Team Up With Others to Win More Customers
Have you thought about teaming up with another business to do a joint marketing promotion or share marketing resources?
Joint venture (JV) marketing is a great way to stretch your marketing budget and raise your business profile.
Marketing joint ventures can range from co-sponsoring ads or events to jointly promoting product launches or bartering products and services.
Trade shows are a good example of a type of marketing JV in which businesses pool their resources to gain wider exposure.
For online businesses, marketing collaborations typically involve exchanging email lists and offering freebies or discounts to the subscribers and customers of each venture.
You can develop marketing JVs with business associates, industry peers or even with competitors, if you target different niches or if your products and services are related but do not compete directly.
The benefits of marketing JVs extend far beyond the scope of the actual ad, promotion or trade.
JVs are a cost-effective way to get new leads, prospects and customers.
They allow you to build your own reputation and brand awareness while building alliances with other businesses.
Marketing JVs enable you to add greater value to your existing customers and new collaboration with other businesses, you can target new customers and new markets and obtain new distribution channels for your offerings.
Establishing JV relationships with reputable, well-respected businesspeople will bring credibility to your business through implied or actual endorsements and testimonials and enhance your reputation through association with quality products, services and brands.