joint venture marketing
Have you tried unsuccessfully to gain a joint venture partner? Perhaps you have given presentations and proposals to other business owners who genuinely were not interested in a JV. Or perhaps you didn’t highlight your own credibility enough. Sometimes a great business idea for a JV is not enough to convince another entrepreneur or business owner to join up. You must earn their trust as a credible potential partner and rainmaker.
Savvy business owners and entrepreneurs are choosy about with whom they spend their time and build alliances. Association with other successful business owners may give them additional credibility and status. Therefore, it’s not just business success, but also the reputation at stake as well.
Subsequently, with this type of business owner with whom you want to partner on a joint venture, you must earn his trust as a credible business owner yourself. Success breeds success, as they say. If you are after a savvy business owner who is careful with his associations, here are some things you might use to gain his trust:
Use your own customer testimonials. Don’t just tout your own success; let your customers do it for you. Your customers and clients can really help your company shine. Whether you provide the best customer service, or produce and sell the best widget, customer testimonials will be the driving force that tells other customers, and your potential JV partner, that you do quality work. Get as many testimonials as you can. A few are good, but 10 shining testimonials are great.
What have you done in your business that has been noticed by the press? Keep a clip file of any and all media about your business. Perhaps you were interviewed by the local major newspaper or gave a radio interview. And better yet, you got a stellar review about your business in a newspaper or magazine. Clip those articles and reviews and show them to your potential JV partner. Again, praise about your business ability from others gives you additional and heightened credibility.
Positive press is nice, but endorsements from other reputable businesses in your industry or field of business can give you a lot of credibility. People with high status and reputation that say good things about your work are a boost toward greater success. For instance, if you invented a small product and famous pitchman, Billy Mays, chose it to be in his next infomercial, you and your product just enjoyed a jolt of credibility from his endorsement.
A potential JV partner with a discerning eye and a sense for reputation may be one of the toughest pitches you’ll make for a business arrangement. But if you feel that their status, business acumen, and product are a good fit for a JV with you, then it’s worth the effort. Be sure to appeal to their sense of reputation and status by highlighting your own.
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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