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Two Methods of Marketing Using Joint Ventures
By Abe Cherian
? 2005
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.”
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