Did you know that joint ventures can help you grow your business? It's a fact that by working with others, even your competition, that you can experience larger business growth than you would have achieved working alone or utilizing trial and error methods to increase your business. There are many reasons for this but some of the reasons that are specific to joint ventures are mentioned below.
Keep these things in mind as you mull over the idea of approaching someone for a possible joint venture or deliberate on whether or not to accept someone's invitation to become part of a joint venture.
1)Joint ventures allow you gain name recognition and trust within your niche audience. The marketers that you will be working with have worked hard to build a trusting relationship with their lists. Over time they have added many names to these lists and nurtured these contacts by offering excellent advice guidance and exceptional customer service. When they recommend a product that you've created or introduce you to their lists, they are sharing part of their core market with you. That is nothing to minimize in importance and those who subscribe to their list recognize this. If the marketer you are working with trusts you enough to promote your products, it is an indication to those subscribers that you are someone worth trusting, listening to, and buying from.
2)Exposure. There was a famous professional celebrity who once said “all press is good press”. While this may not be quite the image you want to promote when building a business it stands to reason that good press, is always good press and you should covet that and use it to your advantage whenever possible. Joint ventures give you good press by those who are joining forces with you for the sake of the product launch, or whatever your specific venture may be. Use that good press to build relationships with a larger market.
3)Crossover markets. One benefit that isn't often discussed when it comes to joint ventures for niche marketing is the crossover market. Many joint ventures stay within the same niche. There is some benefit to be gained from going with supplemental niches. For instance if your niche is yarn. Can you imagine the added sales you could make by combining forces with someone in the niche of knitting needles, crochet hooks, or knitting and crochet patterns? You can benefit greatly from thinking just on the edge of your specialized niche and reach out to a whole new market of people that are eager to purchase the products you are selling.
Joint ventures often fall just shy of their full potential because marketers have this tenacious tendency to stick within a specific market. While it is a great idea to specialize within a specific niche that doesn't mean you can't step outside the box and enjoy the bounty that joint ventures in crossover niches can create. Build your business exponentially by taking your joint ventures to the next level and watch your business grow before your very eyes.
