Are you feeling the squeeze of the current economic crisis?
Recession, inflation, and pullbacks are enough to make anyone skeptical about spending their hard-earned money.
But fear not because we’ve got the solution to help you and your marketing agency thrive!
So in this week’s episode, Tyler and I discuss what’s working in marketing. I talk about what a joint venture is, its common stumbling blocks, and some top-performing tactics for creating great joint venture relationships.
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What is a Joint Venture?
Joint ventures may sound like a fancy and intimidating business term but fear not. I’ll be breaking it down for you so you’d understand how it can expand the scope of your marketing efforts.
Imagine you’re in a team sport where two players with complementary skills join forces to score points and win the game. Well, in the business world, joint ventures work in a similar way.
So what really is a joint venture?
A joint venture is a strategic partnership formed between two or more companies to achieve a common goal.
It’s like inking a power-packed alliance that can lead to greater success for participating companies rather than going solo.
How Does a Joint Venture Work
A strategic partnership is probably one of the most effective forms of marketing. Why?
It is because it’s your own customers telling other people why they should be buying from you.
And for businesses that aren’t intentional or aggressive in their marketing campaigns, this strategy happens to be an effective one.
When you think about joint ventures (JVs), it works like that, but on a bigger scale.
And here are some top-performing tactics that you need to familiarize to create great joint venture relationships.
1. Find someone that serves the same people as you do but in a different niche.
2. Before you ask them to promote your business, they need to like you.
3. Have a clear idea of how what you do would be valuable to their audience and how your intention is to make it a win-win for them and a win for their people.
Wanna hear me dive deeper into the world of joint ventures and how you can get started? Tune in or watch the full episode here.
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Marketing with Matt is a podcast dedicated to entrepreneurs and business owners who are looking for more margin in their business through marketing and sales and eventually profit more and work less.
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