joint venture marketing
Consumer psychology has been used for decades to help companies formulate effective marketing strategies, but it has been only recently that these philosophies have transferred to the world of Internet marketing. If you are preparing to embark on a joint venture, chances are that Internet marketing strategies will be an integral part of your business arrangement. To increase the effectiveness of your online advertising strategies, we have a few principles of consumer psychology to keep in mind.
Keeping Up with the Jones’s
Nearly every consumer wants what his neighbor has, whether it is the hottest car or the latest computer technology. However, because this idea of “keeping up with the Jones’s” can be a rather elusive one, few can foot the bill for such extravagances in the name of friendly competition.
Help your customers feel like they are getting the same luxuries their neighbors are indulging in at a fraction of the price. You can emphasize the value of your product by stressing the production process or the special materials that went into your products to make them unique.
Consumers that spend a lot of time surfing the Internet are generally curious folk by nature. To encourage their sense of adventure, use advertising strategies that alert them to trade or insider “secrets.” These secrets will give them tips that will motivate them to buy your products. You can effectively use these “secret” tips in your email marketing or through back links.
Worry Over Making the Right Decision
This is a particular concern when shopping online, since it can be difficult to distinguish one retailer from another on the Internet. Joint ventures are particularly helpful in this area, since you can use the established reputation of your JV partner to build your own reputation with new customers.
Testimonials are another way to boost consumer confidence online, particularly when you and your JV partner work together to provide testimonials for one another.
Finally, samples or free trial offers allow customers to try your products risk-free, before they put their money into your company.
Consumers love special offers, particularly those they perceive as exclusive to your “favorite” or “best” customers. Send out special email blitzes to your current customers or the customer list of your JV partner. Let them know of an exclusive offer just for them that allow them to save on their next purchase, or a similar deal. Customers love these types of offers and are much more likely to try out your products or services for the first time if they believe they are a part of an elite group of customers.
Understanding basic consumer psychology can go a long way in creating effective Internet marketing strategies for your joint venture. When you have an understanding of the way consumers shop and make purchases, you’re more likely to direct your advertising to the right target base, motivating them to buy. Your joint venture will thrive and so will your bottom line.
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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