Small Business Marketing to Up Your Profits in a Down Economy

The most powerful, simplest and inexpensive marketing strategies to bring your business a flood of sales and waves of profits is the joint venture (JV) or strategic alliance. Essentially, you are leveraging the relationships another business has with their customers to build your own business. They work as well in both online and off line and can be very simple or very complex, multi-million dollar deals.

Your starting point is to identify non-competing businesses that have a client profile similar to yours. Approach the owner with a letter or phone call and let them you have a unique idea that can generate a lot of new clients. There are a couple of things you can try.

One is to offer to pay for a mailing to their clients recommending your service or product. Include a special offer, with a deadline for redeeming, that is unique to their clients. I’ve found that creating a coupon on which the offer is printed improves response.

Some businesses you approach will express concern about the confidentiality of their list. If so, offer to have them send it directly to their list themselves. You will want to write the sales letter or coupon yourself but allow them final approval on the copy.

Another tactic is to create a mailer on which you both print an offer and mail it to your combined client lists and share all expenses equally.

I believe it is very important to conduct due diligence and to take the time to get to know your potential business partner as well as the quality of their products and services. If you plan on recommending somebody to your valued clients, be sure they will meet your standards and expectations.

Typically, only about three of ten business owners will wish to pursue a joint venture so you’ll need to make several calls but it will be well worth the effort. In my opinion, the JV is about the most powerful marketing strategy any business, large or or small can implement.