joint venture marketing Forming a partnership with another company can be a great marketing injection into the revenues of your business. By combining your strengths with that of another company, you will become a greater force in your industry. However, making it a successful partnering does require careful consideration. Creating the Joint Venture groundwork First
joint venture marketing
Forming a partnership with another company can be a great marketing injection into the revenues of your business. By combining your strengths with that of another company, you will become a greater force in your industry. However, making it a successful partnering does require careful consideration.
Creating the Joint Venture groundwork
First you will have to know your company, inside and out. This means you have a clear understanding of your own vision, and you know how the public receives you. Once you’ve determined these elements, it will be the rock on which you are founded. When searching for the right partner, your vision cannot be compromised – even if that means moving onto the next prospect.
Analyzing prospective partners
Next, do your homework to find a company that is genuinely interested in a joint venture. If you are a small business, look for other small businesses to team up with, which will allow you to become a competitor to a larger company. Both you and your joint venture partner will win in this situation. However, small and large companies should both be open to a joint venture together, as this too could be beneficial from a marketing and revenue standpoint.
Consider the separation
Once you have found the company, which compliments yours, plan your exit from the partnership. This is a business tactic used by many, where in forming a united front, you carefully consider everything and anything that could go wrong. You cover all of your bases in the planning stage before you launch. This ensures confidence in each entity and gives you both a clear future because you have removed the fear of the worst-case scenario.
Open the lines of communication
Now that you have formed your joint venture, remember the relationship will require quality communication. Set up weekly conferences to monitor progress as a whole, as well as checking in on how each entity is feeling about the partnership.
Chances are, as with any relationship, there will be issues. Staying on top of any problems is critical. These issues can grow into such a large problems they ultimately destroy the partnership unnecessarily. Communicate on a regular basis. Weekly meeting agendas should include any current issues as well as revisiting your mutually planned “way out” to make sure you are still in agreement.
Create the business plan
Now form your business plan. Once you know each others strengths and weaknesses, shared ideas and compromises, make a plan together. Agree upon suppliers, structure, and allocations. Be sure to do this together.
If completing any of these steps you run into conflicts, then it may be time to move on and find another partner. Any negotiating should be left to less critical items when fulfilling your own vision. If you stay grounded in the fundamentals, the joint venture you form will be a win-win situation for both parties involved.
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