Marketing Lessons to be Learned from Super Bowl LVII
Joint venture marketing (JVM) is a powerful tool to help small businesses grow and reach their goals. It involves joining forces with another business and pooling resources, such as capital, staff, or marketing efforts. This kind of collaboration can be very helpful for businesses that want to reach more people, get more customers, and make more money. To get the most out of JVM, let’s look at how it works, some examples from previous years’ Super Bowl ads, and three tips to help you implement a successful joint venture marketing strategy.
How Does Joint Venture Marketing Work?
Joint venture marketing occurs when two or more businesses partner up to share resources and increase their profits. These partnerships may include sharing capital costs, staff members, marketing strategies, products or services, or customer lists. Sometimes, one business may sell the other’s product in exchange for a commission on each sale. By combining forces with another business, you can quickly see results without investing all of your own resources.
Superbowl LVII Commercials
If you watched the 2023 Super Bowl between the Kansas City Chiefs and Philadelphia Eagles, you might have witnessed a few examples of joint venture marketing during the commercial breaks. This year, there were at least two occasions where this strategy was used to sell something. Whether it was Will Farrell’s ad with General Motors and Netflix or Miller Lite’s with Coors Light and Blue Moon, each company and brand could benefit from working together, especially since the average cost of a Super Bowl commercial this year is between $6 million and $7 million.
And even in Michelob ULTRA’s: Full Swing Gossip ad with Netflix, you can see product placement with various other brands throughout the 30-second commercial, such as Puma, Mercedes, and Polo. Instead of each company investing all of its resources in producing and airing its commercials, they were able to potentially split the costs while being able to share the benefits of being seen by 100 million people around the world.
3 Tips To Implement A Successful Joint Venture Marketing Strategy
1) Research Your Partner: Before forming a partnership, you should do your homework and learn as much as you can about your potential partner. Ensure they have the same values and that their products are compatible with yours. Additionally, make sure they have a good reputation in the industry so that you don’t damage your brand by associating with them.
2) Set Clear Expectations: Once you’ve found a suitable partner, make sure that the joint venture agreement clearly states who is responsible for what. This would help clear up any confusion or disagreements that might come up in the future if expectations weren’t set up front. Additionally, it will ensure that everyone involved knows precisely what they should be doing to make sure the joint venture is successful.
3) Monitor Performance: Once the joint venture agreement has been signed and all responsibilities have been clearly outlined, it is vital to keep track of performance metrics throughout the partnership and adjust as needed if something isn’t working correctly or goals haven’t been met yet. This will help ensure that both parties continue to benefit from the relationship until its successful completion!
Start Your JVM Strategy Today
Joint venture marketing offers numerous benefits for small businesses looking to expand their reach and increase their profits without investing too much of their own resources. By finding an appropriate partner who shares similar values and products as yours while setting clear expectations before entering into any agreements, you can increase your chances of success!
Finally, don’t forget to monitor performance metrics throughout your partnership so that both parties continue benefiting from the relationship until its completion! With these tips in mind, you are well on your way toward leveraging joint venture marketing for your small business growth, just like Netflix during this year’s Super Bowl ads. Visit our blog if you want to learn more tips to help strengthen your marketing and sales strategy.
