joint venture marketing
joint venture marketing
joint venture marketing
There are many advantages of a joint venture for small businesses to take advantage of. Most importantly is establishing solid relationships with companies that can provide value to your existing customers which should already be a top priority for any small business owner. It is very difficult as a small business to have the ability to completely service your entire customer’s needs, but if you put in place the right joint venture partners you will be fully capable to service them and at the same time drive additional revenue to your bottom line. Having strong joint venture marketing alliances can increase the reach your brand has while maintaining a lean and limited marketing budget.
Meet New Potential Clients
Small business owners are often faced with having too many things to do during each day of the week and finding the right balance of spending time on generating new business leads and maintaining an existing customer base can be difficult. One of the greatest advantages of a joint venture marketing relationship can provide to a small business is the ability to quickly reach new potential customers. By focusing on developing relationships with companies that already have existing customers and the channels to quickly expose new products and services to them a business owner can focus on having high quality relationships that assist in driving new business. This allows a business owner to continue to manage the day to day operations of the business and service existing customers while a joint venture marketing partner is helping to drive in new qualified leads that are much easier to justify devoting time too rather than cold calling for customers or pursuing other strategies for finding new leads. Small business owners often waste lots of resources on sales teams and sales consultants that underperform and these people also often require significant management time. A great joint venture marketing relationship can out produce even a good sales team if you structure the relationship correctly and manage the relationship properly.
Expand Existing Product / Services Offering
Another significant advantage of a joint venture is expanding the products and services that are available for your existing clients. Most small businesses are excellent at servicing a very specific niche, thus it is difficult for most to be experts in similar services or carry the depth of product lines to fully satisfy all the needs of their customer base. The right joint venture partners that can support your clients with those additional services and products ensures that you will not loose those customers to potential competitors that may be able to service them with a wider range of products and services as well as ensure that you are maximizing every chance to earn revenue from your customer base. Everyone understands that it’s a significant expense to gain a paying customer and so it is important as a small business to encourage your customers to take advantage of joint venture opportunities you can provide not only to share with them a great opportunity, but to most importantly return the favor to those companies that are also sending you business and earn additional revenue in the process.
Marketing campaigns can be very costly and if they do not immediately provide a solid return on the investment can be detrimental to the success of a small business especially those at the earliest stages. Take advantage of your joint venture marketing partners when they offer to do co-branded promotions. These types of activities reduce the costs for both companies and when done properly will appear as a genuine match that has been developed to ensure customer satisfaction. Many larger companies will offer co-marketing opportunities to small businesses that are providing a serious advantage to their product / services line up or have such a compelling story that the larger company sees significant value in associating their brand with the other business. This is an excellent way to get free branding and marketing as larger firms often already have set in place several core marketing strategies that they will execute for new joint ventures to increase the likely hood for success. As a small business, while doing a joint venture marketing relationship with a bigger company, it is acceptable to ask for marketing support as many companies have in house graphic design teams and others that can help quickly mock up any marketing collateral required. This also ensures that the larger company is approving the way that there company is being represented. It’s never good to spend significant resources as a small business to develop marketing collateral, only to have it redone because the larger partner does not approve of the materials that were created.
Take advantage of joint venture marketing relationships as a small business to increase visibility in the market, establish additional revenue streams with existing customers, and gain access to resources that will help drive business and ensure joint venture activities succeed.
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.