joint venture marketing
Business growth can be difficult during a recession. How do you continue to market and promote your business when spending cuts are necessary and profits are down? It can be done – but it takes some creativity and effort to make up for paid advertising. Here are three good ways to market your JV during a recession:
1. Pricing Strategy
What is your pricing strategy for your joint venture product or service? Are you pricing for sales or profit? You should remember that many consumers base their purchasing decisions on experience and quality in addition to pricing. Thus, you and your JV partner need to evaluate these elements in your pricing decisions.
Pricing doesn’t necessarily mean you have to sell at the cheapest rate. You want to create an experience and quality that the customer wants to come back to and share with others. But remember that in a recession consumers are likely to price shop more, which means you, may have to experiment with pricing to determine the optimum price strategy. You might try a certain price in one region of the country and another price elsewhere. Find out what consumers respond to and make adjustments accordingly. Remember, it’s not the lowest price, but the overall experience for the consumer that brings them back.
2. Social Media
In a recession, your advertising budget is precious. Though the conventional wisdom is not to lower your marketing budget even during a recession, you need to find the best ways to get value for your marketing efforts. Social media is a way you can promote your JV without a lot of money.
Social media such as YouTube, Facebook, and Twitter, have become popular not only among individuals, but for businesses as well. If you or your JV partner is tech savvy, you could create and produce short videos and promote your JV product or service with a YouTube account. Facebook has millions of users. Create a business page and gather fans to which you can send notices of promotions and specials on your products. Twitter is becoming a popular way for celebrities and businesses to promote themselves with short broadcasts and links.
What’s the best thing about social media? It’s all free! All you need is a little effort to create your JV business profiles and update regularly.
3. Press Releases
Press releases can provide your JV business with free publicity. Did your JV business just form into existence? Write a press release. Do you have a new product developed through your JV? Write a press release. A well-written press release should be sent to all local and regional media. If a particular media finds a press release interesting and worthy of further investigation, you could get interviewed for an article. That type of free publicity is priceless, especially in an economically depressed climate.
In order for your JV to succeed, you need to get the word out about your joint venture product or service. Consider these easy and cheap marketing strategies and come up with your own creative ideas. Marketing during a recession can be successful if you find the right avenues.
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.