joint venture marketing
Developing an effective strategic plan to integrate your joint venture and social media is essential for growth. In nearly every industry, social media influence has led to major changes in how joint venture partners do business. Finding and communicating with their customers are the two primary goals.
The tools for a joint venture and social media
Over the last ten years businesses have increasingly diversified their advertising budget to include online resources. The first wave of change was creating appealing and informative websites. The last three years have seen the rapid integration of joint venture and social media profiles for products or services with these websites. For a business with a large product line and customers from all corners of the globe, using these tools are practically required. The building blocks of your strategy is a website featuring links to your profile on Facebook or Twitter. YouTube is also very helpful, especially when educating customers about a new offering. For a business-to-business focused joint venture, LinkedIn is an essential social media channel. One of the newest trends is geotagging your social media content.
Using social media to communicate with joint venture customers
Whether it is breaking news or building product buzz, social media has accelerated the sharing of information. It’s not an exaggeration to use the cliche “faster than the speed of light” when referring to how quickly a joint venture can send information. Governments and businesses continue to learn how important it is be ahead of the information curve about their organization. Over the last three years, we have witnessed how quickly word can travel thanks to social media whether it’s positive or not.
A brief mention of a “fly-in-my-soup” kind of experiences can spread within minutes thanks to the exponential growth of social media usage via mobile tools. If an influential user with a smartphone posts a complaint on Twitter, it is retweeted five times within minutes of sharing. And that is just the beginning. This is damaging for banks or blue-chip companies. But the average neighborhood shop or small business might find themselves severally hampered by a critical review or unconfirmed rumor. These types of joint ventures thrive on their reputation and a damaging social media image can hamper growth.
Facebook has become one of the top three search tools consumers use to learn more about a company’s product or services. It is also the first place they go online when not pleased with customer service or the product they bought. At the bare minimum you should set up a free Google Alert via email for the name of your product or service. Choose the as-it-happens option for delivery. The faster you respond to criticisms as well as compliments, the better.
Relationship building with your customer
The ongoing integration of your joint venture and social media communication is a key method of building relationships with your customers. Allowing your customers to have the opportunity to join a dialogue with you is a great way of building trust. Consistent and quality content shared via social media allows your joint venture to quietly stay on the radar of your potential customer. Perhaps they do not need event planning help today, but what about next month? If they read on Twitter your party planning how-to tips regularly, then when they need the services of an event planner, you might be the first call.
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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