joint venture marketing
Joint ventures are one of the most effective ways to broaden your customer base and increase your profit margin. This marketing strategy offers the biggest bang for your advertising dollar because it capitalizes on the experience and customer loyalty that other, more established companies have already developed.
Understanding that joint ventures are an integral part of growing small businesses is the easy part; setting an actual JV partnership into motion is quite another. We have tips to help you make your business more attractive to potential JV partners and jumpstart your joint venture campaign.
Ask for Reviews
Contact a related business in your industry and ask if any of their customers would be interested in trying out some of your products. You provide the free samples, and all you ask is that they provide a brief review after the customer uses them. If those customers like your products, you have opened the door to a joint venture arrangement with the other company. After all, if the other business looks good in the eyes of its customers by referring them to your products, the owner may be more inclined to work with you on other business ventures as well.
You can also display the testimonials of your own customers prominently on your website to demonstrate the many satisfied clients that have used your products or services. This is a tried and true marketing tool for attracting new customers to your business, but it might also be effective in jumpstarting a joint venture with another company. If your business looks good in the eyes of your customers, it will be more likely to look good in the eyes of the customers from your potential JV partner as well.
Some businesses take the testimonial approach a step further and recruit business endorsements from individuals well known in the industry. For example, a business that sells sports equipment might pursue an endorsement from a professional athlete in the area. These endorsements legitimize your business to potential customers and JV partners alike, and they make it more likely that companies will listen to your proposal if you approach them with a plan.
Community involvement is an effective way of generating positive press that goes a long way in impressing prospective JV partners. Participate in an annual charity drive or partner with other organizations to support the local community. Prior to your participation in the event, contact the media so that your efforts will be broadcast. In addition, you will be generating more interest from the community, greatly increasing support for your cause and a more successful outcome.
Jumpstarting a joint venture isn’t easy, but these steps can help you along the way. When you take the time to make your business look more attractive to other businesses in your industry, it is more likely that many of them will approach you about a prospective relationship. Even if you have to make the first move, setting yourself up as a respectable business will go far in ensuring other businesses take notice and give your JV proposals the time and consideration they deserve.
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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