Want to know how to increase your marketing effectiveness 10- fold overnight? Let someone else do it for you. Joint ventures, where another business markets your service or introduces you their clients, can help send your marketing to another level.
Want to know how to increase your marketing effectiveness 10- fold overnight? Let someone else do it for you. Joint ventures, where another business markets your service or introduces you their clients, can help send your marketing to another level.
Every business, no matter what the industry, can locate businesses that market to the same target market and find ways to create joint ventures and cooperative marketing campaigns. It's a pretty good bet that people who buy plumbing services also need heating and cooling repair, appliance repair, or maybe they need an electrician who can put in a ceiling fan in the bedroom.
People want to buy from businesses they know and trust, so if you can partner with those businesses, you can borrow that trust and gain new customers at a fraction of the marketing cost. Let's say our electrical contractor goes out on a service call. As the technician is leaving, he hands the client a little card with a pre-arranged discount from a plumber. "Just our way of saying 'Thanks'."
Now, every time that plumbing coupon gets cashed in, the electrician gets a piece of the sale and the plumber gets a new client. The key here is that both parties can gain from the relationship. Gain by acquiring new customers, gain by increasing revenue, and gain by being associated with a well established firm. Think about this one for a while: Anyone who sells to the same client or anyone who sells a complimentary service in a target.
You can even reverse this one. Say you have a nice little client base. Look around and see if there is a product or service that you would like to offer to them and then structure an offer so that you get some of the profits. Endorsed mailings, where one party sends a letter to their client base endorsing another business or product, can be a great way to generate additional clients and revenue.
From a value standpoint, being able to refer quality vendors to your own clients helps make you more of an asset to that client. I know a caterer who is much sought after and very pricey. When people come to him with a project that won't work for his ability or price, he sends them to lesser-priced competitor and takes a piece of the action. This tactic can be a great way to jump start a new business but entire businesses are built this way as well.
Opportunities for joint ventures are everywhere. The only real requirement is a bit of tenacity and a dash of creativity. Look for deals that are win/win, look for partners that value quality, customer service and fairness as much as you do and then when you slap their back they'll slap yours.
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