The first and probably most important reason is that it provides endorsements from other merchants and with endorsements comes trust. Not only are you expanding your customer base to include your venture partner’s customers but you will also be afforded more trust from your venture partner’s customers because he/she has endorsed you. And once a merchant is deemed trustworthy they’ll have a loyal customer base for many, many years to come.
The second reason, as I just mentioned, is the expanded customer base that comes with joint ventures. If you partner up wisely you can inherit a customer base that could’ve otherwise taken you years to build. Think of how long it has taken you to build your current customer base, now take into consideration how long it would take you to, for instance, double it. I’m sure you can easily see how beneficial joint ventures can be.
The third reason joint venture marketing is great is the potential for more new customers. The very fact that you will be providing more products or services through your joint venture is very attractive to potential customers. The more you have to offer the more traffic you’ll likely get.
And last, but certainly not least, is how this can affect your ability to attract more potential joint venture partners to further expand your business and customer base. The same method that you use to start your initial joint venture can be used for future expansion. The greatest element of future joint venture expansion is the fact that an initial joint venture success makes you a more attractive potential partner for other highly successful merchants.
As you can see, joint venture marketing can most definitely work in your favor. The reasons I’ve mentioned above are just some of many that can work to your benefit. And, the best reason of all, it’s all free.