Joint venture marketing has been around for ages in traditional marketing circles, but is a relative newcomer to the Internet marketing niche. A joint venture marketing platform as applied to Internet marketing is essentially the same as a traditional joint marketing venture: it is a business enterprise agreed upon by two or more parties who share the expense of the venture, and, hopefully, the profits.
Essentially, a joint venture marketing partnership shares the costs associated with marketing your business and services, as well as the profits.
An additional benefit to having a joint venture partner when it comes to your marketing platform is often the sharing of business contacts and clients. Joint venture marketing is an extension of a relationship marketing scheme - in which relationships are the central focus of your plan, and the core from which your business emanates.
In traditional relationship marketing, the focus is on your clients and how to develop strong and consistent relationships with them. Customer relationships is still a priority in joint venture marketing, but the relationships you have with your business partners is also a central concern because it is through these relationships and partnerships that your joint venture marketing plan will flourish.
Circle of Friends
One benefit of forging joint venture marketing partnerships is the relationships you will develop with your business partners, and the potential to make contacts through the relationships that your new business partners already have in place. A joint venture marketing plan is an excellent way to expand your network of professional contacts, which may potentially lead to new business and new partnerships at a future time. In this way, developing an “inner circle” of business associates will increase your exposure in the marketplace, and potentially promote your company and its services in new market niches.
We all have an inner circle in our personal lives - a group of trusted friends. Developing such an inner circle in your joint venture marketing partnerships can give you a definite advantage which may lead to the competitive edge you need to succeed.
Not all business partnerships develop into close relationships, but it is to your advantage if they do. People, even in a professional capacity, are more likely to go out of their way for people that they like and with whom they have a close relationship—it is just human nature. This law of reciprocity works both ways: you are also more likely to go out of your way for a known and trusted business colleague that for one with whom you are not as familiar.
It may sound a bit calculating to set out to develop an inner circle, but it is ultimately a rewarding partnership for both companies. You may benefit from being part of the inner circle of one of your joint venture marketing partners, but it is reciprocal: your partner will benefit as well.
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
