You know that you need to do some marketing to get yourself known to your target market. You have a lot of options in this regard: internet marketing methods like S E O, P P C, web directories, etc; and off line marketing methods like billboard advertising, TV and radio broadcast advertising, print advertising, etc. However, what is the cheapest yet most effective marketing method?

J V or Joint Venture Marketing

J V or joint venture marketing refers to collaborative marketing efforts. In a J V marketing setup, one or more companies or individual entities pool their marketing resources and launch one marketing campaign.

In a J V or joint venture marketing campaign, there is only one target market. The companies may form the venture on a peer-to-peer basis where each involved entity can contribute equal resources (may be money, skills, infrastructure, technologies, or a combination of these and other marketing resources) so that each company will get equal market exposure. It can also be that one company spearheads the project and the rest of the participating companies contribute their resources according to the J V marketing contract.

In any case, J V marketing is a very practical marketing method. Since resources are pooled and responsibilities are shared, there are lesser costs for each company. Moreover, the venture can reach more people and penetrate the market deeper because of the combined skills and comprehensive range of activities that only several companies acting together can successfully and efficiently accomplish.

J V, Joint Venture Marketing: Illustration

If you own a cosmetics company and your target market is composed of career or professional women aged 23 to 40, you can get together with a credit card company, an office clothing company, and a leather shoes and bags company. Together, you can sit down and discuss how you can reach your target market.

For instance, you can agree to set up a website for career women in this age group. The site can be a career guide cum career forum where your target customers can exchange their views, ask for advice from in-house career experts and from each other, read career tips and articles, watch out for career seminars, and search for jobs.

In this scenario, you can share the costs (including the costs for putting up the site and marketing the site to your target market) of the undertaking equally among yourselves; each company will get equal space in the home page and an individual page in the website. If you wish to become the prominent player and perhaps earn a bit of profit, too, you can put up the website, promote it to the target market, and later on sell advertising space on your website to the companies who may be interested in marketing their products and services to your target audience.