How to Increase Your Business Profits with Joint Business Ventures
April 15, 2013
How to Use Joint Business Ventures to
boost profile, sales, and profits.
Businesses don’t always have time to do as much
marketing as they would like. So some of
them use joint ventures to build up a marketing momentum that leads to sales. Essentially they find a complimentary
business and help one another to sell more.
Read more or listen to the audio advice at the end of the page
There are hundreds of ways this can happen. One of my clients is a wedding photographer
and he has teamed up with a makeup/stylist business, up market dress shop and
hotel. Together they run pamper
days. The day consists of clients going
to the hotel, having a session in the spa, followed by a facial and
professional makeup session, a fashion show and wonderful lunch. During the day the photographer takes
wonderful photos of relaxed people with perfect makeup and provides a discount
voucher for couple or family photos. The
day isn’t cheap .. but it is indulgent and people often attend more than once a
year, and seem happy to pay high prices to do so.
The beauty of the joint venture is that all the businesses
promote it to their clients and all share in the success of the event.
Most joint ventures aren’t as complicated as the one
above. Most only have two partners. The secret is to have complimentary customer
bases. The customers will be in the
market for your product because they already purchase the other. In some cases it will not be an event. A dress shop might offer a discount card for
a nearby coffee shop whilst the coffee shop provides the dress shop’s discount
voucher with the menu or final bill.
This is different from the simple insertion of a voucher in
the paper as each business reciprocates and they are complimentary.
Another example is a client that runs a shoe shop, they run
joint promotions with a dress shop.
Who can you run a joint venture with?
Listen to this Increasing Business Profits audio
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