joint venture marketing
In a sluggish economy, finding new customers can be easier said than done. Many people simply don’t have the ability or the inclination to take a chance on a product or service offered by a company they have never heard of before.
Why fight it? Instead of wasting your resources in search of new customers, try using the assets you already have to build your business. We’ll show you how joint ventures can boost your bottom line without worry over how to explode your customer list.
Forget the List?
We are not really telling you to forgo your customer list completely. After all, every successful business begins with a list of initial customers, right? However, some companies begin spending all their time and money on attracting new prospects to their company without thinking about what to do with the customers they already have.
In the case of joint ventures, that current list may be the secret to unlocking your profits much more effectively than simply building up a new list of names. While we won’t tell you to give up entirely on your customer list building, we do have suggestions on exactly how to maximize the profits from the customers you already have.
Building Customer Loyalty
Instead of spending most of your time trying to attract brand new customers, consider what it would take to transform current customers into a loyal clientele that supplies most of your profits. This can be done through cross selling, the introduction of new products and periodic promotions for customer favorites. And yes, and that joint venture you are about to form won’t hurt either!
Joint Ventures and Customers
Instead of searching out potential customers from the vast expanse of the Internet, try going after the shoppers who are already working with your joint venture partner. If you planned your partnership correctly, you and your partner are targeting a similar market base with different products and services. If customers are happy with their purchases from your JV partner, they will be more likely to give your company a try as well.
There are many ways to entice your JV partner’s customers to buy from you as well. One is to offer free samples to those customers and a part of an introductory promotion. You can also simply offer a discount for first-time buyers on your JV partner’s customer list.
Another creative option is to conduct a customer “survey,” where you ask customers to try out a product and offer feedback on what they think. All of these methods convert your JV partner’s customers into your happy clientele as well.
When the economy is slow, building an effective customer list can be easier said than done. However, if you get creative with your marketing efforts, you can continue to increase your sales and your bottom line, even in sour financial conditions. A joint venture is the perfect first step to finding new customers and building a bigger business no matter what the future financial forecast predicts.
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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