What can you learn from Will Ferrell?
It’s called joint venture marketing and you can use it to grow your business starting today. In fact, I encourage you to start forming partnerships as soon as possible, if you have not already done so.
McDonald’s does it with movie studios and toy companies all the time
Taco Bell and Doritos do it with their Locos Tacos (in fact they have sold over $1 billion worth)
Banks and grocery stores
Gas stations and fast food chain restaurants
Donald Trump does it…with just about anyone
What Is A Joint Venture?
Joint Venture Marketing is the strategic use of a companies underutilized assets to make profits that they did not make before. The most common underutilized assets is a companies customer database. It allows two companies to combine the strength of their marketing efforts in order to build sales revenue and increase brand recognition.
Joint ventures with strategically selected partners can dramatically expand and enhance your ability to penetrate new markets and access other people’s capital, goodwill, and client base… All with minimal time, effort, and risk on your part.
Anchorman PR Push
A little back story, Anchorman: The Legend of Ron Burgundy is a movie starring Will Ferrell that debuted in 2004. Ron Burgundy (Ferrell’s character) is San Diego’s top newsman in the male-dominated broadcasting of the 70s.
A sequel to a movie is typically usually within a couple years after the original was released, not 9 years later. I think this is why the powers to be of Anchorman partnered up with Dodge, Daft Punk, Ben & Jerry’s, ESPN, The Dan Patrick Show and others. Anchorman 2: The Legend Continues hits theaters December 18th.
Some call it co-marketing, joint venture partnerships, strategic alliances and/or power partnering, it doesn’t matter. It is the most powerful way to exponentially grow your business.
Here is a quote on joint venture marketing;
Case Study #1: Dodge Campaign
In October, Dodge launched 70 commercials featuring Burgundy — which can be seen on Dodge’s YouTube channel. According to Bloomberg Businessweek,
sales of Chrysler vehicles have increased 11% since the launch of this campaign, with sales of Durangos up 59%. Get this…Dodge didn’t pay Ferrell anything, he did this to promote the movie.
Here is one of the ads titled Staring Contest
Case Study #2: Burgundy Bikes with Daft Punk
The Dodge commercials are everywhere, but Burgundy also went overseas. Here is a picture of him riding a bike with Daft Punk.
This picture was taken last month in Amsterdam, right around the time of the MTV European Music Awards show. This picture was also uploaded to MTV’s Instagram account with the caption: #SpottedInAmsterdam Ron Burgundy and Daft Punk doing a little sightseeing around town
Case Study #3: Scotchy Scotch Scotch Ice Cream
“I love scotch. Scotchy, scotch, scotch. Here it goes. Down in my belly” These were famous words from Burgundy in the original movie. If you’re seen the movie, you recognize this line.
It looks as if Ben & Jerry’s has a new, limited edition flavor — Scotchy Scotch Scotch. It is butterscotch ice cream with butterscotch swirls.
Case Study #4: Burgundy Interviews Peyton Manning
Ron Burgundy interviewed Peyton Manning yesterday on ESPN. He was scheduled to co-host SportsCenter, but was cancelled in light of a news conference regarding sexual assault allegations against quarterback Jameis Winston set for Thursday.
Case Study #5: Burgundy to Co-Host ‘The Dan Patrick Show’
I am a huge fan of the Dan Patrick show and heard about this earlier in the week. Burgundy will co-host tomorrow from 10 am – noon.
“I’ve been lucky enough to work with some of the greats – Costas, Michaels and now Mr. Ron Burgundy,” said Patrick. “They said it wouldn’t happen. Some are still saying it shouldn’t happen. But at 10 a.m. tomorrow, something is going to happen.”
In the 5 case studies I listed above, Ron Burgundy is tapping into 5 different audiences and leveraging their goodwill to generate buzz for the movie. This is a win-win-win (all joint ventures must be) for all involved. No one knows what this will do for the movie (yet), but I am willing to bet this will payoff for them.
I’ll leave you with two statistics on joint venture marketing that I find interesting;
- More than 20% of the revenue generated from the top 2,000 U.S. and European companies now come from alliances, with more predicted in the near future (Booz-Allen)
- 90% of big corporations feel that if you don’t do joint ventures, it is the kiss of death for your business (Jay Abraham)