The current economic downfall has had a huge impact on Internet business, and many small companies are struggling to survive. Consumers are spending less and less money on non-essential items. If your business specializes in luxury goods or services not vital to everyday survival, you may find yourself in a difficult position.
To maintain, or in some cases even save your business during these difficult economic times it may be necessary to get creative with your marketing strategy. A joint venture marketing partnership may be just the thing you need to explore to keep your business humming along.
Creating a Loyal Community for Your Business
Marketing’s primary focus is creating client relationships. In a time when people are feeling stressed and disconnected as a result of current economic turmoil, holding onto your customer relationships, and building new ones is more important than ever. It is possible to maintain your customers and gain new ones during a challenging economic time, but this will involve creating a sense of community among your customers, as well other businesses with whom you work. A joint venture marketing partnership can help you achieve this, even if you don’t get the immediate results. At the very least, you will lay a foundation for future customers and preserve your current and loyal customer base.
Consistent customers are the bread and butter of any business. The customers you count on to make regular purchases, even if they’re small, add a measure of stability to your business. All companies dream of the “big sale”, but these are often few and far between. So, it’s the smaller steady purchases that will keep your business going in a world currently plagued by financial woes
The Power of Joint Venture Marketing
The benefits of a joint venture marketing partnership are twofold. First you create a new community of business partners which function to strengthen your existing customer base. And second, it enables you to reach new customers in varied and creative ways you otherwise wouldn’t have access to.
When your joint venture marketing partner makes contact with one of your regular customers, it is crucial for him to know that you referred your partner. This equals an endorsement from your company as to the status and importance your partner plays in the function of your business. It is a thoughtful and personal way to reach out to some of your most treasured clients. To do this successfully, you may not want your joint venture partner to approach every single one of your customers. That would feel inauthentic.
To truly build the feeling of a community with your customers, they need to know that they are getting personalized attention, thoughtful consideration regarding their purchases and that you are taking into consideration what other products they may be interested in. Likewise, through your joint venture you are endorsed to your partner’s customers, who will in turn perceive that your company offers a community of services and products that are geared towards their interests.
Taking the time to create a feeling of community with your customers, as well as your new joint venture marketing partners, will help your business successfully sail through these difficult economic waters.
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
