Joint Ventures: eight reasons to do them
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 JVs:
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 JVs, you only give your 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 JV partner gets nothing. That eliminates potential losses. Now that's what I call low-cost marketing?
2. You’ll increase credibility
Your JV partner may have spent years building a good reputation within his industry. He therefore has influence and credibility with his clients. By partnering with him, you’ll be tapping into this resource. You can piggyback on your JV partner’s credibility.
3. You’ll be adding value and getting more profits
By endorsing good quality products and services, you’re creating new, hassle-free profit centers for your online 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. While you may already dominate your niche, 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 JVs, 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 JV partner) that you didn’t need to create yourself. You’ll also slash marketing and advertising costs by sharing these costs with your JV partner.
7. You’ll survive any economic climate
If you have a niche product that gives people what they want, they will buy regardless of economic climate. You will profit handsomely because JVs don’t cost you anything.
8. You will build your own email marketing list with JVs
By leveraging off of your partner’s list, you will build your own list with every purchase. These will be your clients now, and you can sell to them over and over again.
Clearly, Joint Ventures are a win/win situation for all involved.
Are you ready to engage in a profitable joint venture? Please read the article on this subject first. If you feel you are ready, go to the application form, complete, and submit. If you are approved, you will soon be on your short cut to unexpected riches and rapid promotion of your product.
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