often clearly defined in the joint venture marketing agreement that outlines the roles and responsibilities of each partner in the joint venture. One of the most attractive parts of a joint venture is gaining access to new potential customers through your joint venture partner and so ensuring that the proper communication channels are in place and open is critical. The following marketing tools are excellent ways to market joint venture partnerships for both companies involved: company newsletters, email marketing, website branding, and personal introductions.
Newsletter – Both Print and Email
If you maintain an active list of client addresses or a list of emails then crafting a printed or electronic newsletter is an excellent way of educating customers about the potential products or services that are available through your new marketing joint venture. A general guideline for writing a quality introduction to your clients / followers about a new company is to include the following: a short description of the product or service, an explanation of why you are developing a relationship with the company, how you think it will benefit your customers daily routine by utilizing the partners’ products and services, and how to best get in touch with the company if someone is interested in pursuing the opportunity. It is always a great idea to use the company’s logo in the newsletter to assist the joint venture companies brand as well as include a web address that can be clicked and tracked appropriately if sending as an electronic newsletter. Printed newsletters that are sent through traditional mail should include a promo code or specific phone number in order to track the business leads that are generated from the joint venture marketing efforts.
Maintaining an email marketing list is very valuable for joint venture marketing activities. An email can be easily sent to inform customers and others on your email list about product updates and special deals that only “insiders” have access to. It is important to work closely with your joint venture marketing partners to identify the right specials and offers that you feel will best resonate with your existing client base. It is in the interest of both parties to really focus on exactly what products and services are marketed as you don’t want your clients to feel that you are marketing those products and services that don’t relate to their interests. If email marketing campaigns will be a core component of your marketing for a joint venture make sure that you have set up specific affiliate codes or specific landing pages so that all of the leads and successful business you drive to the partner is documented properly.
Maintaining an active page on your website to list joint venture partners that have products and services that would be of interest to those that visit your website is a core component to any marketing joint venture. When your clients visit your website they should be able to access basic information about all of your partners and quickly learn about the unique opportunities that may be available for them to save money through special discounts. A logo and company description along with the best means of contacting the company directly should be included on the partner page. It is valuable to do a blog post occasionally about each of your joint venture partners as that will help to reemphasize the brand and your commitment to promoting the relationship to your community and allow you to expand on the benefits that your joint venture partners have to offer your existing customer base.
One of the best methods to market a joint venture opportunity is to personally introduce your clients to the partner company while you are meeting with them. While this arrangement may not be ideal for many different types of joint venture marketing, if you are a business that has lots of direct interactions with your clients and have built deep and meaningful relationships based on trust then any product or service you recommend in a meeting when an issue may come up will be highly likely to be acted upon by your client resulting in a sale for your joint venture partner. This type of introduction often works best when your business has some consultative role with your clients and they rely upon you to make the best decision or recommendation for them. It is generally a good idea to have a specific sales representative or specific channel in place for you to refer these leads to so that when your client is handed off to the partner company they are treated appropriately and you get credit for sending the business over. Individuals that consult businesses on any number of items can generate significant portion of their revenue just by having several companies that they provide referrals to when they encounter a client that needs support.
There are many great techniques for marketing joint ventures aside from these basic marketing avenues. Make sure to be creative with your marketing campaigns, but also do the basics well so that you cover all your bases for successfully promoting your joint venture partnerships.
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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