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2. Feature
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Examples in Joint Venture Marketing
© 2002,
http://www.123target.com/publication.html
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.
© 2002,
http://www.123target.com/publication.html
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