joint venture marketing
Joint ventures require a great deal of trust on both sides, particularly when small businesses are involved. They do not have the resources – financial or otherwise – to dive into a lengthy legal battle if things do not work out. This makes it critical that you attract the right partner.
Transparency, is the first step to success
In an effort to achieve your goals, keeping relevant matters and deals related to the potential partnership transparent are important. Each side should be fully informed regarding anything going on in your company that could have potential impact on the partnership. Everyone should feel free to ask questions or offer suggestions for improvement. Also, there should be room for critical analysis by either party. The environment of your workplace should give a feeling of equality to every partner. This environment will help attract the right people; in fact it should be a red flag if the other side is extremely closed mouth about matters you feel are important. Keep financial matters clear and open, it will help make both sides feel secure working together.
Stand behind your words
Before making any statement, think it through, but after that stand behind it. This is something what will help establish and maintain a great degree of trust needed when forming a joint venture partnership. Both sides will have confidence they can trust you to do business together and attract clients. In fact, if all goes well, even after the joint venture is over, the goodwill engendered could lead to recommendations from your former partner.
Listen peacefully, reply thoughtfully
Be prepared for differences because there will be differences.
It’s important to listen and try to understand what your partner is conveying. After listening, identify the areas of concern and then you can begin to work together toward a solution, calmly and without accusation. Gain their confidence by sharing your experiences and expertise without being overbearing.
Work on Time, Pay on time.
If your company has the habit of working on time, you will be attractive to everyone. You should work on time for your clients, and pay on time.
Don’t be greedy
This is one of the key points. If your partner sends his client to you, do your best for them. But don’t lure them from their original provider. If they decide they would like to use your services on their own that’s another matter. Just make sure your hands are clean or you’ll lose your good name. This way your partner will not hesitate in sending their clients to you for help.
If you follow the few suggestions mentioned here, you will surely be able to attract the right partners for a joint venture opportunity.
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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