joint venture marketing
Joint ventures are an effective way to capitalize on the customer loyalty of more established businesses. After all, if customers are loyal to one company, they should be more than willing to transfer their loyalty to partnering companies as well, right? Maybe not.
While you can build a healthy customer base through JV marketing strategies, you will have to put in your own efforts when it comes to transforming first-time customers to loyal fans. We have tips to help you build customer loyalty in the new clients you get from your joint venture.
Keeping in touch with your customers is an essential component to nurturing a loyal, trusting relationship. Talk to your customers when they come into your business, whether it’s simply inquiring how they’re doing or how they think you are doing. Find out what their real needs are to determine if you are meeting them adequately. Relate to them on a personal level whenever possible by asking about their kids, pets or favorite sports team.
Written communication is another effective tool in building customer loyalty, with email blitzes and mail promotions to alert customers to special sales and new product lines. Birthday and Christmas cards to your regular customers also go far in building a healthy relationship that will keep those customers coming back time and time again. Monthly newsletters keep your business at the forefront of your customers’ minds, as well as keep them up to date on your latest offerings and promotions.
Customer Service Training
Customer loyalty originates at the front lines of your business, so make sure your employees are well trained in the fine art of customer service. Teach your staff how to go the extra mile for regular customers, how to handle customer complaints and when to cross-sell products and services. When your staff knows how to care for your customers properly, they will build a relationship with your clientele that will keep both employees and customers around for the long haul.
Reliability and Follow-Through
Your word means everything when it comes to customer loyalty, which means if you say a product will be in on Friday, it must be there for your customer to pick up. If a customer issue requires follow-through by you or one of your staff, make sure that follow-through is completed in a timely fashion. If a situation arises that prevents you from keeping your word, communicate this to your customer immediately to alert them to the problem and what you’re doing to remedy the situation. When customers feel like they can trust you in handling their business, they will stick around much longer.
Customer loyalty begins with your JV partner, but it doesn’t end there. Customers that have been loyal to your partner must see the advantages in frequenting your establishment as well. You must prove that your own company is equally deserving of the their loyalty by showing yourself to be reliable, trustworthy and helpful. Customer loyalty goes a long way in maintaining a good sales record and a healthy bottom line.
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.
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