Joint venture marketing is perhaps one of the most lucrative marketing strategies you can use immediately to build relationships, share knowledge, consolidate resources and make money. Use of a proper strategy, in conjunction with project management skills is a potent formula that, when done correctly, will help you accelerate growth as opposed to trying to do things on your own.
Essentially, in a JV Plan your company resources are consolidated with another (or multiple) companies by where "through consolidation of resources" all parties have a chance to share in the benefits derived from the venture. As was stated earlier, we have found joint ventures to be one of the most overlooked and under utilized marketing strategies you can use, regardless of business type. .
For example, your business may have a wonderful product or service, but is lacking access to the proper audience (or an email list) that would benefit enormously, from your product or service. So, it behooves you to understand just how important joint ventures are. A likely joint venture partner would have a client list that gives you access to new client who buy you product the list owner.
Together, the consolidation of resources are galvanized to achieve strategic goals and objectives for all participating partners. That being said, there is more to joint venture marketing than simply Googling potential business partners who claim to have just the contact list you are lacking. Consider the building blocks of the business relationship with your potential joint venture partners.
Sending a letter of intent to a potential JV partner found solely on the Internet, without any personal interaction, could actually work against you.The Internet is full of scams looking for great products to steal from unwary "business partners."
Do the following: First, learn from people who have your best interest in mind without taking an initial big risk. Please know, that's not to say that personal and business relationships can't be built over the Web. You can join forums where other members know about potential business partners in the joint venture space.
Sometimes, these exact same people will even seek out peers to find partners for you. We do that too. The fact is your peers (and people within your business circle) are an excellent source to inquire about a potential joint venture partners. After all, a business peer is usually someone you can trust. Trust is essential to any joint venture.
Once you find a partner who has the right contacts for you to market your business, you will find that you are consolidating knowledge as your business relationship grows. Your marketing expertise will grow exponentially and you will be able to laser-beam in on the precise market(s) that want and need your products and services.
On the flip side, your business may possess invaluable knowledge that could be used by another firm that would benefit from your contacts. So, know it's a two-way street. Your customer list is a potential asset to your company and the joint venture partners. Oftentimes, this list can be used in ways to generate revenue streams that did not exist before. More than likely your company maintains a database of who buys your products and who you would likely buy your products, both now and in the future.
It is highly probable that another business would like to market to your customers. We're not talking about your competition; but another product or service your potential partner would be interested in.
Know this: Consolidating resources is perhaps one of the fastest ways to launch a new business and grow an existing business; hands down!
When you are the owner of the customer list, the trust is inherent. To a certain extent, a trusting relationship has already been established, because you provide a product or service that may be needed by the list owner's clients. That is at the heart of an online JV.
This must also be kept in mind should you choose to joint venture your customer list with another business. That partnering company must be able to build a trust relationship with your customers and must not harm the relationship you have cultivated. Your company could simply recommend a useful product or service that is complimentary to the product already being sold.
Perhaps a joint venture partner has developed software that enhances a product your company has sold in the past. That (in many cases) would be an ideal situation. Not only does the software enhance the experience with your business' offering, it creates a bond where both are needed to get the most out of the products.
Remember, when executed correctly, a well planned joint venture can be a very lucrative way to get your products to other businesses' customers, and build business relationships that will last as long as the parties believe they are in a win-win situation that complements each other.
Finally, it's important to avoid the most commonly made mistakes when attempting such a venture.
Contact us at http://www.coprofit.com for further information.
Michael G Perry is the president of Coprofit, a Las Vegas based Joint Venture Firm.
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