A joint venture is where one service business works in partnership with another so they can both benefit mutually from the other's clients. Joint Venture Marketing is one of the most powerful, effective and inexpensive ways you can use to fill your appointment book.
Here's how it works: You want to build a larger clientele so you look at what other businesses your clients and potential clients go to. The best kind of business to enter into a joint venture with, naturally, is going to be one that complements your own business.
For example, hairdressing clients often get their nails done professionally, have beauty treatments, visit a tanning salon, buy jewelery, get their groceries from somewhere - and on and on.
So why not do a joint promotion with one of these businesses? They have a clientele. You have a clientele. It only makes sense that cross promoting to each other's business will build both client bases!
Finding a joint venture partner I've always found the best businesses to 'joint venture' with are businesses you know and you are comfortable with. Do you, your friends, your staff (or any of their friends) know anyone in these local businesses?
Generally business owners are protective of their clients, and if they do not know you or your business, no matter how attractive you try to make the joint venture for them, they may declare your offer. Or worse, take it on, but only promote it in a half hearted manner. You need to be fussy too. You will be recommending this business to your clients, so you need to make sure you're sending them somewhere you know they will be treated well.
What will you offer? Each business produces a card or leaflet with a special offer or other incentive on it. For example a tanning salon can do a special 'Buy a course of 6 sessions, get 2 sessions Free', a hairdresser can offer half price color on a certain day when it's queter, the beauty salon can offer a free skin analysis - you get the picture.
You can get really creative with this. In the past we have run very successful joint venture promotions with a florist, a photographer, a make-up studio and a financial planner. If I hear any salon professional telling me that they have not gotten enough clients I always recommend this one. It's very inexpensive to do and the rewards are great.
If your salon or spa is quiet at the moment, you are probably sitting there doing nothing. Instead use this quiet time as an opportunity to put a joint venture promotion together with another business. Do this one right and you'll be amazed at the results. Let me know how you get on!