This is understood as a measure in which a cooperation with a company takes place that addresses a similar target group as oneself.
Through the cooperation, one tries to be useful to the customers of the other partner and to use their reach to sell their own products.
Example: An online trade for gourmet meat starts a cooperation with an online supplier of gourmet cheese products. Each partner advertises the other's products in their newsletter and brochures and also makes them available in their own online shop. Both partners target gourmet lovers. This makes the cooperation valuable.
As a result, each partner gains the reach and customer base of the other partner without significant financial investment. Everyone wins.
Each partner does not necessarily have to generate additional income through this measure.
Sometimes one partner can help the other get better status, provide better customer service or - as in the following example - make the shop interior more attractive:
Example: A young artist wants to increase her fame. She collaborates with a restaurant to paint free paintings for the interior. Each painting has a small price tag with contact details. This gives the restaurant a stylish interior, and in return the artist gets reach, fame and new customers.
The biggest benefit of joint venture marketing is that it's not cold calling. The partner's customers already trust his words and promises.
Relevant questions for you:
- Which companies have a target group similar to yours?
- What offer do you have to make to these companies so that they want to cooperate with you?
Joint venture marketing is an excellent opportunity for start-ups to quickly build up a customer base of loyal customers.