When you think about growing your company, what untapped
markets are you just itching to tap into? Does the
prospect of reaching that untapped market segment seem just
out of reach?
Instead of taking the Lone Ranger approach to business and
trying to reach that market on your own, how about
considering other companies that you know who are currently
reaching those markets? Instead of trying to reinvent the
wheel, take a look at whether or not this might be an
opportunity for a joint venture marketing project.
If you and another company serve similar, but not
identical, market segments, this strategy makes great
business sense. You tap into a portion of the market that
they aren't tapped into, and they, likewise, have a
relationship with a part of the market that you don't. By
sharing your market resources in a joint venture agreement,
you can both promote your businesses to a larger market and
remain in front of your existing customers, while bringing
them value-added information, products and/or services.
You gain, your joint venture partner gains, and you both
build loyalty in your customer base. How much better can
it get?
Take a look at a real life joint venture situation. A
small construction firm noticed that they were often
getting called in to help fix remodel and construction
disasters from unscrupulous contractors. They came up with
the idea that there might be a market for construction and
remodeling consulting services for both do-it-yourself
remodelers and ordinary homeowners.
The consulting service would offer an outside opinion that
would to help to protect clients who were considering a
remodeling or construction project by helping them to have
a clear idea of normal costs, normal contract language, and
outline any potential problems they might not have
considered before they entered the project. Instead of
trying to only market to their existing database, they
considered whom it would be that would reach the most
likely candidates for their service.
It was decided that they would approach the people who
often provide the funding for remodeling and construction
projects ~ bankers and mortgage brokers. The brokers loved
the idea of being able to refer a service to their clients
that would help to protect their interests in the long run.
In return, the brokers were able to tap into the
construction company's database and offer financing options
to them. Both parties were now offering a value-added
service to their clients and tapping into previously
untapped markets. A couple of the brokers even arranged
joint advertising in some real estate publications. Both
the construction company and the broker split the cost of
the ad, while reaching a broader market than either of them
could afford to reach on their own. That is the point of a
great joint venture. You not only maximize your resources,
but you maximize your growth as well.
Take a look at who is reaching a market you want to reach.
Would there be an effective way for you to joint venture
and increase visibility in the marketplace for both of you?
If so, it may well be worth a cup of coffee and a
brainstorming session to find out.
----------------------------------------------------
Christian Fea is CEO of Synertegic, Inc. A strategic
Collaboration Marketing consulting firm. He empowers
business owners to discover and implement Integration,
Alliance, and Joint Ventures marketing tactics to solve
specific business challenges. He demonstrates how to create
your own Collaboration Marketing Strategy to increase your
sales, conversation rates, and repeat business.
Contact: christian@christianfea.com
http://www.christianfea.com
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