The Most Powerful Marketing Strategy Available To Small Businesses
Most small business owners want to generate huge profits, with little effort and in the least amount of time. If you fall into this category then joint venture marketing is the fastest, easiest and most profitable way to do that.
Joint venture marketing involves two or more businesses combining their resources to work towards a common goal, and create a win-win situation for all parties involved. It’s about partnering with another business to leverage on resources that your small business wouldn’t otherwise have.
While it appears to be more popular with online businesses, joint venture marketing is still implemented by offline businesses, and it certainly works just as well in the offline world. In fact, one of the reasons why many industry giants like Southwest Airlines are so successful is because they implement joint ventures.
Doing joint ventures has many benefits, but I’ll focus on the top seven benefits for small business owners.
Here are seven reasons why joint ventures are the most powerful marketing strategy available to any business, and why every small business should be doing joint ventures:
1.You’ll pay for results only.
When you place an ad or you rent names for a direct mail campaign, you still pay the publication or list broker, whether you generate responses or not. With joint ventures, you only give your joint venture partner a cut of the profits based on the sales made as a result of the joint venture. If no sale is made then your joint venture partner gets nothing. That eliminates potential losses. How’s that for low-cost marketing?
2.You’ll increase credibility.
Your joint venture partner probably spent years building a good reputation within their industry. They therefore have influence and credibility with their clients. By partnering with them, you’ll be tapping into this resource. You can piggyback on your joint venture partner’s credibility and shine in their glow.
3.You’ll be adding value and getting more profits.
By endorsing products and services of great quality, you’re creating new, hassle-free profit outlets for your small business. You’ll also be offering your client base a larger variety of products and services. This means you’ll be adding value to what you already offer, and increasing your profits at the same time.
4.You’ll increase
visibility.
You’ll be exposed to new markets that you may not have been able to reach on your own. I strongly believe in dominating a niche market. However, I also believe that you shouldn’t throw business away when it comes from other industries/sectors that can benefit from what you have to offer, even though you may not necessarily target that market. By doing joint ventures you’ll easily get introduced to other potential markets, and this will in turn increase your visibility in the market place.
5.You’ll build long lasting business relationships.
Through wise endorsements, you’ll strengthen relationships with your clients and increase your network of business associates. This is great for future joint ventures, getting testimonials and other marketing opportunities.
6.You’ll save time and money.
Joint Venture marketing is a very low-cost and sometimes even no-cost strategy. This enables you to protect your cash flow. You’ll save time on production and save money on operational costs by offering your clients new products and services (from your joint venture partner) that you didn’t need to create yourself. You’ll also slash marketing and advertising costs by sharing these costs with your joint venture partner.
7.You’ll survive any economic climate.
It doesn’t matter if there’s a downturn in the economy or whether the political climate is unstable. You’ll survive all seasons and a slow economy… and even during wars, joint ventures will have you laughing all the way to the bank!
Joint ventures can mean the difference between mediocrity and millions in a small offline business and any business for that matter. Start today by doing simple, short-term joint ventures and you won’t regret it.
Copyright © 2005 by Habiba Abubakar and Emprez. All rights reserved.
Note: You are welcome to republish this article as long as the resource box at the end is included fully and unaltered.
About the Author
Joint venture specialist Habiba Abubakar, a.k.a. The Profit Diva, specializes in helping small business owners who are struggling to increase their client base and are tired of earning mediocre profits. To sign up for your FREE copy of her revealing Mini eCourse, “The Easiest Way To Skyrocket Your Profits In 90 Days Or Less,” and to receive other FREE marketing resources, visit http://www.profitdiva.com
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