Most small business owners want to generate huge profits, with little effort and in least amount of time. If you fall into this category then joint venture marketing is 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 offline world. In fact, one of 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 top seven benefits for small business owners.
Here are seven reasons why joint ventures are 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 publication or list broker, whether you generate responses or not. With joint ventures, you only give your joint venture partner a cut of profits based on sales made as a result of 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 same time.