The term Joint Venture or JV is one that is being thrown
around a lot online nowadays but having read many books
written by so called Joint Venture experts it becomes
obvious that most people are missing the full extent to
which JV's can be used to add profit to a business. Most of
these experts will tell you that a joint venture is when
one company mails an offer to their customer database
promoting the product or services of another company and
receives a commission for any sales that result. This form
of JV is also known as a host-beneficiary offer, a phrase
coined by Jay Abraham.
In reality Joint venture marketing can be so much more. A
joint venture is any marketing promotion that involves 2 or
more organisations for mutual gain. If you were to walk in
to any McDonalds store today you would find multiple JV's
in action. Take a look at their kids' meal and you will
probably find a toy from a company looking to promote their
toy brand or latest movie.
When you expand your thinking you instantly expand your
opportunities to profit from JV's.
Lets look at a few of the benefits you can enjoy by
including joint venture marketing tactics into your
marketing mix.
1. JV's can be used to bring more customers to your
business. Customers who are already presold on the benefits
of your company so they only want to buy from you. When
your JV partner endorses and promotes your product or
service to people who know and trust their business you get
instant customers who want to buy from you.
2. JV's can allow you to tap in to thousands possibly even
millions of dollars of other peoples advertising capital.
Your JV partner has invested a fortune into his/her
business to obtain the customer following they have. When
they promote your business to their database you get
instant access to that valuable investment.
3. The right JV will add additional revenue streams to your
business requiring no additional work or investment on your
part. You can offer your JV partners products and services
to your customers and receive a share in the sales. The
money you earn is pure profit from day 1.
4. Joint venture marketing allows your business to obtain
leverage from the resources of other businesses.
5. JV's let you capitalize on your businesses hidden assets.
6. Your business gains added credibility, instantly when
associated with winning businesses.
7. You can grow your business significantly without
spending a single cent on traditional advertising.
8. You gain greater control over customers purchasing
habits allowing you to control your businesses downtimes.
9. JV relationships are a great way to separate yourself
from the competition and establish your business as a
market leader. The most powerful leg up you can give your
business is to do something totally different because when
your business is unique then by definition there is no
competition!
10. JV's can be used to encourage your customers to spend
more money - more often.
11. Low cost advertising. Traditional advertising can be
expensive. Joint venture marketing can save you that
expense by letting you promote your business for FREE.
12. Fast, effective, results driven advertising. Joint
venture marketing is a direct response marketing method,
which drives immediate results.
13. Wholesale Advertising. Cash is the only form of trade
in traditional advertising but joint venture marketing lets
you give away samples of your product or service to get new
customers so your only cost is the wholesale value.
14. Increase profit by creating an 'Incredible experience'
which drives referrals and word of mouth advertising.
Giving away gifts and running generous promotions gets
people talking, and recommending your business, another
FREE advertising method!
15. Increase customer loyalty dramatically. People will
naturally feel loyal to people and businesses that 'look
after them' and give massive value.
16. Decrease your customer acquisition cost. Joint venture
marketing gets new customers to your business at a fraction
of the cost you'd expect to pay in traditional advertising.
These are only some of the benefits.... they're endless!
----------------------------------------------------
If you would like to arrange some Joint Ventures to promote
business you should take out a FREE listing with
1000legs.com. This online networking site will help you
connect with potential JV partners. Go to
http://www.1000legs.com
For an in depth look at the various JV strategies you can
employ to promote your business I highly recommend the book
The 3 Way Win. Go to
http://www.the3waywin.com/marketingproducts.ag.php for more
information.
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