joint venture marketing
When you begin the process of forming solid joint ventures, it’s all about the customers. After all, the purpose of JV marketing is to grow your customer base and subsequent sales.
The good news is that most customers love joint ventures, even though they may not know what they are or what the benefits might be. Consider the reasons customers like joint ventures, but don’t know it, to inspire you to set out on some joint ventures of your own.
When you are a relatively new business, it is difficult to impress potential customers with your short history. Customers simply aren’t comfortable doing business with companies that have yet to prove themselves completely.
However, when you partner with companies that have been established, customers will often subconsciously transfer the longer history of your partner to your own business. This is good news for you, but it also allows your customers to shop with a great deal more confidence, which makes them more satisfied with the process overall.
Customers like to work with companies that have proven reputations in the area they are shopping. If you pair up with a company that has an excellent reputation in the community, you also reap the rewards of that positive name. Customers are more content doing business with you because they see you as an intricate member of the community. Your association with your JV partner allows you to enter your customers’ world much more smoothly, which means they are more willing to do business with your company as well.
Customers like businesses that are easy to find, and if your name is linked with a company they already do business with, the exposure factor is a snap. A customer that spends time on your partner’s website will come in contact with your company through a link or article written by you. They will be much more likely to click on your website when they need a related product or service. The big benefit to the customer is convenience, since they get introduced to your company without having to put forth much effort to find you.
Finally, customers like to do business with companies they feel good about. Your relationship with the customer is simply too short to inspire confidence at first, but the fact that you’re associated with another business that they have worked with for some time helps them feel more confident about your company as well. When you have the consumer’s confidence, it is much easier to sell them items for the first time, as well as suggest additional items in which they might be interested. Your customers enjoy peace of mind in knowing that the company they are doing business with has the quality and value they seek.
Joint ventures benefits the businesses involved, but they have advantages for customers as well. When you approach your JV marketing from your customer’s perspective, the result will be a more satisfying experience for everyone.
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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