One of the best possible means to attract probable clients to your site is by joint ventures. It is one of the fastest ways to hook up with your target market and also the most lucrative. Just what, exactly, is a joint venture?
A joint venture is an alliance between two involved parties. This alliance forges strategies in marketing that would make both parties benefit in the long run. With this, you can also utilize existing business relationships with your partner company, and vice versa. This cements more business deals (and more money) for both parties.
Being in a joint venture means that you have to take care of your partners assets as much as he takes care of yours. You promote the products or services that are being offered by the other party, and they do the same to you. This type of set up is ideal when there is a specific market that you want to target. Existing companies that are already doing business with your target market are the best companies that you could create a joint venture with. And the good thing with doing all this? You get to do business not only with your allies but also your competitors!
Aside from higher profits, you can greatly benefit from joint ventures as your base of customers grows in number. It is normal for joint ventures to have hundreds of new subscribers the moment they settle with the deal. Another good thing about this is you get the same credibility that the other party has established. Since the other party is endorsing your site, it is probable that their clients would bestow you with the same trust that they give your partner.
The best way to decide on which company to trust your site with, it’s wise to look around. Which companies offer the same product or service as you do? It doesn’t have to be entirely similar (for example, a site that offers computer software can set up a joint venture with a company that sells computer hardware in retail). With this set up, both parties end up happy.
Being in a joint venture also allows you to co-develop whatever you’re offering. You might be really good in marketing but your partner might be better in the creation of business ideas that would keep both of you alive longer, in the business sense of the word.
In all aspects of life, it has been proven that no man is an island. This is also true with marketing your website. As long as you have someone to fall back on, everything will be alright.
May 19th, 2008 at 10:41 am
Mike:
I think you are “right on” with this thought. And, in my ideal world (a hype-free zone), growing your network of like-minded people is supported by partnering with others in your market.
One of the difficulties faced by folks who are trying to build an Internet business, is the balances between differentiation, competition, and cooperation.
For branding purposes, you need to differentiate your business from the others in your market.
Because you are in the same market as other businesses, you will be in competition with those others.
But, to succeed in Internet businesses these days, you need to partner and operate cooperatively with those other businesses.
Some business owners, who are naturally competitive people, have difficulty ‘partnering’ with their competition. But, this partnering gives us more than we ‘lose.’ We get larger lists, we get more clients, we get more sales. More people receive our message.
Rodger
May 20th, 2008 at 9:40 am
Rodger,
You’re exactly right. If you want to be really successful online, you’ve got to find people to partner up with. “No man is an island,” and nowhere is that more true than in internet marketing.
We sometimes forget that as we’re sitting at our computers in our home offices, shutting out the rest of the world. But we have to get past that and remember that there are other people out there that can, and will, help us to achieve our goals.
Working together only benefits both parties. No one loses. And that’s the coolest part of it all.
January 20th, 2009 at 7:39 pm
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