If your business is looking to attract new clients through joint venture partnerships, identifying businesses that have significant market share in a specific region is an excellent way to tap new markets that otherwise are impenetrable. Leveraging partners in hot markets whether that it’s a city, state, or country is the fastest way to reach
If your business is looking to attract new clients through joint venture partnerships, identifying businesses that have significant market share in a specific region is an excellent way to tap new markets that otherwise are impenetrable. Leveraging partners in hot markets whether that it’s a city, state, or country is the fastest way to reach communities of potential new clients.
Developing a regional or locally focused strategy for joint venture marketing partnerships will generally mean working with smaller businesses versus large national or international corporations which require specific techniques to make successful. Small business owners may be less inclined to risk hurting their existing client base by introducing a partner’s products or services but due to their specific market intelligence and the close relationships with your target customers, once a partnership is crafted new business should close quickly.
Finding Regional Partners
If your company has made the decision to attempt to attract new clients with regional joint venture marketing partners than it’s important to create a database of potential partners. There are several sources that can be used including online and offline methods. A few of the best locations to find information about what companies exist in the markets you are seeking are:
Yelp – There is loads of business listed in Yelp. Search for the types of companies that are perfect fits for your business based on the industry and then by city for the regions that you are pursuing. Make sure and review the ratings and comments about the business.
Trades Shows – Finding regional partners by attending industry trade shows is an excellent way to not only find which small business exist in the space, but it’s also a great opportunity to meet and discuss potential partnerships with business development professionals that often attend trade shows for companies. Reviewing trade show websites and looking through the list of attending businesses can also help you identify which regional businesses are out there.
Outsource Business Development – Hire a local person to assist with the legwork of finding the right potential partners. By working with a person that resides in the location that you want to take your business into is an excellent way to tap local knowledge and get personal introductions and referrals to likely candidates.
Benefits for Small Business Partners
Make sure that you have fully thought out what the benefits are that a partnership with your business grants to a small business partner. Small businesses are likely to be extremely cost conscious concerning exploring a potential new partnership. Most small businesses will not have a person that is dedicated entirely to creating partnerships with other business and so you’ll be taking time away from a sales person or executive management right away when discussing a partnership strategy. Due to this fact it is vital that you have a carrot to offer to small business owners so they can see how a new relationship will generate revenue quickly. Partnerships not able to attack “low hanging fruit” which result in immediate ROI for a small business will be less likely to succeed or turn into a long lasting relationship.
Including marketing support resources will help a small business owner look favorably on your idea of developing a business relationship. While it is essential that you attract new clients for your own business, a partner will often be looking for opportunities to attract new business for themselves as well. That is of course unless the revenue share involved in the partnership is so good that it does not matter, however most small businesses will want to grow there number of clients as well. Marketing support can be as limited as just providing the basic marketing collateral already printed and prepared to be handed out to existing clients.
Finding the right local partners is a great way to build a roster of new clients in a specific region, but make sure that your small business partners are well taken care of and can see an ROI in a short time frame. If you can deliver to a small business partner it can be your greatest ally in a new market, however failing to be conscious of their specific interests and resources can see a partnership deteriorate before getting off the ground.
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.
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