Looks like we have a new international phenomena on our hands. Unless you are really living in the dark, you have probably seen the media madness that is following the vampire movie “Twilight” and it’s cast. Thousands of teenage girls are swept up in the frenzy, packing malls, retail stores and movie theaters just to get a piece of this movie for themselves.
Now, if you have been reading this blog, you’ll know that one of our favorite business growth strategies is to create partnerships or joint ventures. Using your products or services to support a complimentary product or service is a tremendous way to increase your brand awareness by getting in front of a completely new customer base.
The City of Industry clothing retailer, Hot Topic, Inc. has sunk their teeth in to a JV relationship that has its third quarter net income up 11% vs. the same period last year. This rise in sales is directly related to a licensing detail between the “Twilight” movie and the Los Angeles retailer. According to Joel Russell’s article in the LABJ, Hot Topic, “has long tried to shed an image as a seller of goth clothing and become a mainstream store for young buyers…Sales peaked leading up to the film’s release, when stars signed merchandise in Hot Topic stores around the country.” If the “Twighlight” book series continues to be converted to the big screen, the company can for see a very bright future ahead of itself.
Are you stuck in a sales slump? Do your customers only see you in one light? Are you searching for ways to market your other benefits to a new group of consumers? Keep your focus on potential partners out there with the same message and customer base that you want to reach. Strategize all the opportunities that both parties could receive from the partnership and then create a winning proposal to present to your prospect. Now is the time for creativity and everyone is looking for ways to grow their businesses. If you can show them how your partnership can create mutual growth, then you have just found your new bloodstream (sorry, I just couldn’t help myself!). buy synthroid
