No matter what industry you are in or what kind of business you have, whether small or large, a joint venture can help your brand immensely.
Content marketing can take on a variety of different shapes and forms. When many business first start out content marketing they automatically think that it should be based around them creating all their content themselves and marketing it.
This can be a great way to get started with your marketing efforts but there are also many other ways to get good, quality content for your website without having to use near as much effort as creating it yourself.
Joint Ventures: A Mutually Beneficial Relationship
When it comes to getting content on your site almost no one thinks about joint ventures as a valid way to increase the type and mount of content your website produces. If used correctly it can send a lot of traffic to you without any real effort.
So what exactly is a joint venture? Joint venture marketing, also known as co-marketing, is a strategic alliance between two companies that want to combine their strengths in order to improve their marketing efforts.
If one company has a lot of traffic but no good content then they can join up with a company that has loads of good content but not a lot of traffic and help each other out. Or, if both companies have a lot of good traffic but want to get an influx of visitors that may not be searching for the keywords their targeting they can essentially swap traffic. If both companies product content that is boosting the other company then they both benefit.
Joint ventures should not to be confused with typical partnerships between companies because there is one major difference. Companies that are developing a partnership share all of their resources and traffic.
While, companies that are embarking in a joint venture mainly focus on one thing to share with the other company without any requirement to share more than what was agreed upon. This marketing method can increase brand recognition and build sales revenue.
However, even though merging with another company has its many benefits there are several important factors to consider before deciding to sign that joint venture agreement. Every successful company knows that its greatest asset is its customer so what better way to improve your customer’s experience than joining up with a company that can deliver useful information to them while you do the same for their customers.
How Does a Joint Venture Work?
In order to initiate a joint venture, both companies have to come up with their rules, regulations, and requirements and write up a contract outlining these things. It should explain what the goals of the joint venture are and what each party is responsible for.
Once the agreement is written up and both parties have signed it then it is time to deliver. For however long the agreement is both companies should be working on their responsibilities and at the end of the joint venture they should both be able to claim their share of profits and leave happy.
Advantages and Disadvantages of Joint Ventures
Companies that join in joint ventures can significantly increase their audience which will allow them to reach more potential customers. As well as gain resources that they might not have been able to gain on their own like getting access to certain databases, market research, product lines, and more.
One of the biggest benefits of joint ventures is the ability to build the trust of your audience as well as expand your audience to visitors you may not be able to reach on your own. By combining your efforts with a well-known company you are automatically making your business be seen as trustworthy and reliable, which could potential double your brands exposure.
There isn’t a lot of risk involved in a joint venture because both companies want their business to succeed so they are more than likely to do what is necessary to keep it from failing. Plus, there is a signed agreement in place to protect both companies just in case one company does not hold up its part.
Although, even with a well though out agreement, you can still run into some issues. But, good planning and a positive approach to your problems can lead to a negotiation that could either keep all parties involved in the joint venture or lead to a separation on friendly terms. If both parties choose to separate making it as pleasant as possible increases the chances that you can both trust each other and work together in the future if you choose to.
Should I Start a Joint Venture?
If you are looking for a way to increase your brand’s exposure without having to learn about all the complicated marketing strategies that exist than a joint venture may be for you. Still unsure about starting a joint venture? If you just don’t know if a joint venture is right for you then if you relate to one of these situations it is the perfect solution.
- If you have your own products or content but want to reach a larger audience than what you currently have
- If you have a list of subscribers but no good content or products to provide to them
- You have both the content and the subscribers but want to reach a different market that you haven’t broken into yet
How to Get Involved In a Joint Venture
If you want to be a part of a joint venture the first thing you should do is look at what you have to offer. If you have nothing to offer then it is very unlikely you will find a company willing to go into a joint venture with you because they would be receiving little to nothing.
Once you’ve figured out what you have to offer then start small with short-term ventures in order to get your feet wet. Try writing an eBook with your joint company and make it available to be purchased on both of your websites.
If you don’t think your visitors would go for an eBook they have to buy offer it up for free in exchange for them signing up for your newsletter. After you’ve completed your first joint venture agreement you can move on to more long-term joint ventures like continuous advertising or content creation and distribution.
Tips for Starting a Joint Venture
Don’t think that joint ventures have to just be between two companies. It can be between as many companies as you want. You can meet with people face to face and work together or work in groups online. As long as all parties involved are getting everything they asked for out of the joint venture then you should have no problem.
Create lots of content. Content doesn’t always have to just be blog posts. You can interview each other, get the inside scoop into both of your companies, interview other major companies, and much more.
A great way to mix it up on your website is by providing a variety of media options like video and audio. This will make your company more relatable to your visitors making them more likely to trust your brand. The more time your audience trusts you, the more willing they are to spend their money with your company.
Don’t stick to one joint venture agreement. If you don’t have a lot on your plate and want to benefit from as many partnerships as you can then go out there and find other companies that could benefit from what you have to offer and has something to offer to you in return.
The more joint ventures you are involved in, the larger your audience will grow. Just make sure that you can handle whatever you sign up for. The best people to look for when you’re interested in a joint venture are those whose market isn’t in direct competition with yours but target the same or a similar audience as you.
A well-executed joint venture can mean a good amount of profit in a very short period of time. It can give you access to products and services in the right market without even having to spend any of your hard earned money.
It is free media and advertising and the ideal way to market to the public without having to figure out the tons of marketing tools that are currently being used. All of this means more sales for your company with little effort on your part giving you more free time to do what you want to do.
In simple terms a joint venture is a short-term or long-term partnership between two or more companies that create a win-win solution for all parties involved. For beginners it can be quite tricky trying to figure out which companies to approach or how to come up with an agreement, but once you’ve completed a few joint ventures you’ll be well on your way to building your brand’s empire without having to spend near as much as your competitors are on their marketing efforts.
The key to joint ventures is to work smart not hard. So, no matter what industry you are in or what kind of business you have, whether small or large, a joint venture can help your brand immensely.