joint venture marketing
joint venture marketing
Today, businesses can boost their bottom line while providing excellent services to their clients through joint venture marketing with a related non-competing business. The wedding industry offers several examples of this opportunity for growth through strategic partnerships. Wedding planners, photographers, florists and caterers, are just a few familiar examples of vendors able to grow their businesses through joint venture marketing.
However, given the fact the wedding industry relies heavily on a provider’s reputation, it is important you fully vet potential partners. You do not want to be judged guilty by association, avoid a potential partner seeking to reestablish their credibility based on the stellar reputation you have earned in the marketplace. Perhaps a potential partner’s roster or marketing budget does not equal yours, but you should make sure their reputation does.
A blissful engagement
Planning for her special day can be a rather stressful time for the bride, having a trusted resource is valuable during planning phase. joint venture marketing with the right partners increases the perception of you as an indispensable resource. For instance, if a client enjoys working with their wedding caterer, they might be inclined to ask for recommendations for a photographer. A great wedding planner will have a contact list filled with suggestions for a florist or printer that will suit the wedding the couple have in mind. Nothing is more appreciated by a frazzled bride than the ability to cross off key decisions on her wedding planning checklist.
Another suggestion includes two or more vendors sharing a booth at a wedding show that is very popular prior to the kick-off of wedding season. A caterer and florist with a small marketing budget may find this is an excellent way to get their foot in the door at popular annual event which they may otherwise find cost prohibitive.
Perhaps instead of attending a crowded tradeshow joint venture partners perhaps might elect to share advertising costs of publishing an advertisement in a local popular wedding resource book. These are just a few possibilities wedding vendors can consider to grow their sales.
Collaboration can lead to one-stop shopping
The couple often leads hectic lives and coordinating meetings with florist, caterers, photographers, designers – the list goes on – is quite a challenge. However, if two or more of these vendors could a joint venture marketing partnership and present their ideas together. The bride might find it reassuring to select two companies that work so well together and can create a cohesive vision. The bride’s planning is simplified and the vendors can grow their business while keeping their marketing costs in line.
The “I dos”
The big day comes and the wedding is beautiful. No one will sing your praises more than a bride and groom who felt not only were your services outstanding but so were the recommendations and alliances you brought to the party. After you have selected a joint venture marketing partner who shares your commitment to quality and customer service, the alliance can be an excellent way to your grow your wedding business.
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 report on joint venture marketing.