Some businesses try to be everything to all people. Many joint ventures begin and fail because they’ve determined that their combined forces are good for everyone. Rather than focusing on their target market, they spread their marketing efforts too thin and end up with fewer customers. Your joint venture business can successfully market to a targeted segment, but first you need to know what that segment is.
Gather Relevant Data
The fast road to market failure is assumptions. Never assume who your customer is. Assumptions leave you and your JV partner with wrong decisions about pricing, advertising, promotions, and ultimately, can lead to business failure.
In order to get the most targeted information in your customers’ hands, you need to know who your customers are. You can get valuable information by simply asking. Ask your current customers to fill out an easy survey with demographical data and can be done anonymously. You might even offer a special coupon or free item for completing the survey. If your market segment is local or regional gather demographical information from your local library, Chamber of Commerce, or even town hall.
Information that is important to know includes, but is certainly not limited to, the following:
* Age – Who visits your business and buys your products or services? Is it a younger crowd? Professionals 20-50? Elderly?
* Gender – Do men or women primarily use your product? Or is it about even?
* Marital Status – You may find that married individuals are your type of customer. Or perhaps single persons are the ideal customers.
* Education – Do your customers hold college degrees? Or are they high school grads?
* Income – Is your product or service selling to middle and higher incomes? Or does a larger market segment have average or below incomes?
You may even want to acquire other demographical information that can help you better identify your target market, such as social class, regular activities, attitudes and beliefs, or lifestyle. This information gives you the tools you need to determine where your joint venture business fits into a niche and how you can specialize.
Formulate a Targeted JV Marketing Strategy
With the valuable information you have gathered, you can make better decisions about not only how to market your JV business, but also where your business fits in a specific niche and how you can specialize with a particular market segment. You and your JV partner should know where your target market comes from. Are your customers local or regional? Do you sell to a national or international audience? Is your JV business primarily B2B?
Start a marketing strategy with your niche in mind. For instance, if your JV specializes in selling custom-made soaps and lotions, your market can be both local and national, and you will probably want to target promotions to married women with higher education and incomes. Remember, with more specific information, you will have a better idea on which media this demographic reads and where to place your marketing efforts.
Get the specific information you need to determine your target market. It could help you find your specialization and niche and will help you to make better decisions.
Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.
Join his free Joint Venture Wealth Report at http://www.christianfea.com/joint-venture-wealth-report/