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October 21, 2011

Five tips for joint ventures, by Julie Evans

A geek can dream! I was in the grocery store a few weeks ago and saw a package of Oreos with a coupon attached to the front: "Buy a pack of Oreos and get a free gallon of milk!" Well, I didn't need milk and I certainly didn't need Oreos, but it was a good deal, so I bought the pack and picked up the gallon.

On a trip to Starbucks over the summer, I noticed they were advertising, "buy a frappuccino, get a free iTunes Summer Playlist!" Well, it took about three frappuccinos for the download code to finally work, but eventually, I got the free music. Unfortunately, I also became addicted to frappuccinos. :-)

Recently, I found myself at a Taylor Swift concert (don't judge me!), and there were advertisements everywhere for the new line of nature-inspired CoverGirl makeup. Most of Taylor's music videos are her, standing in a field, looking pretty and pouring her heart out, so the 'all-natural, effortless' commercials for the makeup went well together. Now if only she would partner up with Apple!

Joint-venturing can be a huge success for yourself and your company, as long as you know how to do it right. Milk and Oreos has the right idea - people love Oreos and they love them with milk, so why not make it beneficial for the customer to coordinate the two items?

If you think joint-venturing might be a good move, here are five tips on how to make it successful...

1. BE SINCERE. Put some work into the relationship. Don't think of them as someone who you're just using for resources, advertising or whatever - think of it as a meaningful partnership. They'll think of you the same way, which means greater all-around success.

2. THINK LONG-TERM. You'll be more likely to put work into the relationship if you're thinking for the future and not the moment. People will probably always love dunking their Oreos into cold glasses of milk.

3. DON'T GIVE UP. Don't lose hope after a few failures. Contact as many partners as possible and eventually one will be a good fit. Think of it as looking for a new job, or applying to college.

4. BE ON THE LOOKOUT FOR OPPORTUNITY! Starbucks has a reputation for playing hip, trendy music in their shops. iTunes has the same, cool reputation, so people who like Starbucks drinks probably also like music. And why not encourage them to download iTunes through free songs?

5. BE CHARMING! You want something from your potential partner, make sure they know they can get a lot from you as well. Treat them like a potential customer and make sure they know how they can benefit from this joint-venture.

And remember, you don't always have to think mega multi-national corporation. Perhaps you have a small tech blog and can partner up with a local computer store or pizza shop.

(Editor's Note: We here at Geek Culture once partnered up with Leo Laporte and the TWiT Network to sell TWiT-branded caps and propeller beanies... it was a perfect match!)

Your joint-venture should be mutually beneficial to both yourself and your other half. It can be a great way to increase your client base, get your name out there, and spice up your business. Once a success, you and your new partner could go together like, well, milk and Oreos.

Posted by Snaggy at October 21, 2011 02:32 PM