Two Methods of Marketing Using Joint Ventures
by Abe Cherian
Published on this site: April 25th, 2005 - See
more articles from this month...
Whether you're a contractor a local merchant with 150 employees,
whichever, however or whatever, you've got to know how to keep your
business alive during rough economic times. Anytime the cash flow
in a business, large or small, starts to tighten up, the money management
of that business has to be run as a "tight ship."
This is where an Honest Joint Venture will help increase, not only
business sales, but strong business relationships. When things go
together, they're said to be complimentary. An example of two items
that might go together are flowers and baskets. If you're in the
market for one of these two items, you might be in the market for
the other.
You may be able to increase your business marketing efforts by
combining the marketing of one of your products or services with
the marketing of someone else's products or services.
There are two Methods of marketing using Joint Ventures:
External joint venture marketing- You combine your marketing with
that of another business that uses a product or service that compliments
your own. You both benefit from the exposure and your customers
will be looking to this other business for its complimentary offering.
Likewise, the other business, and their customers will look to you
for their complimentary products or services. You both access each
other's customer database. An example would be a cabinet maker and
a hardware store that could work together.
Internal joint venture marketing- You probably offer complimentary
products within your own business. If this is the case, you need
to market this so potential customers will be aware that your business
offers certain products or services that compliments each other.
This encourages one stop shopping and also allows your business
to sell one product or service on the back of the other. An example
is 'computer repair store' that also sells virus protection software.
I've actually seen one business that sells a course on how to write
successful marketing campaigns. The majority of their customers
never find out that in addition to selling that course, they do
consulting and write marketing campaigns themselves. They don't
do an effective job of letting their customer base know that Those
things naturally go hand-in-hand.
Another kind of internal joint venture marketing would be a combined
location or common business. You can have businesses that shares
a common location such as a mall or a strip mall shopping center.
They can market their businesses as complimentary to each other.
This can take a number of forms, but the most popular is sharing
the media cost. An example would be a strip mall with a number of
home improvement products or services.
You want to take advantage of this either by phone or by
sending the other business a letter. You might say, "Dear
Mr. or Mrs. Business Owner. Our company specializes in (or
sells). We have discovered a logical tie into your business
or customer base in that it . We have created a system for
dramatically increasing your profits without risk, investment
or even effort on your part".
where you say, 'Mr. or Mrs., let me ask if you could generate sufficient
profits to - would that interest you?' The process is relatively
simple. First, we create a joint marketing plan together to consist
of either (choose 1 or 2 of the following) a letter of endorsement
from you, a telemarketing campaign, a seminar, workshop, sales presentation,
display or design a customer/client newsletter, or a display ad.
We will share the profits on a 50/50 basis etc."
Abe Cherian is the founder of Multiple Stream Media,
a company that helps online businesses find new prospects
and clients, who are anxious to grow their business fast,
and without spending a fortune in marketing and automation.
http://www.multiplestreammktg.com
Web's #1 site to find "free resources to Plan, Build,
Market, and Maintain your website": http://www.multiplestreammktg.com/resources.html
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