Joint Venture Marketing

by admin on June 16, 2010

When things go together, they’re said to be complimentary. An example of two items that might go together are CD players and CDs. 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.

They can take any one of these forms (we’ll discuss them below).

#1    External joint venture marketing.
You combine your marketing with that of another business that sells 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’ customers will look to you for their complimentary product or service. You both access each other’s customer database. An example would be a travel agency and a luggage shop that could work together.

#2    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 compliment 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 “You Haul It Yourself” trailer rental that also sells packing boxes.

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 share 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. You can do a trial close 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,  25/75 basis, etc.”

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