Joint Venture Psychology – Turning Weaknesses to Strengths

Do you know your strengths and weaknesses? Anyone who has sat down for a job interview has probably been asked these questions. However, have you actually sat down and truly analyzed your weaknesses?

Weaknesses may appear to be strengths. For instance, a perfectionist may consider his need for superior craft, design, or process an asset, when in actuality; it hinders his progress and prevents forward momentum. By carefully determining where your weaknesses are, you can work toward improving them, or using them to the advantage of your business or your JV business.

As an example, during your JV efforts, you find that your marketing strategy for billboard advertising is not what you expected, but your online marketing is showing results. As a response, you and your JV partner modify your strategy to reduce billboard advertising and focus more on online SEO searches and pay per click advertising. This helps to generate the most out of your marketing dollar and improve sales.

The same holds true for your own weaknesses. You might determine that something is not working as well as you’d like. However, by modifying your behavior or capitalizing on a weakness, you can improve your own personal achievement.

Write It Out

The first thing you must do is take some time to write out your weakness. This is not the time to be over-confident and deny that you have any. Consider what hinders your progress. Are you a procrastinator? Do you have trouble with authority and taking directions? Are you a slow typist? Any of these could be a weakness that prevents you from getting work done. Be honest and list what you think are your weaknesses. Then ask others as well.

Determine the Impact

What do your weaknesses cost you? Does your procrastination cost you time and money? Does your problem with sharing authority prevent decisions? Knowing how your weaknesses affect your external outcomes is important to know before you can begin working on internal changes.

Dedicate Yourself towards Improvement

Now that you know what you can improve, and what happens if you don’t, you must dedicate your efforts toward improving that weakness into an asset. Were your communication skills determined to be a weakness? Take writing and speech classes. Procrastination an issue? Read books on organization today (don’t put it off!), or take a local community center class on improving organization and motivation skills.

Capitalize on Weaknesses

With your work set before you, you can set a goal to capitalize on your weaknesses. Take the classes. Face your fears. Focus on improvement. And don’t forget to measure the results. When you can measure your improvement in certain areas, then you know you are on the right track to turning your weaknesses into assets.

Remember, there is strength in your weaknesses. You merely need to crash through the blocks of doubt and denial, and focus on changing behaviors.

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.

Joint Venture Psychology: Letting Go of Perfection

Are you a perfectionist? Do you obsess over little mistakes? Do you feel like a failure if you don’t succeed every time? Are your projects never complete because “it’s just not quite right”? If you answered yes, you may be a perfectionist.

Although there are some benefits to being a perfectionist, there are also many things you need to let go in order to continue being successful with your JV business and relationship.

Excellence is a goal towards which to strive. It is a noble goal for any business, especially with your JV efforts. However, achieving excellence is not the same as achieving perfection. And many people who are perfectionists confuse the two frequently. If you’re looking to achieve excellence in your JV, it would be wise to gain a healthy sense of perspective.

Don’t Set Out of Reach Goals

Have you set unrealistic goals for your JV business? Many times a perfectionist will “shoot for the stars” and end up being very disappointed when they don’t reach their goals.

Instead, you and your JV partner should set goals that are a stretch, but still attainable. In doing so, you and your JV partner will have something to strive for that is not too easy, but realistic.

Enjoy the Process

Perfectionists have a tendency to never be satisfied unless 100% perfection is achieved. What they should keep in mind is the previous tip and enjoy the process in the meantime. Remember the old adage, “half the fun is getting there”? Enjoy the process of achieving goals. A goal is reached by checking off many steps. Each step is a move forward in the adventure. Learn to enjoy it!

Avoid Paralysis

Many perfectionists also have a tendency to over-analyze things to the point that they suffer from “analysis paralysis”. One reason may be fear of failure. They hesitate to make a decision because they’re afraid they’ll be disappointed if the decision is wrong. This kind of anxiety is unhealthy and certainly unproductive for business.

Instead, learn to make decisions and stick with them. You don’t have to rush or make rash decisions. Do take the time to weigh pros and cons of your choices. However, once you have made a decision with your JV partner, feel free to review the process along the way, but commit to your choice and make it happen.

Learn From Mistakes

Many times, perfectionists believe that mistakes are the ultimate failure. Nothing could be more wrong! Mistakes are the way we learn and improve. Don’t feel that mistakes and setbacks will ruin you or your JV business. Take the proverbial bull by the horns and make the mistakes work for you and improve your tactics, your strategies and your actions.

Joint ventures are a great way for perfectionist to practice letting go. In a solo business or entrepreneur venture, you get to enjoy all the success, as well as the failure. However, with a JV partner, you can learn to compromise and become the achiever.

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.

3 Simple Psychological Rules to Help Your Joint Venture Thrive

Many small business owners experience great sales success when they form a joint venture, but some do not. What is the difference between a successful JV and an unsuccessful one? It could be the consumer psychology used to sell JV products and services! Read below to discover some simple tricks to help increase your JV sales.

1. Don’t Give Consumers a Choice

Consumer research has proven that too many choices can deter consumers and actually drop sales. Choices can cause the dreaded “analysis paralysis” in consumers. Rather than providing all things to all customers, a JV that markets a wide variety of similar products may do more harm to their sales because consumers would rather make no choice than make a complicated one.

Too many choices may also cause buyer’s remorse. Why? Consumers will wonder whether they should have made a different choice and possibly regret the buying decision. So why drive your customers away? Don’t give them too many choices. Rather, provide a quality product each and every time that will satisfy customers and give them reason to return or tell others about your JV business.

