Strategies For Increasing Your Profits And Growing Your Business Through The Power Of ZERO Cost Marketing
Joint Ventures, Strategic Partnerships, Strategic Alliances, Collaboration Marketing… different names for a way to grow your rapidly grow your business.
Imagine what it would be like if you could implement a systematized approach to your marketing efforts that would increase leads, attract new customers, develop repeat business, and make you more money.
WHAT ARE JOINT VENTURES
Joint Ventures involve recognizing the many opportunities out there right now that could help you generate more sales, increase revenue by leveraging the power of partnering. I help my clients recognize these opportunities, and structure win-win deals.
A joint venture (also known as a JV or strategic alliance) is an arrangement that will be of mutual benefit between two (or more) people, businesses or companies who have complementary resources or assets that can be leveraged.
What do I mean by resources or assets? I mean products, services, machinery, equipment, buildings, unused capacity and a customer list (or mailing list) that can be leveraged by the owner or whoever approaches the owner with a joint venture proposal (covered in a later chapter).
Joint ventures are known under many names. Some refer to them as “tie-ins”, “collaborative marketing”, “strategic alliances”, “endorsement marketing”, “hidden asset marketing”, “reciprocal marketing” or, “fusion marketing”. Regardless, all these terms essentially refer to the same thing and, if you just look around, you’ll see many examples there in the world. For example, when you see a commercial for McDonald’s you almost see a pitch for Coca-Cola.
The idea of the joint venture is as simple as: Business A agrees to include Business B’s brochure or an endorsed letter in their next mailing, either for a fee, a percentage, or if Business B agrees to do the same for them. The result is instant access to a whole new influx of customers without having to spend any money on advertising or market research to find them.
A joint venture is a win-win situation because everybody gains and nobody loses. Joint ventures cut through the top heavy expense of finding large numbers of customers from scratch. You don’t need to do any market research. You don’t need to buy a lot of expensive advertising. You don’t need to weed out unqualified clients. Joint ventures drive right to the customer in one swoop. With a joint venture, you make someone else’s already captured customers your client’s customers. You capitalize instantly on the other businesses resources, and he’s glad to let you do it because he will capitalize on yours.
Joint ventures are a very powerful but underutilized guerrilla marketing strategy. Yet, according to legendary marketing gurus, less than 5% of all business owners use joint ventures properly and most don’t know how to use them at all. Joint ventures are successful because of the old business rule that says: “People like to buy from someone they know and trust”.
The best and most well-known example of a joint venture is when one company endorses (recommends) someone else’s product or services to their customer list with whom they have a relationship and both share the additional profits. This is a win/win arrangement!