JV (Joint Venture) Partnerships can be a great addition for ANY business to grow their list of email subscribers and share their wealth of knowledge without paying a penny for marketing. Sound too good to be true? Well, it is not.
As your business grows, you collect a list of email subscribers that openly welcome your emails, which can contain content about upcoming promotions and events.
The same goes for other businesses out there. A JV Partnership might just be the boost you need to reach out to potential new clientele and generate new online leads.
When choosing a business to exchange email subscription list with you will want to be very careful and consider a few things.
- Make a list of businesses that go hand in hand with what your business does without offering the same services or products. Ex: If your business is a plumbing service company you may want to consider selecting a similarly sized small business that sells bathroom and kitchen hardware.
- You will also want to compose a list of your goals and rules for the swap. Ex: You intend to grow your email list as your goal but a rule you firmly stand by is that the emails you will send out will not be used for aggressive sale pitches. If both parties can agree to all terms and conditions then you can feel comfortable swapping your client email list with each other.
- Be sure to address the frequency of emails that are produced and sent to your list. Compromise on the best suited timeline to obtain both businesses goals delivering equivalent amenities.
Once you have successfully chosen a JV Partner another resource has become available to you. Cross promotions. With careful delegation, both parties can decide on an effective way to advertise for each other via email newsletters and possibly social media. The value in a seamlessly functioning JV Partnership is exponential. One of the greatest parts of being a small business is the pride in our services and/or products and the appreciation we have to our customers. Be sure to express that when sharing and cross promoting your partner’s business with your customers.
Once you perfected one JV Partnership, it is easy to think that your business can gain from another. This is when you need to take caution.
Too many JV Partnerships can have the effect of decreasing your own original client list due to the shear amount businesses receiving and sending to their email list. The most important rule to a JV Partnership is quality over quantity.
Remember that, just as you have nurtured your existing list, it is equally important to nurture the relationship with your new subscribers.
The greatest assets any business can have are being attentiveness and engaging, which offers long-term success.