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Two Methods of Marketing Using
Joint Ventures
©2006 By Abe Cherian
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.
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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.
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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.
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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. 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."
ABOUT THE AUTHOR:
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. |
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