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Joint Venture Marketing is
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I will illustrate how you can add this powerful small business marketing tool to your business by examining a situation that likely exists with you. My first assumption is that you have a product or service (either your own or one that you are selling as a distributor or an affiliate) as well as customers. You have profiled your client demographics and characteristics as discussed in my introduction page.
Using this information, identify several firms in your market who are serving this same clients in non-competitive businesses. Get the names of the business owners and develop your approach strategy.
- Enter the names in your database as potential Joint Venture Marketing Partners.
- Draft a letter to your partners that reads something like:
Dear fellow business owner:
I have a rather unique idea and proposition that could be very profitable for both of our businesses. You see, I am the owner of YOUR COMPANY NAME in YOUR HOMETOWN NAME and I serve clients that I believe are very similar to your clients. As a matter-of-fact, you may have heard about me already from my marketing or from other business owners.I have learned a bit about your company and can see that you provide outstanding service to your clients, which means you have a good relationship and they value your recommendations and advice. My clients say and feel the same things about me and my business.
So what does this all mean to you and your profits? Well, I've been in business locally for nearly (your number of years in business) have a customer list of about 500 clients who value my recommendations. What I'd like to do is to send a letter to them recommending they start buying (whatever the product or service the potential partner sells) from you! I'd also like to have you do the same thing for me. As a matter-of-fact, I will write the letters for both of us!
This is a marketing strategy that leverages the relationship each of us has built with our clients and is far better use of our marketing funds than trying to run ads or do cold direct mailings.
This strategy is proven to be very profitable and will definitely work well for both of our businesses. I'll call you on Tuesday, June 12 at 9:15am to discuss this further.
Sincerely,Your Name
- Make the phone call, set up the meeting and build your relationships! This is just one type of joint venture marketing strategy and it is consistently recognized as one of the most powerful small business marketing strategies you can use to grow your business.
- When you meet the business owner, be sure to stress the difference between the joint venture and giving referrals. Referrals are generally given one at a time. Most small business owners are familiar with networking, but not with JV's and alliances. The difference here is that this is an endorsement to a large number of prospects! It is about TRUST & LEVERAGE.
I Can Make Joint Ventures
Happen Quickly in YOUR Business!
Joint ventures can be tremendously powerful but they can also be a bit time consuming to set up and manage. Very often, due diligence and legal agreements are recommended. If you are considering joint venture marketing, you need someone who is in your corner and is looking out for your interests and bottom line. You need someone like me who has the experience and resources to create and manage your joint ventures.In my career, I have done JV's ranging from having a couple of local companies share mailing lists to multi-million dollar manufacturing OEM ventures. For most small businesses, it is a fairly simple and smooth process. When you are ready to seriously grow your profits with JV's, be sure to call me for a consultation.
