Joint Venture Marketing
Many companies feel that they are competition for each other, when in fact they could be working TOGETHER on marketing tactics to generate more business. What if you are in a strip plaza, mall or have multiple businesses around you, often times you will find that everyone is doing their own marketing and not sharing ideas or helping each other.
We find that thousands of dollars are being thrown away by not doing joint venture marketing and like to show our clients strategies which they probably never thought off in the past. Our company has worked with many businesses on co-advertising campaigns both offline and online.
Imagine there was a dry cleaner and a coffee shop in the same plaza, how could they work together? A dry cleaner might offer an incentive for a free coffee with $20.00 worth of dry cleaning from his neighbour’s coffee shop, and the coffee shop might setup an incentive to provide his customers with discounted dry cleaning. These offers might be sent as a direct mail piece, in-store paper coupon, poster or other source. Both the dry cleaner and coffee shop would share the costs involved.
I want you to imagine a hair salon and a nails spa that are in a similar area. These are 2 complimentary businesses who could easily promote each other. Let us say that the hair salon website has 1000 unique visitors and the nails spa also has a similar number of website visitors per month.
Do you think it would be a good idea for them to be able to advertise to each other’s visitors online? The Answer is pretty clear. It would be a huge advantage for them to do this because:
is coming to their website
If they didn’t do this joint venture, the customer would leave both of their websites and look for another hair salon or nails spa.
Think about some everyday places you visit for coffee, some fast food restaurants and other retail stores and you will see many are using joint venture marketing to keep costs down and get the maximum results.
The first step is to start imagining ways of how to work with your neighbours or complimentary businesses that you deal with all the time. With all this information you have read, you will see that your mind will start wandering and ideas will start ringing. Once you have brainstormed a few ideas, bring us in for a consultation. We have the technology to make all this happen and can create the most effective joint venture strategy to get you both results!