joint venture marketing
If executed properly, strategic marketing has the potential to propel your business to the next level of revenues. The adage, “no man is an island” is particularly true in this arena; the more businesses you align yourself with, the greater your network, and the more powerful your revenue earning potential becomes.
Strategic marketing is a term that is thrown around casually and frequently these days, but how many people actually know how to execute it successfully? In this article, I’ll walk you through the basic steps of incorporating this marketing strategy into your business arsenal.
Step 1: Understand Your Target Customer Base
The fundamental goal of a strategic marketing plan is to utilize each other’s strengths to reach a larger customer base, perhaps one that would not be available to the individual companies without the joint marketing endeavor. Evaluate your current base of customers, and envision your ideal mix of clients. Based upon this analysis, you should then consider which companies already possess the customer base you desire. Or, what company is able to work with you in order to help you both obtain a client base that were individually out of reach.
Step 2: Evaluate What Your Customers Need
When you think of your business from the customer’s perspective, it is often quite different than yours. Instead of evaluating what products would be easy for you to sell, consider what products your customers need. This will help you find a marketing partnership that can fulfill those needs. Also, look at the bigger picture. If you were trying to reach a larger customer base, what type of packaged advertising would be most compelling? For example, if you were an accounting firm, then maybe your clients would also need legal service. A successful strategic marketing plan is based upon clients’ needs and not simply what is easiest for your company to sell.
Step 3: Analyze Marketing Tools to Utilize
Marketing avenues abound, meaning that you can carefully pick and choose which marketing tools to use. Will you use offline, online, or word-of-mouth advertising? Decide if you want to create email marketing, PPC, or blog campaigns. Will you collaborate together on publishing articles, or perhaps split a booth at your industry trade show? Would you sponsor an industry event together, or perhaps publish a white paper jointly? The options for traditional and creative marketing are endless. It is important to create a strategic marketing campaign that will highlight the strengths of both companies and effectively reach the target audience.
Step 4: Implementation!
Once you have laid the groundwork for your strategic marketing plan, it is time to implement the excitement! Working together you and your marketing partners can open up new doors of opportunity, in both revenues and market share exposure. Make sure that your plan is well thought out, and that you both are on the same page, and you’ll be ready to push the “go” button on an endeavor that can take your business earnings to the next level.
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