joint venture marketing
Joint ventures can be a great way to amp up your marketing efforts, but only if they are entered into with proper education and preparation. The reason many JVs fall flat today is because the business owners that forged these partnerships didn’t take the time to consider the best ways to help these collaborations succeed.
We have four ways you can maximize the potential of a JV for the greatest possible success in your partnership.
Know Your Target Market
Before choosing a partner, it’s important to know what sort of market you want to cater to with your marketing efforts. Some businesses have more than one target market, so it might be appropriate to seek out more than one partner for your purposes. However, many business owners can start with a single partner that caters to a very similar market base to their own.
Define the features of your target market before approaching a potential partner to ensure you and your JV partner are on the same page with your marketing efforts.
Choose Your Partner with Care
Once you know your target market, it’s time to hunt out the perfect partner. Look for a company that offers a similar product or service, but does not directly compete with yours. This ensures you will be after a similar customer base without actually stealing customers from one another.
It’s also important to research potential partners thoroughly before collaborating with them. Find out if the company is stable, check out their current marketing efforts and ask about their resources before partnering up together.
Have a Plan in Mind
When you approach a potential JV partner, have a plan in mind that includes a time frame, the target market you are going after, and the marketing methods you would like to employ. It’s also important to know the resources each of you will bring to the table, how you will split profits, and whether trade secrets will need to be protected between partners.
When you have a plan in mind before you meet with a potential partner, it will be much easier to find a business with similar goals and philosophies. Then it’s time to put your plan in writing, in a binding contract that protects your interests and holds each of you accountable for the joint venture.
Set Your Plan in Motion
The foundation has now been laid, and now it is time to set your plan in motion. If you’ve done all of the necessary preparation, this step of the process should be relatively easy. Keep in regular contact as your plan goes into effect to ensure the process is going as planned and make any necessary tweaks or corrections as they arise.
Preparing for a joint venture is the key to a successful partnership. When you take the time to plan ahead and do the footwork at the beginning of the partnership, you will be more likely to enjoy the full potential your joint venture agreement can offer.
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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