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"Examples In Joint Venture Marketing"
"Examples in Joint Venture Marketing" by GL Foltz
Do you take advantage of joint ventures? If not, you're leaving a very powerful tool on the table.
Joint ventures are partnerships formed for the purpose of the mutual benefit of all parties involved. Joint venture marketing can involve advertising but not *only* that. It isn't just barter, it's much more than quid pro quo.
Joint venture marketing is sharing ideas, innovation and complimentary resources and products.
Joint venture marketing isn't confined only to network marketing... (though for network and multi-level marketing to be legitimate, the concept of 'joint venture' must be central or someone in the partnership isn't pulling their weight.) Joint venture is all about creating opportunity and success. It is mutual support. A joint venture is greater than the sum of it's parts... which is what makes it such a powerful tool.
A business may struggle to succeed not because of what it does well... the struggle might be a result of what it lacks.
For instance, Charlotte Advertser may excel at getting the word out about her product or service, but she might have trouble managing customer relationships. In this example, Charlotte's business might have a long string of one-time sales -- but no repeat customers to get her business established.
Charlotte must immediately either learn CRM (Customer Relationship Management) or find someone like Chuck Followup who's advertising skills aren't on the par of Charlotte's; but who is awesome at creating lasting bonds with an existing customer. Another plus for such a possible partnership between the two businesses would be if their businesses compliment each other.
That's one example of how a joint venture opportunity might present itself. The possiblities are infinite.. limited only by your imagination and creativity.
Take the case of Dave Coder. He eats, sleeps and breathes web programming. He has done well with his web design business, but has reached a plateau in acquiring new customers because of the fierce competition in his field. One day he meets Joseph Upline who has been trying to find ways to help his downline to recruit effectively. Dave suggests that a custom info request form would be an inexpensive and useful way for Joseph's downline members to get more leads. Inspired; Joseph and Dave work out an agreement where Dave offers his service to Joseph's down-line for their websites. Dave and Joseph have now both addressed their individual problems together... Dave has the new customers he was looking for and Joseph has provided a way to get leads for a much more active downline.
Joint ventures don't have to be limited to just two partners.
Beth Artistic, a luggage supplier, met Glenn Phraseturner, a vacation planner. Beth and Glenn realized that they each had businesses that compliment each other. The two were discussing a simple cross-advertising venture: Beth offering her products to Glenn's vacation clients and vice versa.
Enter Anne Golfpro (who happens to also sell a custom golfball line on the side.) Anne has an online forum for her very large niche clientelle (mostly clients [and their contacts] from the private golf club where she serves as the club pro.) But Anne's website doesn't generate much new business for her golfball line.
Beth and Glenn offered their webdesign and copywriting skills and in exchange Anne allowed them to market to her high number of clients and forum visitors.
1.) Luggage, vacations and golf complement each other,
2.) Anne gets a hugely effective website design to boost her sales, *and* is able to offer her clients some value-added offers from Beth and Glenn,
3.) Beth, Glenn and Anne share advertising to each other's client database!
Creativity, innovation and opportunity are only as far away as your next contact and are just a few of the benefits of joint venture marketing.
About the Author GL Foltz, (11 years in the field of sales and marketing), has helped entrepreneurs succeed in their marketing and advertising goals through online and offline media with creative common sense. He specializes in comprehensive, long term market planning for the affiliate and individual entrepreneurs.
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