The most commonly overlooked niche marketing strategy for both local businesses and online enterprises is joint ventures. I’m not talking about full blown agreements between the financing guy and the operations guy. I’m talking about simple joint ventures like sending an e-mail to your list about the local donut shop and he doing the same for you.
On my way home from Costa Rica I was brainstorming the kinds of things a resort complex could do to increase their business. It’s not like I’m going to be going to Costa Rica every month to stay at their resort – so frequent repeat visits isn’t likely an option. But like any hotel or restaurant – you never get to rent last night’s empty room ever again.
The key to success for them is being full everyday – likely for you as well.
How do you start a joint venture?
So why not undertake joint ventures as your niche marketing strategy? A simple conversation at the front desk could reveal what other places their guests visit. Jamaica? Croatia? Florida? Might there be several or even a trend? In fact, they might even find that their guests go to Florida during the rainy season in Costa Rica.
That presents itself an opportunity to research similarly marketed properties in Florida, offering up the information about your guests’ habits and suggesting the idea of promoting each other to their individual clientele. Voila! a Joint Venture.
The key is knowing a little about your customer and making the promotion relevant to your customer.
Here in Nashville a few of the strip malls work together to promote each other. The hair place announces word of the birdseed shop’s summer sale and vice-versa. The art gallery e-mails their clients about the neighboring furniture store’s upcoming special delivery. Why not?
Maybe the birdseed shop isn’t relevant to the hair clients, but the hair clients will likely know that’s your neighbor and thus relevant to your relationship.
How about Bowling alleys and Batting Cage companies . . . one gardening website to another’s. In fact, I learned recently that coupon bloggers regularly promote each other as common practice.
Isn’t it nice when someone introduces you to others at a party? It’s not only a real ice breaker, but also a sense of trust is built immediately. Compare that to the feeling you get when you’re the only new person at the party and you’re introducing yourself.
Joint ventures are not only powerful, but as a niche marketing strategy they can increase your reach, your sales and your trust factor immediately. Don’t overlook the concept. Why not promote someone you like – just for the heck of it. See what comes of it.