joint venture marketing You had a great idea for a joint venture and have successfully pitched the idea to your potential JV partner. He’s on board and you’re both ready to go! What do you do next? It is the business strategy of many business owners to simply go with the flow and react to
joint venture marketing
You had a great idea for a joint venture and have successfully pitched the idea to your potential JV partner. He’s on board and you’re both ready to go! What do you do next?
It is the business strategy of many business owners to simply go with the flow and react to business, rather than be proactive with a plan. Once a business is up and running, it seems there’s more to deal with than just growing the business, like irate customers, lost shipments, and a landlord who wants to increase the lease. Reactions must be given to these types of business problems, but it’s no excuse not to work on a strategic plan to move the business forward.
Rather than set up a JV and become reactionary to it, here is a simple 6-step business strategy that all business owners should follow and can easily be integrated into your JV.
1. Target Market – Who is your target market? You will know what service your joint venture is going to perform or product it will sell, but you must state your target market and know whom you are selling to.
2. State the Goals – Here is where you must know where you are going before you start the journey. Your JV business goal or goals are the target in which you want to hit at the end of the journey. Goals can be short-term or long-term, and should include both. For instance, before your ultimate goal of reaching $100K in sales, you must get your marketing, production and distribution aligned. Those would be short to medium goals that need to be stated.
3. Determine a Budget – Once you have a target market and goals, then it’s time to start thinking of a budget. No action can take place if you don’t yet know how to pay for it. Figure if both you and your JV will contribute $XX dollars to the budget, or if you will raise the money other ways. Ultimately you need a figure on how much you will spend on expenses such as marketing, production, promotion, etc.
4. Formulate and Implement an Action Plan – Here is where you and your JV partner form the smaller, step-by-step actions to reach the goals. Determine who will take what tasks and go to work.
5. Test the Results – At some point, you need to see how your plan is working. Pick a time, say 1 month or 3 months, in which you and your JV partner will look at the data and analyze how your plan is working. What works great? What action didn’t produce the expected results?
6. Form a New/Updated Plan – From the results of your original action plan, you will now know what works, what doesn’t, and what could work better. Re-form a new plan and implement it.
Now you have a simple JV business strategy that can work for you. The key is to always be progressive and have a strategy for improvement in order to reach the goals you set. Good luck!
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.