Increase Customer Satisfaction with Joint Venture Marketing
How do you not only make your customers happy, but keep them coming back for more? Well, for one, deliver on your promises. That’s always a good start. Two, make sure your prices are competitive and your product is of the highest quality. And three, refer them to other great businesses, especially those that compliment your own.
Why would you help another business by referring your customers to them? To build customer trust, loyalty and overall satisfaction, that’s why. And joint venture marketing allows you to do just that. By entering into a joint venture marketing agreement, you and your joint venture partner have the ability to not only cross-advertise, but more than double your business and build your lists while you’re at it. It sounds too good to be true, but it isn’t! What it really comes down to is building relationships, which is at the heart of every joint venture marketing partnership and simultaneously, the result of every effective, well executed one.
By building a strong relationship with your joint venture marketing partner, you are establishing trust amongst peers. Gaining the respect of other business owners is critical if you want to survive as a successful business owner yourself. In turn, those who respect and trust you will also want to be connected to you, will recommend you, and hopefully will want to do business with you. And if they want to do business with you, odds are, so will their customers. It’s kind of like an investment and the return is more customers.
Once you have entered into a joint venture marketing relationship, you can work together with your joint venture marketing partner to not only increase the satisfaction of your current and existing customers, but also work toward building each others business by sharing your lists and recommending each others products and/or services. You may even want to consider offering a joint special for “customers of business X only”. In other words, your partner’s customers receive a discount when they purchase your product or service, and vice versa. This is not only a great incentive, but a tried and true tactic for successful joint venture marketing.
Once your customers see firsthand just how wonderful your recommendation is, their trust in you will instantly rise and your credibility will be further established, making it easier to keep these customers coming back. And that is another plus to joint venture marketing. The happier your customers are with you and the more satisfied they are with your recommendations, the more likely they are to give you repeat business. A happy customer is a return customer and customer satisfaction is the key to customer retention.
Again, joint venture marketing is all about building relationships and establishing trust. Once you gain the respect of your peers you can then commit to a joint venture with someone you believe and who believes in you. If you can do that, you will increase customer satisfaction and your business can and will be a success.
Joint Venture Marketing for Newbies
When your business is a success, it’s easy to convince others to work with you. But when you are just starting out, establishing a joint venture marketing relationship can seem down right scary. In order to set yourself apart and attract potential joint venture partnerships, you will have to be willing to give a little more than you will get, at least in the beginning.
When seeking out potential joint venture marketing partners, you will want to reach out to businesses with proven track records. As you are starting to build your business and establish a strong online presence, it is best to connect with others who are experienced, have a strong customer base, and who know how to maximize profit. If you want to be a success, surround yourself with success!
Although it may be difficult not to, try not to get discouraged if your prospects aren’t exactly knocking down your door to take you up on your joint venture marketing offer just yet. It may take some time before you find someone who is willing to team up with you and take a chance on your business. But you can increase your chances by making them a great offer.
For instance, a well-established, successful online business owner would never settle for less than 50% of all joint venture profits. While they may have a good reputation on their side, potential partners may be looking for more. That’s where you come in. As a newbie, you can make an offer that may not be as financially lucrative for you, but may be worth the hit in order to connect with successful business owners in your industry and gain visibility and exposure. Maybe offer a 60/40 deal, offering your potential partners a bigger piece of the profits. Think of it as an investment. You will gain valuable advice, build strong relationships, grow your list and increase your customer base. That is worth far more than cold hard cash for the new online business owner. Your business will be a bigger success because of it and you will be a better business owner for it.
Also, seek the advice of your potential partners and industry peers. While they might not all be ready to take a chance on you, it will be beneficial to introduce yourself to them. Let them know who you are what you do and how you look forward to being as successful as they are. Not only will they appreciate the compliment (who doesn’t, right?) but they will surely remember you when your business takes off. And who knows, maybe then they will be asking you for a favor! That’s why it is also very important not to burn any bridges. Even if you don’t exactly receive the warmest reception or kindest response to your joint venture marketing query, make sure you do not react in a way that is unprofessional. Take the high road and thank those who respond to you, good or bad. You never know when your paths might cross again and you will want to maintain the highest level of professionalism possible as you establish and continue to grow your business.
Three Reasons to Consider Joint Venture Marketing
Joint venture marketing can prove to be extremely beneficial for almost any business owner. It’s a great way to join forces with other businesses and build mutually beneficial relationships both within and outside of your industry.
While there are a number of good reasons to consider joint venture marketing, there are three basic reasons that truly outline the main goals and purpose of every joint venture marketing opportunity. They include combining resources, gaining opportunities and maximizing profit.
Combining Resources
When entering into a joint venture marketing agreement, one of the greatest benefits will be gaining access to additional resources. By partnering with another business/business owner, you will ultimately be combining your resources to make this joint venture work. That means the possibility of more funds, more visibility and thus, more business. You will both especially benefit from sharing each others lists, allowing you to instantly double, possibly triple your potential customer base.
