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Should You Test Run Your JV Partnership?

March 31, 2009 by Christian · Comments 

Forming a joint venture partnership can be a big step for many entrepreneurs and business owners who have made their own empire all by themselves. However, if you are a delegation-style business owner, you may have reservations about entering into a JV with another business owner.

If a JV proposal looks enticing and the only thing holding you back is the uncertainty of committing to a full JV partnership, there are ways you can test run your partnership without committing too much of your resources.

Joint venture partnerships take on many forms. In the most committed JV partnerships, the parties agree to share resources, such as money, staff, production facilities, etc., to promote their business, package each other’s products or services, or even create, distribute and sell a new product altogether. These partnerships require much effort from both parties to ensure that a business plan is executed effectively and that profits are shared according to the agreement.

But what are some ways that you could partner up with another business owner that does not require so much time, effort, and resources?

Promote Each Other’s Business

One of the most effective core JV strategies is to cross promote each other’s business.  This is simply done by informing your customers of the benefits and products of your joint venture partner. One possibility is that you and your JV partner could offer free samples of your products in the other’s respective store. Are you a great cupcake baker?  Offer samples to your JV partner’s customers in her coffee shop.  And you could offer free coffee samples in your bakery.

Another promotion strategy is to give coupons that are only good for customers of your JV partner, and vice versa. Have your partner’s hardware customers come in to your store for a discount on a garden plant, while your JV partner could offer your gardening customers a coupon for a new hand shovel and gloves.

And don’t forget to lie out brochures and signs in each respective store that offers more information to each other’s customers. With cross promotion, you each can enjoy increased profits simply by sharing customers, while avoiding any monetary commitment.

Bundle Products to Sell

Bundling is another good strategy for selling more and sharing the profits. In the above hardware/garden example, you could bundle a package of seeds or tulip bulbs with a set of your partner’s garden tools. Another great bundling idea is for food service businesses.  Package your specialty chocolates in a basket with your JV’s specialty wine. Bundling is a great way to offer added-value to customers and potentially sell more product than just on their own virtue.

Share Customer Lists

An easy strategy could also be to share mailing or email lists. Choose a joint venture partner who has a similar target customer demographic as yours. You could then promote your business to their customers with mailings or email offers, while your JV does the same with your customer list. No additional resources need to be spent, nor does any profit need to be split. If this cross promotion works, you and your JV partner could ramp up your commitment and find another way to offer value to your shared customers.

Joint venture partnerships need not require a lot of effort using these simple strategies. If you have a successful test run with your JV partner, you might move forward with bigger ideas and have even bigger success.

Christian Fea is CEO of Synertegic, Inc. A Joint Venture Marketing firm. He exemplifies how to profit from Joint Venture relationships by creating profit centers with minimal risk and maximum profitability.

To discover more Joint Venture Marketing Strategies join his free Joint Venture Marketing Wealth Report.

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Twitter Weekly Updates for 2009-03-29

March 29, 2009 by Christian · Comments 

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The Partnering Imperative Making Business Partnerships Work

March 29, 2009 by Christian · Comments 

The Partnering Imperative Making Business Partnerships Work




There is no shortage of strategic reasons for taking partnering seriously in today’s converging and colliding marketplace. However, there certainly is a lack of credible explanations as to why so many fail.

This book provides the ingredients for successful business partnerships. It identifies the value that effective partnerships can generate, the reasons why so many run into difficulties, and the imperatives for leaders who want to make partnering work in a globalized, digital world.

A powerful series of insights into one of the major issues of our time: how to create a partnership that generates innovation and other key advantages. Original, perceptive, wise and easy to read. –Dr Charles Hampden-Turner, Cambridge University, Judge Institute of Management Studies

Deering and Murphy have written with great clarity and insight on a difficult subject. Partnering will continue to grow in importance as firms shrink in size and look outside their boundaries for some of their critical resources. This book offers clear and practical guidelines for the manager who has to grapple with the multilevel and multicultural complexities of the partnering process. I highly recommend it. –Max Boisot, Snider Center for Entrepreneurial Research, Wharton Business School

User Ratings and Reviews

5 Stars The Partnering Imperative makes sense of Business Developmen
As a line manager responsible for a small software company’s business development activities, what I like the most about The Partnering Imperative is that it helps me decide with what potential partners I should be persistent, and where it is best to be responsive to offers but guarded with resources. Like any small company, we need to focus to be successful. The Partnering Imperative is helping me decide what large companies our small company should partner with and also helping us predict the success that our partnering efforts will have. For our small software company, our partnerships will make the difference between our being a success that people will read about or another software company that had a great product but just could not break the $50 million in sales mark.

For the large equipment vendors who have to partner to “avoid the negative” of not working with small nibble companies who can fill in gaps in functionality, there is tremendous value in this book as a guide for avoiding the pitfalls of partnership between large and small entities. These are the situations where the larger partner often tries to manage away the risks presented by the differences between it, the larger partner, and its chaotic but essential smaller partner. In these partnerships, the larger organization is busy managing formal communications processes and preparing to walk away at the slightest hint of failure. If big and small companies can be aware of these tendencies from the start, they are more likely to stick it out and reach partnering pay-off.

For smaller companies who need to partner to gain access to distribution channels and installed bases of customers, The Partnering Imperative provides a pragmatic guide to dancing with the “elephants” that small companies must work with. Smaller companies who expect their larger partners to revisit agendas to address emerging needs, will be be more successful if they are address “big partner” concerns like avoiding surprises and differences through formal communications process with lots of checks and balances.

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Growth Partnering How to Build Your Companys Profits by Building Customer Profits

March 28, 2009 by Christian · Comments 

Growth Partnering How to Build Your Companys Profits by Building Customer Profits

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Corporate Partnering 1989 Advantages for Emerging and Established Companies Patents Copyrights Trademarks and Literary Property Course Handbook S

March 28, 2009 by Christian · Comments 

Corporate Partnering 1989 Advantages for Emerging and Established Companies Patents Copyrights Trademarks and Literary Property Course Handbook S

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