No matter what type of business you are in, if you aren’t finding new and unique ways to reach your target market, your business will get lost in all the advertising noise surrounding your ideal customers every day.
Too many business owners approach their marketing strategy with a one-track mind, intentionally focusing their efforts within their own social and advertising avenues, instead of thinking outside the box!
Exploring how to market your business through joint ventures can open the doors to increased exposure, new audiences, and access to varied levels of expertise as well.
A joint venture is when two (or more) companies join forces in pursuing a common goal. This can be approached in a couple of ways:
1) Each company can come together with their own businesses and combine their expertise and audiences to market both businesses simultaneously.
2) A new business is created with each of the original companies holding equal shares in the benefits, as well as the risks.
When entering into a joint venture agreement with a partner (or partners), it is crucial that specific terms are established before official cooperation begins.
Ensuring all parties involved are crystal clear on the duration of time the partnership will last (a joint venture can be for a pre-determined amount, or an ongoing project), the goals to be accomplished during this time, as well as the risks involved for each party, can literally make or break a successful business arrangement.
Entering into a joint venture for the purposes of marketing your own business can be extremely beneficial, not only offering you access to your partner’s audience and employee’s expertise, but sharing the risk of marketing costs as well.
Joint venture marketing can help in establishing your business as an authority in your area of expertise, provided you partner with a company that compliments your business mission, and targets your same (or extremely similar) ideal client.
By approaching your marketing through supporting other businesses, and receiving their support in return, you will set yourself up for success while building solid relationships that will benefit you for years to come.
I wrote another article a while ago on Joint Ventures/Strategic Partnerships/Collaborations which might shed some more light on the subject here.
What are your thoughts on JVs/Partnerships to grow your business?
Weather you call these JVs/Collaborations/Partnerships/Cross Promotions - it all adds to your marketing strategy. Are you taking advantage of any of these?