As an intelligent business owner and strategic marketer, you probably already know all too well the importance of a quality list and have the experience of building your own. A joint venture marketing agreement is a great way for the parties involved to take some of the work out of building a list, and allowing more time to focus on building your actual business.
Gaining Opportunities
With joint venture marketing, you will not only gain a strategic business partner, but you will also gain business opportunities that you may otherwise never have had. For instance, combining resources may provide you with the opportunity to purchase more expensive advertisements and more expensive advertisements may lead to a larger pool of potential customers due to greater visibility and distribution. You will also gain the opportunity to reach members of your partner’s list, a valuable tool and resource with built-in credibility. You will have the advantage of reaching people that already know and trust your partner and/or their message. It’s a domino effect. Just as one investment leads to another so does opportunity.
This may also be an opportunity to build strong, professional relationships. Building relationships within your field, with both clients and your peers, is extremely important and a key ingredient to success. The more others trust you, the more likely they are to do business with you. And that is an opportunity you never want to miss.
Maximizing Profit
The goal of every business is to make money so by default, when you join two businesses together, the ultimate goal is, well, to make more money! By combining resources, you will gain the opportunity to reach a greater audience and when you reach a greater audience, you have the automatic potential to increase your customer base and maximize profit.
You see, it’s all interconnected. You want to be successful and so does every other business owner out there. So why not join forces to make it happen? Joint venture marketing gives you and your peers the opportunity to work together with a common goal in mind. Whether you offer complimentary services or sell similar products, a joint venture marketing plan can and will help bring you and your partner success.
Tips for Creating A Joint Venture Marketing Agreement
Before entering into a joint venture marketing agreement, consider the following five steps as a strategic guide for coming up with a plan and agreement that will work for you.
Step 1: Research potential partners.
Make sure that you do a little research on those you think you might want to reach out to as potential joint venture marketing partners. For example, if you sell printers, you might want to consider partners in the ink industry or maybe even paper distributors. Whatever the case may be, narrow down what it is you are looking for before you decide on who it is you want to work with. Once you have your choices narrowed down, then do some research on who is the best in their industry. If you’ve decided to go with a paper distributor, find out who has the highest sales and the best reviews. After all, you’ll want to know the best if you want to be the best.
Step 2: Open the lines of communication.
Now that you’ve decided who you would like to work with, you’ll have to take the first step in building the relationship. Open the lines of communication by sending an initial email and follow it up with a telephone call to make it more personal. You’ll want to introduce yourself, explain what you do and why you are contacting this person. Gaining that initial contact can be the most difficult part, but it is only half the battle. Convincing your potential partner just how lucrative a joint venture marketing opportunity can be will be your next challenge.
Step 3: Define your goals
If all goes well, you will have used your business savvy and marketing expertise to turn your once potential partner into a teammate. Now it is time to get down to business and begin thinking about the goals of this relationship and how you will reach those goals. Hammer out all of these details now so that you can focus on the success of your campaign without getting tangled in the details later on. Be sure to define your goals, set your strategy and most importantly, get on the same page.
Step 4: Know your role
Discuss what you expect out of this relationship, both personally and professionally. You will want to be perfectly clear as to what is expected of each of you. Decide from the beginning what your roles will be. Will you share all responsibilities? How much is to be expected from each of you? Also, make a list of dos and donts, outlining what will and will not be acceptable as part of the agreement. Again, you will need to be on the same page with your joint venture marketing partners and work as a team in order to be successful.
Step 5: Stick to the plan
Once you have discussed what your goals are, what your strategy will be and how you plan to execute the best possible joint venture marketing plan, it is critical that you stick to the agreement. In other words, be true to your word and expect the same of your partner.
A well organized, well thought out joint venture marketing agreement will produce results every single time.
Joint Venture Marketing Dos and Donts
While joint venture marketing can be a lucrative business move for most any business owner, there are some crucial “dos” and “donts” to keep in mind. Here are some helpful tips to consider before you set out on your joint venture marketing adventure!
Do team up with someone whose business compliments yours. You will want to make sure your joint venture will be complimentary for everyone involved. For example, if you were a painter, you wouldn’t team up with a chef to cross advertise your services. You would be much better suited teaming up with a carpenter or paint brush salesman. The same logic applies to online marketers. Team up with others whose work is complimentary to yours. This is the best way to make the most out of your joint venture by cross-advertising, combining your lists and offering joint services and/or offerings.
Do partner with someone you trust.
Not every joint venture marketing team is made up of friends. In fact, it’s not usually a good idea to mix business with pleasure. However, it is extremely important to make sure you are partnering with those you can trust. You must be able to trust your joint venture marketing partners as responsible business people with proven track records. Do they have a strong customer base and a committed clientele? Is their product or service something you believe in? These are critical questions to ask yourself before attaching your name, your business, and your reputation to a joint venture marketing opportunity.
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