The Untapped Power of Joint Ventures

No matter what business you are in, the power of joint venture relationships could be one of the most profitable marketing tools you could use. It is as simple as two non-competing, but somehow related businesses working together to help each other’s bottom line. A pet store owner and a veterinarian, a restaurant owner and a theater owner, an auto dealer and a car wash owner… you get the point. They can share customer traffic, customer lists, and share advertising dollars. Joint Ventures became very popular in recent recession years and should be a part of your daily marketing plan.

In practically every industry, it is very easy to get creative and find reciprocal relationships that are out there just waiting to be initiated! Let me give you a few examples of just how profitable this strategy could really become.

Quick Example

Imagine reaching out to a carpet cleaning company. This is a company comprised of sales people that are inside of people’s homes for a minimum of 30 minutes every day. Some basic education on a single product / program / etc. that you’d like to promote, along with leaving them well equipped with brochures, business cards and anything that grabs attention… and voila! How many carpet cleaners do you need out there working for you?? Now, to be fair, you would want to send plenty of your coveted referrals his way as well. You could split advertising costs, or not. As long as you stay inside the law you can work on these joint venture relationships as your primary marketing strategy.

A Few More Ideas

That was just a very basic example to give you an idea of how this could work. A few more ideas could be your local pizza parlor, salons, dry cleaners, family owned restaurants, CPAs, and auto dealerships. Basically, any business that has a list of customers (or steady, consistent traffic of regular customers) that knows, likes and trusts them.

Businesses spend countless dollars attracting their ideal customer / client. This is a way for you to add new clients without the investment of up front, out of pocket marketing costs. This is a way to add value to, not only each business’s bottom line, but also the mind of the customer.

Final thought

Make it easy for the potential JV Partner to say ‘yes’. It should involve little or no work for the new JV Partner. You should have all of the sales materials, documentation and signage that will be used furnished to the JV Partner so he / she does not have to invest any time or money. It’s a very good idea to throw in a ‘Guarantee’ of some sort (even a communication guarantee), so that the JV Partner does not endanger his reputation. DO NOT become cheap at this point. Make it an irresistible offer, send business right back to them, directly from your list of clients. Make it a solid WIN – WIN! Remember how difficult it is to find your own clients, alone! Finally, when this strategy starts to reap benefits, nurture the relationship. Get testimonials and use them to secure other JV Partners.