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Partnering & How Can You Capitalize on It
By Jerrilynnb | September 23, 2007
A strategic alliance is when two or more businesses join together for a set period of time. The businesses, usually, are not in direct competition, but have similar products or services that are directed toward the same target audience. It can include:
* joint marketing
* joint sales or distribution
* joint production
* design collaboration
* technology licensing
* & research and development.
Cross promotional marketing is nothing more than joining forces with compatible partners so that all parties can more effectively exploit each others’ marketplaces. The potential marketing payoff is big because partners can successfully expand their business by capitalizing on one another’s existing customer base. It can include:
* “bundled” offerings
* joint media appearances & events
* & unconventional cause-related marketing.
Some of the members of the International Virtual Women’s Chamber of Commerce members did a joint media appearance on a local Atlanta radio show. Listen to our interview.
You could also participate in:
* collaboratively produced how-to’s & other resource booklets & videos
* co-branding
* coop advertising
* & shared space.
Members of the International Virtual Women’s Chamber of Commerce and its Women Partner chapters are working together to produce the Savvy e-Woman’s Guide to Setting Up Shop Online.
In a joint venture, two or more “parent” companies agree to share capital, technology, human resources, risks and rewards in a formation of a new entity under shared control. Examples:
* If you sell accounting software to small businesses, you could contact those who sell computer hardware to small businesses to cut a joint venture deal. In this case, both you and your potential joint venture partner are serving the same small business market.
* You can promote computer hardware to your accounting software customers and prospects, and your joint venture partner can do the same by promoting your accounting software to their existing customers and prospects.
* If you want to market your products and services but don’t have a big subscriber and customer list, and or website traffic, you could approach companies who have a large list or a high traffic website to cut joint venture deals with them. Your joint venture partners can promote your products and services to their list in exchange for a percentage of profits from the sales.
Share with us how you are partnering or ask a question.
Topics: Articles, Cross Promoting Strategies, Women Partner |
One Response to “Partnering & How Can You Capitalize on It”
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October 3rd, 2007 at 3:31 pm
You can partner together to give a joint interview. I was invited to give a radio interview at an Atlanta radio station to share details about the International Virtual Women’s Chamber of Commerce and Georgia Women Partner. I brought a few of my local members along to share how they are using IVWCC to utilize partnering.
I set up the conversation and then let them talk about IVWCC and their companies. It was a win-win situation for all us. We were invited by the guest co-host to be on his show later this fall.
I sent out joint press releases last month to promote Hire-A-Businesswoman Week. I received a phone call yesterday from the Gwinnett Business Journal. They are going to feature IVWCC along with the member I wrote the press release for in their December issue.
Partnering works!