The Benefits of Joint Venture Marketing
edited: Sunday, October 15, 2006
By Traci H Vanover
Rated "G" by the Author.
Posted: Sunday, October 15, 2006
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The Promo Diva® profiles virtual marketplaces, and how you can leverage them to promote your brand in a whole new way.
Joint Venture Marketing can take many forms -- and if done properly, can significantly enhance your business. Don't let the name fool you, you have already been a consumer of a number of joint venture marketing promotions. Have you ever purchased a pizza during the Final Four, and received a free basketball? That is a result of a joint venture. There are countless other examples, but you get the general idea.
Another form of joint venture marketing that has gained popularity on the internet is the dawn of virtual marketplaces. Many niche sites offer this type of marketplace, and they allow the members to pool resources to generate traffic, and of course, sales. One of the most powerful benefits to this type of venue is the appeal of their ability to pool advertising dollars to obtain a promotional presence that members might not have been able to acquire individually. In addition, these venues are often able to procure significant discounts and special offers for members from common suppliers, which creates a stronger buying presence for the group as a whole. Members gain visibility in the marketplace and in the search engines, and they enjoy the benefit of increased traffic to their individual businesses.
From a consumer perspective, it is a winning situation as well. Collaborative marketplaces create a "one-stop-shopping" experience, providing consumers with the ability to browse several merchants during one browsing session. The ability to quickly obtain comparative pricing among similar merchants create a strong value among customers, and create a natural environment of competition. This forces participating vendors to strive for a higher quality product, at a competitive price.