joint venture marketing
joint venture marketing
Target marketing is the process of narrowing your customer base to the select group of people who are most likely to purchase your products or services. When you pinpoint your marketing efforts to this specific group, you are more likely to see a greater return for your advertising dollar.
Successful companies know that they can’t be everything to everyone, so they choose to strategically market their products and services to the right people, rather than expanding their company to try to please the masses.
This article will teach you how to identify your target market so you can make the most of your joint venture marketing efforts.
How to Target Your Market
When you are choosing your market for your joint venture, there are a number of categories to consider:
- Socioeconomic status
- Level of technological savvy
These precise groups can be broken down even further by finding out how each category uses your product or services and what benefits they receive from them. As you can see, targeting your market can become a very complex business very quickly, which is why many business owners go to the experts to collect the data and present the results.
The Importance of Market Research
You may think you know your customers, but a thorough market research campaign may reveal points about your customer base that you never realized before. Market research is the process of collecting data about the customers that typically buy from you, and then using that information to determine your competitive edge in the marketplace.
A company that specializes in data collecting can perform market research, but these firms often charge more for their services than the average small-business owner can afford.
There is also the DIY route, which involves creating your own customer survey and offering incentives for customers to complete the information and return the survey to you. The above categories should be included in your market survey, as well as favorite products or services of your regular customers and reasons why they choose you above the competition. You can find sample target market surveys online that you can use and customize to your specific business.
Target Market and Joint Ventures
Once you have a relatively good idea of who your target market might be, you are well equipped to approach potential joint venture partners with your information. Make sure prospective partners have similar information on their own customer base to ensure your marketing efforts will benefit both companies equally. This process ensures that you and your joint venture partner are a good match in terms of the precise customer base to whom you are both catering.
joint venture marketing is an excellent way to grow your target market, but first, you need to know whom your target market is. Market research may seem like a tedious way to learn more about your customers, but it is an invaluable tool to help you get the most value from your advertising budget and your joint venture partnership.
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.