joint venture marketing
Joint ventures are no longer reserved only for the powerful Fortune 500 companies. With the advent of the internet, both small and medium businesses alike can benefit from this powerful business strategy. The types of joint venture marketing partnerships you create are only limited by your imagination, and every industry has different dynamics that should be accounted for when creating the partnership. With that said, I have compiled three very effective joint venture marketing strategies that can take your business to the next level of earnings.
1. Utilize Cross-Promotion Strategies with a Synergistic Client Base
As a traditional model of joint venture marketing, cross-promotion still reigns powerful as a strategy to increase your market share. Without having to spend any additional monies, you can instantly gain an exponentially larger client base simply by partnering with a business that has customer synergies. These synergies may not always be in the most obvious places and some of the most powerful partnerships have come from creative thinking. For example, while a baby products website may not have obvious synergies with an electronics website, this could be a very successful joint venture partnership. Considering that research shows that women do the vast majority of shopping in the household, they’re looking for products for both their babies and their husbands. Thus, although the two products do not seem synergistic, the target audience certainly is.
2. Create an Affiliate Program
Would you like an instant, powerful sales force without any of the salary costs? By instituting an affiliate program, you do not risk any upfront costs, but instead gain a powerful sales force that can bring in customers outside of your typical marketing reach. However, it is important to keep in mind that if you do create an affiliate program that you provide your affiliates with the proper support. If they have questions or need samples, make sure you can support your network of affiliates and they will return your efforts twofold with increased revenues and market exposure to your business.
3. Create Lead Generating Incentives
Human psychology is triggered through incentives, which is why the big box retailers push Black Friday’s great sales as an incentive to get consumers in the holiday shopping spirit. joint venture marketing strategies also need to employ the same psychological strategy. Provide incentives for your affiliates and partners to use, which will generate leads. For example, whenever an individual signs up for your newsletter, they get a bonus eBook filled with valuable information. Or, if they order through your affiliate within the next 24 hours, they enjoy free shipping. These incentives will turn leads into closed sales, and everyone benefits.
Joint ventures are one of the most powerful marketing strategies, yet costs nothing to implement. You don’t have to pay for hefty ad space, PPC dollars, or expensive sales staff salaries. Instead, simply by harnessing the power of joint ventures, you can significantly boost the effectiveness of your marketing exposure.