Small Business
Joint Venture Marketing
Small business joint venture strategies should absolutely be part of your plan. What if you could have other companies not only referring your company but also actively promoting and endorsing your products and services? This is the essence of joint ventures and it is one of the most powerful pillars of my HMA Marketing System. The crux of the strategy is to identify other businesses who do not compete with you and make a formal arrangement to cross-sell each others products and services. For some businesses, it is a simple matter of handing out a partner's coupon to a customer and recommending them to their customers. Other joint ventures are far more elaborate and involve formal agreements. Either way, it is a strategy that you must be using in your business. The power of small business joint ventures is similar to the power of referrals but it they be more effective because of the numbers involved. Think of this, if you have 500 active and loyal customers and you partner with three other businesses that each also have 500 active and loyal clients, you have an alliance with 2,000 clients who will be predisposed to buying from a company because they are recommended by a someone they already know and trust. Another recommendation is to formalize your joint venture agreements. Depending on your business, there can be a large sum of money involved. Say you are a general contractor and you set up JV's with a landscape maintenance company, a cleaning service, a carpet cleaning service and a window cleaner. You agree to recommend their service and they will pay you a 10% commission for the length of the contract. That is obviously a lot of money changing hands and you want to insure you get paid.
Wise Use of Your Marketing Dollars
You are well aware that the cost of obtaining a customer is enormous. Remember that the goal of your marketing is to generating new prospects and customers. It is not to build your brand. Your brand does not pay the bills, customers do.If you are like most businesses, you quite likely spend 100% of your marketing budget reaching 100% of an audience when you are actually only going to get business from a small portion of it. Joint ventures and alliances allow you to target an audience more willing to buy from you because of the goodwill and trust already built by alliance partners.
Your First Joint Venture Partners
A good starting point is your client base. What types of business are your clients in? Do they have customers similar to yours? If you are a doctor, do you have any clients who own flower shops, restaurants, dry cleaners, photography studios, insurance agencies or beauty salons? You can see that none of these are related to the medical field but all of them could have clients that could use your services and they all have clients who could use your services. Of course, this strategy assumes that you have developed a relationship with your clients and have created a database that includes fields related to their interests and professions. If you have not yet created a database, make it a priority. You need to know your clients. Your customer database is by far the most important asset of your business. It is quite likely that your business is computerized and that you already have a method of capturing at least names, addresses and phone numbers. The system will most likely have the capability to export to other programs. I can't emphasize strongly enough the importance of capturing client and prospect data. If you ignore this critically important marketing function, you are sending thousands of dollars to your competition!
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We Can Help
Small business joint venture marketing and alliances can be your most powerful and profitable business strategy. This is why it is one of the pillars of my HMA system`. You can quickly earn thousands of dollars in additional sales and profits. If you do not have a formalized joint venture program for your business, you are quite possibly sending business to your competition.Obviously, you can try to understand and learn how to create a profitable small business joint venture for your business. This can be fairly involved and time consuming. In the meantime, potential sales and profits continue to slip through your fingers. Of course, there is a far simpler solution. Paul Flood Marketing has the knowledge and experience to create profitable joint ventures for your business. We identify potential partners, approach them, conduct due diligence to insure they are reliable and handle the paperwork and agreements. We can help you grow so rapidly that your competition won't know what hit them! Well, what are you waiting for? Give me, Paul Flood a call or drop me an email to learn how quickly you can have profitable joint ventures bringing you new business.
small business joint venture
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