2. Customers Buy Happiness

Customers will spend more money when they feel good about their purchase. Even if your JV sells a product, the experience that the customer feels during the purchase can make the sale very worthwhile. What does that mean for your JV business? Focus on customer service and atmosphere.

When you greet customers and treat them as friends, they enjoy the experience more than with a sour-faced and bored clerk. Customers always appreciate good customer service, even if they do not acknowledge it in the moment.

If your JV runs out of a brick and mortar location, provide a welcoming place for your customers as well. Hire an interior designer if necessary to create an atmosphere where customers feel comfortable. A fine five-star restaurant is a good example of a place that may create a welcoming dining atmosphere. Consider all the senses, good lighting, creative décor, soft music, and pleasant aromas.

3. Focus Advertising on Your Product

Some general consensuses believe that certain elements in advertising will help sell a product, such as sex or comedy. The belief is that attaching attractive women to a product primarily bought by men will help its recall and sales.

However, researchers at the University College London found that product recall was no better when sexual or comedic elements were used in advertisements on television ads.  Therefore, focus on your JV product and its benefits and problem-solving usefulness in your ads. There is no need to spend more money on clever gimmicks that do not help sell a product.

Your JV can experience more sales if you know how to effectively advertise, display your products, and treat your customers. Try these simple yet effective psychological tricks and see how your sales climb.

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.

3 Psychological Secrets of JV Marketing

What causes a joint venture to fail? Usually it is due to the lack of enthusiasm on one or both parts of the partners. However, many times it will fail because the JV partners simply didn’t market or promote their product or service properly.

What is your JV product or service? Tell your customers! But how do you tell them in a way that will get them to try your product or service? Try these promotional secrets that utilize the psychology of the customer who want to indulge themselves.

1. Pricing

How do you price your JV product? Does your service run an even $400? The psychology of pricing can make a big difference in how many sales you make. It has been proven that the pricing method of your product can determine its success.

Take, for instance, your $400 service package. Do you think customers will find it a bargain at $395? Pay no attention to the lost $5 and do take note of how many more sales you will make.

Try pricing in bulk as well. One item may cost $20, but try offering 3 for $50. You will sell more and your profits will prove it.

2. Not All Is Lost

What do your customers stand to lose by NOT using your product? One way to create demand for your product is not to emphasize the benefits, but to let a potential customer know what is lost by not using it. Think of all the side-by-side tests found on TV commercials. Your bathtub will remain dirty with mildew if you fail to use Product X. Your dishes will have spots unless Product Z is placed in your dishwasher. Don’t just promote the benefits, but emphasize what will be lost if your product or service isn’t in use.

3. The Picture That Sells

And speaking of promoting the benefits of your product, are you doing it correctly? Of course, it’s easy to say, “our product will help you by doing A, B, C…” etc. But a list of features is boring and monotonous. Instead, put your features into a colorful description, or better yet, a photograph. Would you rather buy a hamburger, or “a sizzling, fresh, 100% beef burger charbroiled to perfection, inspired by the warm breezes of the Caribbean?” The use of photos can also bring your product closer to your potential customer. Again on the food theme, have you ever noticed that popular restaurants use menus with tantalizing photos of the food items? A picture can truly be worth a thousand words.

Get your JV out of the doldrums. It doesn’t take but a little bit of creativity and imagination to get your product in the proper promotional mindset. Use the tricks that major corporations have been using for decades and you may find that your JV sales will take off.

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.

Use Business Psychology to Help Your JV Succeed

Business psychology is one of the fastest-growing and exciting areas of business application. Major colleges and universities are creating undergraduate and graduate programs that deal specifically with business psychology. Business leaders in larger corporations are finding that business psychology helps their organizations perform more efficiently and run at optimum levels.

Business psychology can be a vital factor to the success of your joint venture since psychology plays a part in every person-to-person transaction you perform. Here are some of the important ways your JV can grow and succeed when you implement positive business psychology:

Relationship Building

Starting with your own JV partner, you must form, build, and maintain business relationships. Your relationship with your JV partner needs to be cooperative, progressive, and encourage creativity. You’re a team, and teamwork is the ability to work together toward a common goal.

• Interpersonal skills - How do you communicate with people? Does your approach make others feel welcome and receptive, or chastised and put down? Interpersonal communication is a skill and sometimes needs to be learned, honed, and practiced. Learn to be able to communicate effectively with business partners, customers, and employees.

• Build lasting relationships – Using your interpersonal skills along with your personality, you must build relationships in order for your JV to succeed. Talk to others. Make friends and acquaintances. Network. Even shy and introverted individuals can learn to use their strengths to build relationships that help their respective businesses succeed and be a pleasure to with whom to work.

• Teamwork – Are you a team player? Or do you play by your own rules? If you want to build your JV business relationships, be prepared to leave your ego behind and contribute to the greater good of the team. It is important for every member of a team to contribute. And even if you are the leader, your job is to encourage that contribution from everyone and help them do their best, rather than an autocratic “do it my way” approach.

Networking

Whatever your JV business, networking will help you and your JV partner experience growth better than simply hanging out the proverbial shingle and advertising. People carry news to other people more effectively than any other method. Be sure you use positive business psychology and your relationship building techniques to help promote your JV through networking with other business owners, customers, and anyone who can potentially put in a good word about your business.

Professional Development

What about your own professional development? Take classes in business psychology, interpersonal skills, or even classes that can help you work through shyness. Many community colleges offer such classes usually at cheap tuition. Other for-profit companies offer professional development for reasonable prices. Take the time to develop your business psychological skills with your own personal development training program.

Business psychology, whether you recognize it or not, is employed continually around any business. Don’t let it work against you. Develop your business psychology skills so your JV can grow and prosper.

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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