Once you’ve established your business with a unique brand identity, one of the most effective online marketing strategies can be to partner with another brand in a joint venture.
What is a joint venture?
A joint venture (often referred to as a JV) is simply two or more online businesses working together to benefit one another.
What makes a JV different than a formal business partnership is that it can be more loosely formed. Sometimes it’s a temporary project, other times it’s an ongoing arrangement. The particulars of every JV vary widely.
Some examples of JVs are:
- Co-creating products, like webinars, ebooks and training programs
- Live events
- Online courses
- Combining complimentary services
Why consider a JV for your brand?
- By combining resources and talents with another online marketer, or more, you can offer new benefits to your existing customers.
- You can expose your brand to a new customer base.
- You can increase your web presence and drive more traffic your website.
Who should you partner with in a JV?
- Someone who serves your market already with a complimentary product or service.
- Someone who has diversified talents and interests from your own.
- Someone who shares your core business values.
- Someone whom you like and trust. 🙂
What should the brand connection be with your current business?
Consider your JV as an addition to your brand rather than a merge of your brand with another.
The best way to do this is to create a new, individual brand identity for your JV. Give it a unique name and image or even create a separate website for it.
That way, your current brand, and those of your partner(s) will stand on their own and continue to establish themselves. The JV brand can exist and grow in tandem with them.
What should you determine upfront when considering a JV?
- How much will the set-up costs be?
- How will the set-up and ongoing tasks be delegated?
- How will you manage your income?
- How long will it last?
Whether it’s a one-time project or an ongoing partnership, everyone is set to benefit in a joint venture…you, your partner(s), and most importantly, your customers.
Have you ever considered, or do you already have a joint venture in place?