joint venture marketing
Joint ventures are an excellent strategy for increasing your market reach and overall revenues but the question is; how can you entice a prospective partner to join you in a lucrative joint venture? Not everyone can see the big picture quite as vividly as you can, therefore it is important to employ strategies to make sure you are both on the same page of excitement.
Increasing the Value of the Partnership
There is only one bottom line to attracting a joint venture partner: provide significant benefits. This is easier said than done, but there are several strategies you can employ to enhance the lure of your proposal.
- Craft your joint venture proposal with only the partner’s perspective in mind. You already know the benefits your business will gain, so there’s no need to re-hash this information in your offer. Instead, focus specifically on how your potential partner will benefit.
- Clearly outline all benefits. What seems obvious to you may not be apparent to your potential partner. Being too clear is never a flaw, but vagueness is always a fallacy. Make sure that you specifically highlight all the benefits, whether tangible or intangible. Of course, your partner will gain additional sales and revenues, but what about intangibles, such as increased branding, new market segments, and free exposure to a target audience? Revenue from these aspects may not be seen immediately, but certainly offer long-term benefits.
- Make your offer standout from the competitors. Chances are you’re approaching a potentially lucrative partner for joint venture purposes and if so, then other companies are doing the same. Making your offer enticing means standing out from the crowd. If you are willing to provide your potential partner with a higher commission than the industry standard, then make sure to mention that first. This will attract their attention, motivating them to read through your entire proposal and absorb the benefits.
- Be exclusive. If you have joint ventures with anyone and everyone, then the most lucrative potential partners will not be enticed. Why would they want to joint venture with you when your partnerships are already saturated? Make sure that your proposal feels exclusive, and discuss the reasons why this proposal is unlike others already on the table.
- Demonstrate your understanding of both customer lists. When you show your potential partner that you have a full knowledge of both customer bases, this will demonstrate your awareness regarding the full potential of the joint venture. Point out why and how your customer lists benefit from the joint venture. The more specific you can get, the more enticing the offer is.
Joint ventures go above and beyond the standard affiliate marketing. Typically, joint ventures can offer significant rewards for both parties that supersede the affiliate relationship. Subsequently, the work you put into enticing your ideal partner will be worth the effort in the end.
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