joint venture marketing Your joint venture is not just a way to make work easier for you and your JV partner. You have joined forces to benefit your mutual customers. This ultimately translates into shared JV success. When you focus your JV efforts to satisfy customer needs, you must create a Customer Value Solution (CVS)
joint venture marketing
Your joint venture is not just a way to make work easier for you and your JV partner. You have joined forces to benefit your mutual customers. This ultimately translates into shared JV success. When you focus your JV efforts to satisfy customer needs, you must create a Customer Value Solution (CVS) that will first identify customer problems and needs, and secondly, develop effective and innovative solutions that meet those needs.
Defining the Market and Problem
What does your customer need? This is the question you and your JV partner must ask when you sit down to develop your CVS. First, you should identify the target market that your JV is focused on.
- Define your current market – You can define your market through the combination of both you and your JV partner’s separate markets. Are you hoping to serve your current customers? Will you and your JV partner combine contact lists to pursue a sales letter campaign? With a combination of current markets, you can offer both sets of customers a new and value-added product or service. Be sure to tap into this existing market.
- Create a new market – Will your JV create new markets though the development of a new product or service? You may find that your combined forces will open new venues of market sectors that you have not tapped into before and even fill a needed niche market.
However you characterize the market for your JV, you will need to define and specify the problem or need of the customers within that market. Do your customers need a particular service to be performed quickly? Does your market demand your JV product for household needs? Technology needs? Lifestyle needs? Be sure you know how to address the needs of your customer before you create your CVS.
Develop a Solution
With your marked identified and the problem clearly defined, you must then develop an innovative solution that your market will want to buy. Your solution should encompass the strengths of both you and your JV partner. The market solution is the reason you joined forces in the first place, right?
It is necessary that the product or service solution that you offer your market have these three elements:
1. Innovative Idea – The solution you present to your potential customers should be innovative. Have you developed a better mousetrap? Is your service something completely new? Whether your JV offers a product, service, or both, your solution should be interesting and innovative so that customers will be attracted to the idea.
2. Competitor Differentiation – Why should your market buy your product or service? Make sure you offer your customers a good reason to buy from you, such as faster service, better quality, lower price, etc.
3. Value Proposition – And what, ultimately, is the value to the customer? Present to them your CVS in such a way that they understand the value they receive when they make a purchase. Customers want to feel good about spending money, and knowing they received value is one of the best ways to make them feel good.
Your successful JV depends on your ability to meet the needs of a defined market. If you have formed a JV, take these steps to assure that your product or service has a Customer Value Solution.
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.