joint venture marketing
What causes a joint venture to fail? Usually it is due to the lack of enthusiasm on one or both parts of the partners. However, many times it will fail because the JV partners simply didn’t market or promote their product or service properly.
What is your JV product or service? Tell your customers! But how do you tell them in a way that will get them to try your product or service? Try these promotional secrets that utilize the psychology of the customer who want to indulge themselves.
How do you price your JV product? Does your service run an even $400? The psychology of pricing can make a big difference in how many sales you make. It has been proven that the pricing method of your product can determine its success.
Take, for instance, your $400 service package. Do you think customers will find it a bargain at $395? Pay no attention to the lost $5 and do take note of how many more sales you will make.
Try pricing in bulk as well. One item may cost $20, but try offering 3 for $50. You will sell more and your profits will prove it.
2. Not All Is Lost
What do your customers stand to lose by NOT using your product? One way to create demand for your product is not to emphasize the benefits, but to let a potential customer know what is lost by not using it. Think of all the side-by-side tests found on TV commercials. Your bathtub will remain dirty with mildew if you fail to use Product X. Your dishes will have spots unless Product Z is placed in your dishwasher. Don’t just promote the benefits, but emphasize what will be lost if your product or service isn’t in use.
3. The Picture That Sells
And speaking of promoting the benefits of your product, are you doing it correctly? Of course, it’s easy to say, “our product will help you by doing A, B, C…” etc. But a list of features is boring and monotonous. Instead, put your features into a colorful description, or better yet, a photograph. Would you rather buy a hamburger, or “a sizzling, fresh, 100% beef burger charbroiled to perfection, inspired by the warm breezes of the Caribbean?” The use of photos can also bring your product closer to your potential customer. Again on the food theme, have you ever noticed that popular restaurants use menus with tantalizing photos of the food items? A picture can truly be worth a thousand words.
Get your JV out of the doldrums. It doesn’t take but a little bit of creativity and imagination to get your product in the proper promotional mindset. Use the tricks that major corporations have been using for decades and you may find that your JV sales will take off.
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.