Joint venture marketing is an important branch of relationship marketing, where the focus of marketing tactics is on both customer and business relationships. You cannot have a strong and successful business without prosperous relationships with your clients and business associates. Embarking on new marketing partnership can help you build even stronger client and business relationships, help you deliver better customer service, streamline your practices, and ultimately help take you business (and profits!) to the next level.
Why should I Consider a Joint Venture?
To understand why a joint venture is such an effective technique, it is important first to understand what a joint venture is. A joint venture is a marketing partnership, which gathers one or more businesses together for each party to mutually benefit from the strengths and expertise of the other members of the partnership.
If you are starting a new business, or even if you have a successful, established business, a joint venture marketing partnership is a highly beneficial technique to growing your business, increasing your customer base, building strong customer relationships, and ultimately boosting your company’s bottom line. Sounds too good to be true, right?
Not Too Good to be True!
It may sounds like magic, but the benefits of a joint venture marketing partnership are truly attainable, and not necessarily for a large investment of time or money. The idea behind developing a joint venture marketing partnership and reaching out to potential marketing partners is to first identify companies and businesses that you admire and that are successful, who are in a complimentary industry. When identifying these potential partners, you don’t want to partner with someone whose products or goods and services will be in direct competition with yours. For instance, if you have a wedding planning business, you will not want to partner with other wedding planning businesses – you would be competing for clients rather than benefiting from mutual contacts and clients.
Taking the wedding planning business, an appropriate choice for a joint venture marketing partner might be a catering company or a photographer. Either a photographer or a caterer will have clients who may be in need of your services, and vice versa. Virtually every wedding requires a catering company to handle to the food for the event, and a photographer to document the memorable occasion. Thus, if you develop a joint venture partnership with a photographer and a catering company, you will share clients with them, and mutually inform clients of the other businesses services. Weddings are not the only event for which catering and photography services are required - holiday parties, birthday parties and other special occasions often require these services. Therefore, if you have a joint venture marketing partnership, it has the ability to inform future business both in your standard category, and to expand to reach new clients.
There are a variety of forms a joint venture marketing partnership can take – it can start out as simple as advertising and providing links on your website to your partners websites. This is an excellent first step for a joint venture marketing partnership that can help take your business to the next level.
Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing & Consulting firm empowering business owners to discover and implement Integration, Alliance, and Joint Venture marketing tactics to solve specific business challenges and increase profits. To read more articles related to Joint Venture Marketing, please go to his Joint Venture Blog Site. He can be reached at christian@synertegic.com
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