joint venture marketing
When you enter into a joint venture, your primary purpose is probably to attract new customers to your business. To ensure you successfully reach that end, it is a good idea to educate yourself about the best marketing strategies to attract new customers before you sign on the bottom line of your joint venture agreement. Take advantage of five marketing strategies that have been proven effective in luring new customers to a business.
Branding involves the use of color, fonts and a logo to help customers identify with your company through all of your advertising and correspondence. It’s important to set up a general design for your company at the beginning of the marketing process so you can establish a strong identity and brand from the very start. Keep it professional and consistent, so potential and established customers alike can easily identify the information related to your business online and in print.
There are plenty of online venues for publishing business-related information today.
Electronic magazines, websites and trade publications are just a few options. When you publish quality content related to your industry, you establish yourself as an expert in your field. You also get your business name out to potential customers through relatively low-cost methods. Joint ventures are particularly well suited for content publishing, since you can utilize one another’s websites to produce additional articles.
Customers want to do business with reliable companies that offer consistent quality in their products and services. Reliability can be established through a more experienced JV partner that has already developed a level of trust with their customer base. However, you can also get the ball rolling by offering a money-back guarantee on purchases that indicates you have complete confidence in the products your provide.
Samples and freebies are an excellent way to get your products and services into the market base. You can offer samples of your products or free trials so that customers can try out your goods before making a purchase. While it may seem that giving away products for free is not the most effective way to increase your bottom line, consider the cost of the samples a portion of your advertising budget. You can also set up booths at local events to offer free tastings or samples of products to a wider customer base.
Some business owners offer free seminars or newsletters to potential customers to help lure them in. Free information, like the quality content listed above, establishes you as an expert in your field so customers will be more likely to buy from you in the future. Your JV partner can help you create a client list for newsletter mailings, and the two businesses can work together to produce a free seminar on your field of interest. This cuts down on the cost of materials, renting a space and advertising your event to the general public.
Effective marketing strategies are an important component in a successful JV partnership. When you and your business partners work together to attract new customers, you are more likely to boost your sales and increase your profit margin.
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 report on joint venture marketing.