joint venture marketing
There is no doubt that some of the easiest joint venture happen online. However, that doesn’t mean you should disregard offline businesses as potential JV partners, just because they don’t fit your initial profile. With a bit of effort and marketing savvy, you can create the perfect business arrangement between online and offline companies. We have tips to help you make these types of joint ventures a complete success.
The Audience is the Key
Whether your JV partner is online or offline, the most important feature to look for is a company who shares your target market. If you are in the wedding photography business, look for other wedding service providers, such as florists or caterers. If you sell computer software, look for a company that provide products and services that complement technology.
By choosing a company with the same target market, your joint venture is more likely to be successful, no matter how you decide to market it.
Have Marketing Ideas in Place
Before you approach a potential joint venture partner, have some ideas on how the two of you can work together to increase customer awareness of both your business. This may require a bit more creativity if you are combining an online and offline business, but it is far from impossible.
For the online business, simply placing the other business name, address and phone number on the company website is a good start. You can also offer free advertising in your email newsletters with full company information included.
For the online customer, consider creating a brochure about your business that your JV partner can hand out to customers. You might also write a tip booklet or other promotional material that potential customers will find too handy to toss. These simple promotional items can be placed in your partner’s business where your target market can be easily reached. You can also offer discounts or even free samples at their business to entice new customers to check out your website when they get home.
Approach Potential Partners
Once you are armed with a few marketing ideas, it’s time to approach potential partners with your proposal. The best way to do this is in person, possibly with a phone call first to schedule a time that is convenient for the other business owner.
When you enter the person’s business, be complimentary about their store or the goods they sell. Explain the benefits that he will receive from your proposed joint venture. Show your ideas about how to effectively market your joint venture so that both businesses win. If you present your proposal in this fashion, you are much more likely to gain a new business partner for your efforts.
There are plenty of good JV partners to choose from today, as long as you don’t limit yourself to a preconceived notion about what these businesses might look like. Even companies that don’t have a strong online presence can be effective joint venture partners, if you choose a business with a similar target market and have a solid marketing plan in mind before either business signs on the bottom line.
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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