joint venture marketing
joint venture marketing
joint venture marketing attracts more clients for businesses because the core this type of marketing is to establish channels to customers. These marketing channels are effective because companies have special relationships with their customer base. Developing a high quality relationship with a business that has a loyal following of customers that trust the recommendations they receive from the business is the best way to attract more clients. These businesses have developed a level of trust that can really provide a company looking to penetrate new markets a quick entry point to gaining brand awareness and at the same time potentially receive additional marketing and sales support to close business opportunities that arise from the joint venture.
Reach Established Customer Relationships
The best way to attract more clients is to reach them through personal introductions from joint venture marketing partners. This can come in several different formats. Sometimes a partner will have an active sales force, an on-site maintenance team or company representative that interacts with the businesses customers and can provide information about the partners’ products and services. Depending upon what the products and services covered in a joint venture agreement are, any one that interacts on some level with a customer could be a potential marketing channel. Determining the best level of introduction should be clearly defined in the partnership agreement.
Sell Through Trusted Relationships
There are many consumer focused businesses that have opportunities to sell additional products to their clients due to the trust and respect that the clients has for their opinion. A common example of a trusted relationship product recommendation is a dentist recommending a specific type of electronic toothbrush like a Sonicare. It’s hard to ignore the advice if a person is confident that the dentist is looking out for their health regardless of the referral fee they may be receiving for recommending that product over another. In business to business transactions when making a recommendation for a new product or service a person’s job could potentially be on the line. It is always far easier for an employee to say “no” to trying something new and sticking with the status quo when making a buying decision for business use. If the goal of a joint venture is to attract more clients, then having trusted relationships that can provide the confidence needed to reassure customers that they are in good hands is critical with business to business focused joint ventures.
Expand Brand Awareness
joint venture marketing attracts more clients due to the increase in brand awareness among the target demographics that are being pursued. If the proper research was done prior to reaching out to potential partners as the deals are being done the business is instantly improving its prospects of attracting the right clients. Each time a new joint venture is put into place there are several activities that help to expand the new partners brand awareness with the other companies existing customer relationships. A mention on the website through a press release or blog post is a good way to begin announcing the relationship to attract more clients. An email newsletter or personal introduction from the individual that has a trusted relationship with the clients should also be a part of any early stage of implementing a new JV marketing campaign.
Increase in Marketing Capabilities
The increase in marketing capabilities joint ventures provide can be critical in helping a business grow. Developing a new sales pipeline through JV partners and structuring the communication properly so the best suited person is talking with the customers and closing the deals will ensure that the clients that are attracted will be closed and become long term customers. Take advantage of any marketing opportunities or recommendations from partners on how to best market to their existing customers to attract more clients. Leverage all offers of marketing support to keep marketing costs under control in order to maximize each joint venture return on investment.
It’s important to attract more clients from a joint venture by marketing the opportunities to the new potential customers through the correct means to build their confidence through building strong brand awareness and building from a trusted relationship. Have a well-planned process for customer engagements and proper methods for educating existing customers about the joint venture activities.
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.