joint venture marketing
joint venture marketing
Joint ventures are typically associated with Fortune 500 companies, where major players team up with other large corporations to further increase their share of the marketplace. However, what if I told you that your business could also reap the same exponential rewards of joint venture marketing? Whether your company has one or 100 employees, joint venture marketing is the ultimate scalable business strategy, capable of exponentially increasing your current levels of revenue without any additional investment or up-front costs!
To understand how a joint venture marketing partnership can take your revenues to the next level, let us break down the different components.
- The Conceptual Foundation of joint venture marketing
Joint ventures are a relationship between partnership organizations to enhance corporate activities, whether it be research, development, or marketing. By pooling their resources, the marketing partners can split expenses, and gain a larger market share through their dual efforts. By working together, joint ventures create a tangible strategy to the age old adage, “two minds are better than one”, except in this case it’s two businesses working together to reach a better, larger target audience.
- Determining How Joint Ventures Fit with Your Business Strategy
Regardless of the industry you operate your business in, the type of business you have, or the size of your business, you can significantly gain additional market exposure with joint ventures. By finding the right JV partnerships, you can significantly increase your revenues, while simultaneously adding new asset pools without any inventory or overhead costs resulting in streams of revenue that translate to profits.
Joint ventures may also be right for the new entrepreneur who would like to work for themselves, but may not necessarily want the financial burden of overhead costs, HR hassles, and administration management. Without having to invest in inventory or take in financial risks, a joint venture partnership allows the new entrepreneur to start a business that can quickly grow into full-time income. You simply connect the consumer demand with a supply and get paid for your efforts.
- Visualizing the Economic Power of Joint Ventures
There are many entrepreneurs who have solely utilized joint ventures to make literally millions of dollars. The potential for joint ventures can be greater than the standard business model, which is limited by the number of products and services you can physically provide. On the other hand, with joint venture marketing, you can earn significant revenues simply by connecting the buyer and the seller without any physical constraints or bottlenecks.
For example, you may run a website that sells supplies for wedding floral arrangements, but with the intense competition in PPC for the keywords “flowers”, you are limited by your budget for your advertising endeavors and thus, your revenues do not meet their full potential. However, you find another website that sells wedding invitations and voila, a joint venture marketing partnership is born. The synergy between the partners is perfect, as the two target audiences are completely in line with each other. Your partner sends out an email to their client base about your floral website, and you instantly gain tons of exposure without spending a cent! In addition, you have now increased your inventory offerings. You can earn a nice commission on all of the invitations your clients order. In the end, you get greater client exposure and two streams of revenue, significantly boosting your previous levels of sales.
The key in benefiting exponentially from joint venture marketing is to find the right partner, one who may share synergies with your target audience. However, the rewards are certainly worth the efforts. joint venture marketing is not only a savvy business strategy, but an incredibly affordable one as well.