It is no exaggeration to say that social media marketing has taken the world by storm in the previous decade. Why is that? Well, to start with, you can access millions of potential customers through social media. Through social media, the boundaries to creativity are unlimited!

However, we’ve seen the trend of brands shifting their entire focus (and budget) onto social media marketing. Facebook Ads are particularly appealing because of their multiple benefits, some of which include:

• Relatively affordable when compared to traditional forms of advertising.
• Allows you to target a particular audience.
• Allows you to create specific and customized ads for your audience.

• Helps you reach potential customers all over the world.

But despite its benefits and perceived popularity, shifting your entire budget towards Facebook advertising may not be the smartest move. Many users report skipping Facebook ads due to repetitive and spam posts. Facebook is also rife with competition, and it can be very hard to make your product stand out with Facebook advertising alone.

Choose A Joint Venture Instead

A joint venture or an alliance between two or more companies; they agree to work together and share resources for an agreed period of time. The two companies combine their strengths and bring forth a project that is bigger, better, and bolder than anything they could have achieved alone.

You may be wondering, what do joint ventures have to do with advertising? Joint venture marketing is a brand of advertising in which you can combine your marketing strengths with those of others in the industry. For example:

• Two companies could do a joint marketing campaign and take advantage of each other’s email database. This will allow both companies to start promoting products to a wider audience by sending more emails.
• They could also do a joint social media campaign and appeal to each other’s followers. An example of this is when brands host product giveaways together, which encourages consumers of both corporations to follow their social media pages.

Benefits Of Joint Venture Over Facebook Advertisements

1.     A more creative and appealing method of marketing.

Facebook advertising may seem appealing, but let’s be real – everyone is doing it. In the world of business and marketing, you need to take the ‘road less travelled by’. You need to be unique and differ from what your competitors are doing in order to stand out. A joint venture is the perfect way to achieve this! You can test the limits of creativity.

2.     Increased exposure.

As mentioned above, through a joint venture, you will have access to your competitors’ customers. This can prove very beneficial, as you can boost your own product to them. You can access their customer databases.

3.     Access to the other companies records.

When you go into a joint venture, you sign a contract agreeing to share different types of resources. This can include:

• Market research
  • Sales analysis, Sales Predictions, Employee expertise
  • Customer demographic details

Having access to another company’s resources is very beneficial. You can use it to design a highly appealing marketing campaign both during the joint venture and also in the future for your own advertisements.

4.     It is a low-risk venture.

Companies now spend up to 70% of their budget on social media advertising. However, this can be a very high-risk venture. A lot of effort and money go into designing details and customized social media ads. If the adverts fail to bring in new customers, then the money is considered wasted, and this is a terrible loss for the company.

With a joint venture, however, the blow of failure is softened because it is shared between the two companies. Even if the return on investment (ROI) of the venture is not high, it will not cripple your marketing campaign completely.

Conclusion

Social media advertising, although beneficial, can often be overused. It becomes annoying and uninteresting to the customers, which is why brands need to look for new and innovative marketing platforms. A joint venture is one such unique idea, and it can aid you in your marketing journey.

A Merged Insight Exclusive.