joint venture marketing
When you think about a successful joint venture partnership, you probably know the already proven success strategies, such as shared customer contacts, bigger markets, and bundling products/services. But most entrepreneurs and small business owners miss some of the other obvious JV strategies that can lead to cost savings and more revenue.
1. Share Office Space
Sharing a space is a great way to save bundles of money on leasing expenses. Whether your business works in an office, retail store, or small industrial space, there are opportunities to mingle you and your JV partner’s business to gain synergy in your JV endeavors.
You and your JV partner could lease a single retail store if you both sell products that complement each other. For instance, you may have a bakery that specializes in cupcakes while your JV partner makes and sells artistic greeting cards and other gift items. Sharing a single space can allow your customer to munch their cupcake treats while browsing the gift items. If you don’t think that will work, just consider any Starbucks coffee shop and all the gift items they present their customers even before they reach the order counter.
2. Share Advertisement Space
Advertising can be a large portion of any business’s marketing budget. If you’ve ever purchased an ad in a newspaper, magazine, or even a theatre program, you know that little 2 X 2 inch space is a hefty investment. Why not design an ad with your JV partner that highlights both your services and products and even bundles items? By splitting the cost, you could even upgrade your ad to a bigger size and even add color to get more attention than two smaller, separate ad boxes.
3. Co-Author Articles
Is there a trade publication that you and your JV partner could query? Try co-authoring an article to be published in a trade journal or other relevant magazine. Even if you don’t own businesses in the same industry you could write about a topic that highlights your JV efforts and how it affects your industry. Your article can gather much attention to your respective businesses or to your JV endeavors, and it spotlights you and your JV partner as an expert on the topic you authored.
4. Create a New Co-Publication
Is there no trade journal for either of your businesses? Create one! You may have found a niche in your JV efforts that have a wide potential audience. Consider publishing a new trade journal, magazine, or online web journal.
5. Host Seminars
One popular way to gain customers is to host a class or seminar. Consider co-hosting a seminar where you both can discuss important topics in your field and make presentations about how you and your JV partner can benefit customers.
A JV partnership can be more than strictly a way to bundle products and services. Use these ideas and think of other creative ways you and a JV partner can benefit from combining forces.
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.