joint venture marketing
Joint ventures are just one type of strategic alliance that can help you build your business quickly and efficiently. These partnerships can take on a host of different looks and features, but the primary purpose is always the same: to partner with another business for the sake of enhancing both companies’ profits. We have five ways strategic alliances can be beneficial in building your business.
Strategic alliances like joint ventures can effectively eliminate competition by partnering with them. This approach embraces the “bigger is better” philosophy by enlarging your customer base through a bigger inventory of goods and services. While joint ventures don’t tend to involve companies that are in direct competition with one another, they do include companies in a related industry that share a similar target market. This blows marketing opportunities wide open, from backlinks to cross sales.
Operate on a Global Scale
As the market widens, your opportunities and abilities are called to keep pace. This can be very challenging to small business owners who can barely permeate the target market in their state, let alone across the globe. However, partnering with other companies gives you automatic global clout, with a larger online marketing budget and a quickly expanding customer base. When you boost your competitive edge, you will be more likely to stand out from even the larger companies that cater to customers around the world.
Maximize Your Marketing Potential
When you combine forces with another business through a strategic alliance, you instantly gain additional talent and revenue to expand your marketing efforts. In addition, shared customer lists and backlink opportunities help you drive more targeted traffic to your website, which will instantly increase first-time sales, as well as your ability to develop a larger customer base. Joint ventures are primarily entered for their marketing potential, particularly online advertising options.
Industry Convergence Trends
As the market continues to expand, more industries are finding that if you can’t beat ’em, join ’em. This is true in financial markets, where insurance companies, investment firms and banks are finding there is power in strategic alliances that provide more related service options for their customers. Convenience is the key, and if your customers can find additional related goods and services through you and your JV partners, they are much happier for it.
Bigger Bottom Lines
The bottom line is what it’s all about, and strategic alliances like joint ventures have proven time and time again that they have the power to boost them. In fact, some companies are stating that as much as 18% of their total profits are coming directly from those strategic alliances. For smaller businesses, this growth is exponential in providing the ability to expand goods and services and broaden the customer base and sales potential even further.
Strategic alliances like joint ventures are just one way that many small business owners are finding to boost their profits much more quickly than by using traditional marketing methods alone. When you join forces with another entity with a common goal in mind, there is no end to the potential success you might both enjoy.
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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