Joint Venture Marketing | 5 Tips on How to Make Your Joint Venture a Success

I was in the grocery store a few weeks ago and saw a package of Oreos with a coupon attached to the front: 'Buy a pack of Oreos and get a free gallon of milk!' Well, I didn't need milk and I certainly didn't need Oreos, but it was a good deal, so I bought the pack and picked up the gallon.

At the Taylor Swift concert I attended, there were advertisements everywhere for the new line of nature-inspired CoverGirl makeup. Most of Taylor's music videos are her, standing in a field, looking pretty and pouring her heart out, so the 'all-natural, effortless' commercials for the makeup went well together.

On a trip to Starbucks over the summer, they were advertising, “buy a frappuccino, get a free iTunes “Summer Playlist!” Well, it took about three frappuccinos for the download code to finally work, but eventually, I got the free music. All young, happy, summery songs for all the young, happy, summery people that go to Starbucks!

Joint-venture marketing can be a huge success for yourself and your company, as long as you know how to do it right.

Milk and Oreos has the right idea – people love Oreos and they love them with milk, so why not make it beneficial for the customer to coordinate the two items?

If you think joint-venturing marketing might be a good move, here are 5 Tips on How to Make Joint Ventures Successful!

1. BE SINCERE. Put some work into the relationship. Don't think of them as someone who you're just using for resources, advertising or whatever – think of it as a meaningful business partnership. They'll think of you the same way, which means greater all-around success.
2. THINK LONG-TERM. You'll be more likely to put work into the relationship if you're thinking for the future and not the moment. People will probably always love dunking their Oreos into cold glasses of milk.
3. DON'T GIVE UP. Don't lose hope after a few failures. Contact as many partners as possible and eventually one will be a good fit. Think of it as looking for a new job, or applying to college.
4. BE ON THE LOOKOUT FOR OPPORTUNITY! Starbucks has a reputation for playing hip, trendy music in their shops. iTunes has the same, cool reputation, so people who like Starbucks drinks probably also like music. And why not encourage them to download iTunes through free songs?
5. BE CHARMING! You want something from your potential partner, make sure they know they can get a lot from you as well. Treat them like a potential customer and make sure they know how they can benefit from this joint-venture.

Your joint-venture marketing should be mutually beneficial to yourself, your business partner and, most importantly, serving your customer with a greater advantage or benefit as a result of your joint venture.

It can be a great way to increase your client base, get your name out there, and spice up your business. Once a success, you and your new partner could go together like, well, milk and Oreos.

Julie Evans is a graduate of Hampshire College, a freelance writer and marketing enthusiast. She loves learning about innovative business strategies and how businesses can develop a competitive edge.