joint venture marketing
joint venture marketing
You may have heard the term “joint ventures” before, since this marketing method has quickly gained steam among larger companies and small business owners alike. However, you may not be sure what joint ventures are or how they would benefit your business. This article will take a look at the low-cost, high-impact nature of joint venture marketing that makes it an effective option for nearly any business today.
Expense, Exposure and Profits
Many small business owners make the mistake of thinking that the more often they can get their business name into the public eye, the more sales they will make. They spare no expense to provide their business with exposure, although high advertising costs can often put a business into financial trouble.
While exposure is an important component of marketing, it is not the only tool available. The right kind of exposure will ensure your profits increase, and this means encouraging customer confidence at the same time you are familiarizing them with your name. joint venture marketing is tailored to building customer confidence at the same time it increases exposure by linking your business to another company the customer already knows and likes.
Multiple Marketing Channels
Customers gather their information from many different venues today, so the more venues you can use effectively, the better results your advertising efforts will reap. However, advertising in a variety of venues can be a costly endeavor – often more costly than many small businesses can afford.
The best solution is to partner with another business to share the cost of advertising so you can reach more customers in a variety of venues for less money overall. You can work together to produce website content, share back links and invest in tools like autoresponders to produce the best results for the least amount of money. Joint ventures allow you to stretch your advertising dollars so you get the biggest bang for your marketing buck.
Targeting Your Advertising
Your newspaper advertisement or website links might be seen by hundreds of individuals a day, but only a small fraction of those people might be legitimate potential customers. Advertising agencies understand that it’s not just about maximum exposure; it is more about getting your business name out to the people who are most likely to buy from you.
Joint ventures are perfect for this effort because related businesses with a similar client base usually work together for maximum impact. This means that the customers that head to your JV partner will be more likely to buy from you as well. You get targeted advertising without spending the big bucks for professional market research.
Joint ventures offer low-cost marketing options that reap high-impact results. By partnering with related businesses to share advertising costs, you attract a targeted market base for a lot less money. The ability to build customer confidence quickly through your JV partner means bigger sales and healthier profits with minimum advertising investment involved. It is no wonder that so many businesses of all sizes are turning to joint ventures to boost their bottom lines today.
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.