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Using a Joint Venture To Expand Your Business

May 09, 2011 By: azjogger Category: Financial, Management, Operations

By Christian Fea

Joint ventures are a popular method of marketing today, particularly for small business owners with limited advertising budgets. They may be an effective mode of advertising for many, but do they really work in expanding your current business size?

We’ll take a look at how and why joint ventures are specifically used for this purpose to help you determine if a JV partnership is the next logical step in growing your company.

Linking up with a Reputable Partner

One of the most important features a business can flaunt to attract a new customer base is their reliability and reputation. However, any company can say they offer reliable service, but saying the words doesn’t always make it so. It can be much more powerful to have a larger, more established business sing your company’s praises to potential customers, and this is precisely what a joint venture does.

When you partner with a business that has already built a strong reputation with your targeted market base, you can gain a positive name for yourself much more quickly.

Getting Your Name into the Market

Small business owners understand that the best way to attract new customers is to get your name, products and services out in the public domain. However, advertising can be expensive, whether you are looking at mass mailings, print ads or online marketing.

To get your name out with minimal cost to you, check out a joint venture. These partnerships allow businesses to share marketing costs so they get a bigger bang for their advertising dollar. Of course, posting your company name on your partner’s website may also gain you significant exposure and cost little more than signing on the bottom line of your JV agreement.

Targeting Your Market

The most effective advertising strategies target the market most likely to buy your products and services. If you want to expand your business, finding ways to target your marketing efforts offers the best value. When you join together with a related business in your industry, the targeted market base is already covered. The customers who are loyal to your JV partner are the precise individuals that will be more likely to buy from you as well. This is an effective way of growing your business with the least amount of cost and effort to you, which is one of the top reasons JV marketing is such a popular choice with small business owners today.

If your business doesn’t grow, it will eventually falter, so savvy business owners know they must be constantly on the prowl for ways to expand their customer base. Joint ventures offer a great value for the money because they address direct marketing concerns like targeting your audience and building your reputation for the least amount of time, effort and money. Once you have selected a JV partner that can provide you with these specific benefits, you’ll be on your way to a broader market base and a healthier bottom line.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability. To discover more Joint Venture Marketing Strategies join his free report on Joint Venture Marketing.

Article Source: http://EzineArticles.com/?expert=Christian_Fea

Article Source: http://EzineArticles.com/6245301

How the Phoenix Suns Pro Basketball Team Goes to Market

August 25, 2010 By: azjogger Category: Marketing, Operations

By John Riley

 Last night I was treated to a professional marketing and promotional experience worthy of special note. As it unfolded, you could not escape the fact it had been well planned and executed faultlessly. The venue was the U.S. Airways Center in Phoenix where the Phoenix Suns professional basketball team plays their home games. The occasion was a special evening event to sell their unsold season tickets.

 Billed as “Taste of the NBA”, I estimate 250 people were invited to sample food offerings of leading chefs from cities in the National Basketball Association, meet and talk with the Suns management and coach and inspect the unsold seats for the upcoming season. No one seemed to mind coming out in the 110 degree temperature and many arrived early.

 Free parking was arranged in the adjoining building making entrance into the U. S. Airways Center lobby easy and comfortable. Entering the lobby, you quickly noticed the large screen mounted on high on the interior wall featuring highlights of the previous season’s games. Tables were arranged for guests to pick up their name tag and register for an undetermined prize while under the helpful guidance of several Sun’s sales coordinators.

 As we were escorted into the bowels of the building, we encountered a staging area where a photographer was taking pictures of each party with two team hostesses and the team’s gorilla mascot. Following our photograph, we moved to the playing floor where food and beverage stands were positioned and chefs were serving guests. Each stand presented three or four entrees plus a dessert.

 Surveying the scene above the floor, you could see 18,000 empty seats with an untold number  of available choices posted with a location ID and season price. Guests mingled among the seats considering their possible selections while the white shirted sales coordinators stood by to answer questions.

 One team owner helped serve food at one stand while another owner helped guests find unsold seats to suit their needs. Meanwhile, large screens throughout the room replayed engaging snippets of past Sun’s games. 

 Stationed strategically at one end of the floor, four team principals gathered to present an informal program. First came the coach with a few remarks on his players and the outlook for the coming year. Next came the introduction of the new general manager. He was followed by the principal owner who outlined a number of incentives for guests who made seat purchases before leaving ( for example: the first four couples to buy would receive a free trip with the team to one of their scheduled games while another couple could qualify to use one of the owner’s boxes for one of the scheduled games)

 One of the new additions to the team was the final speaker. Door prizes were then awarded and if the recipient made a free throw in one try, an additional prize was given.

 From that point on, guests continued to enjoy the food, talk with team management or survey the seat locations. No one seemed anxious to leave.

 My experience with similar types of events over the years always alerts me to expect an aggressive sales effort. That didn’t happen here. Neither my guest nor I felt any pressure from the sales coordinators or anyone else. The Sun’s let their product sell itself and if you liked the product, the staff was there to make it easy for you to buy.

 Bottom line: it was a first class marketing effort and it was successful

Smartphones to Help Build Mobile Market

August 15, 2010 By: azjogger Category: Market Research, Marketing

An increasing number of brand owners are seeking to exploit the opportunities afforded by m-commerce, with the iPhone and iPad among the main tools attracting interest.

Adobe, the software provider, conducted a survey of 446 companies, 75% of which had their headquarters in the US, and a majority being drawn from retailers, advertising agencies, IT specialists and the media category.

Nearly 80% of contributors expected to employ this channel for marketing and purposes, declining to 62% for e-commerce, 50% for product information, and 40% for customer service.

In terms of strategy, 80% of respondents either already had or were developing a dedicated mobile site, 50% said the same for an iPhone app, and 35% following such a route for the iPad.

Another 30% currently used text and picture messaging, and around a quarter had established applications for Google’s Android operating system.

Mobile websites drove almost a fifth of all internet traffic, falling to 8% for iPhone apps and less than 5% for the variety of further alternatives.

With regard to displaying products, 81% of enterprises are hoping to have “360-degree spin” features in place by the end of this year, 75% expressed a desire to offer brand comparisons and 74% wished to stream live video.

Custom design and catalogues were mentioned by 73% and 64% of participants respectively, with the number of firms that had succeeded in rolling out these tools are typically at least 40% lower to date.

Looking ahead, 23% of organisations intended to introduce advertising, promotions and bar-coded coupons, while only 9% provided this facility at present.

Just 5% offered the ability to on mobile handsets, and 19% planned to add this functionality this year, totals that were similar for comparing prices available in store and online.

Coda Research, the consultancy, has predicted that revenues generated through this channel should rise by 65% in the US each year to 2015, climbing to $24bn and a 9% share of e-commerce sales.

eBay anticipates mobile device sales of $1.5 billion in 2010

eBay, the auction portal, anticipates that its sales from mobile devices will reach $1.5bn in 2010, while Amazon, the retail giant, reported returns of $1m for the 12 months to June 2010.

Globally, ABI Research has forecast that shoppers will spend $119bn via wireless gadgets in 2015, with Japan set to retain its status as one of the sector’s leading major markets.

From the World Advertising Research Center