Your business will skyrocket when you realize that it is all about relationships. One important relationship are joint ventures. If you’ve never done a join venture, it’s time! In today’s business world, you will gain more clients by who you know well and the connections you have with others. It is that simple.
A join venture will only work if you partner with a company that shares the same target market that you do but with complimentary services. For example, I created a meal delivery program with a set price for a personal trainer that was customized to her way of teaching her clients to eat. It is set up according to her thought process and training. Clients could simply order from a landing page built specifically for her business on my website. Other trainers heard about it and I did the same for them. We promoted to both of our lists, which means I doubled my reach to consumers.
I have also done a joint event with an olive oil company to provide small bites using their oils and vinegars. Again, we promoted our event to both lists, and I was able to take home some great olive oils. The Tuscan Herb happened to be my favorite. Oh and the lime vinegar with jalapeno balsamic to marinate fish. Okay, back to business! I attended the event held and was able to talk with people personally about what my company does. I used this opportunity as well to make sure people who attended took something about my company home with them such as a recipe or two with each bottle purchase. I also made sure to tell people about our services and offered a “free consultation” for anyone that signed up that day. My “free consultation” was the food questionnaire I was going to do anyway.
Guidelines for Having a Successful Joint Ventures:
Make sure the business is reputable and professional – how does their website look? (this is how I can usually tell right off the bat)
Make sure that the other company has a sizeable list and customer base – If the other business only has 50 people or so, you might want to rethink partnering with them. Ask them the size of their email list, it’s not rude.
Ask them what their marketing strategy/plan is for the joint venture – Are they going to tag you in all of their social media posts? Send out an email blast to their list with your logo and a link to your website? If they don’t communicate what that strategy is, most likely they don’t have one and the joint venture will fall flat. If you need to, brainstorm together some ways you can promote your joint venture. Usually teaming up with another business sparks all sorts of new creative ideas! Make sure you are clear on WHO will market what. Make sure it includes daily postings on all social media and at least 2 to 3 emails to each list regarding the other company.
Approve anything that goes out with your name on it – do this for branding purposes because it will either hurt or help your reputation. I have been burned in the past from joint ventures who got my name wrong. I’ve worked hard over the past years to build my brand, don’t let someone else confuse consumers and ruin that for you!
Make sure their business is complimentary to what you do – For instance, does your ideal client usually go to a particular spa in town? If so, that might make a great join venture! Do they purchase house cleaning services? Do they shop at a certain local jewelry store? Knowing your ideal client will help you decide what joint ventures are going to compliment your brand.
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