joint venture marketing
A strategic alliance can significantly open your market opportunities, connecting you with a desired audience. Forming an alliance should begin with taking an honest look at the many aspects that make up your business and making sure the other partner is a good fit. Finding the right strategic alliance is crucial.
The following are critical elements to take into consideration:
Vision: Assess what the company wants to become. Then, based on current practices, compare the vision with the company’s potential to achieve its vision. With that information, you will have a clear idea about what the company needs to achieve that vision.
Core Values: Determine the organization’s values. Ask what it cares about and whom will it benefit. These answers will play an important role in choosing your alliance, as you’ll want to find a company with beliefs comparable to your own.
Evaluation: Evaluate your strengths and be objective about your weaknesses. Determine where you succeed and where you are challenged. Your time is best spent doing what you do best. If you spend more time doing things you struggle with, you are losing money. Find a company who succeeds where you struggle. Chances are an alliance with them will come with added value to your own clients and will give you more time to pursue your strengths.
History: Evaluate when the company started, its major successes and failures. Make sure your understanding of their history is detailed and complete.
Real Issues: Now it’s time to start thinking about the real issues the company has. Make bullet points of everything that is happening internally and externally. Include economic conditions, legislation, and public perception.
Goals: The Company’s goals should be not be to make money, but to provide a tangible benefit to someone or something. Making money is a symptom of filling a need. Strategic alliances could enhance the benefit to your clients, which will equally greater profits.
Key Publics: This may be the most important aspect to consider when shopping for an alliance partner. Pick at least ten of your key publics and prioritize them. Define their importance: who they are and why they are important. When two companies have mutual publics, they have a common goal.
Message Statement: Consider the perception your public will have about your company. Now ask yourselves what are the top three things you want to be known for. Forming an alliance can create or re-enforce the essential message you want your clients to hear. Sending the desired message is invaluable and many companies have used alliances as a creative marketing tool ultimately getting the attention they desire.
When considering a strategic alliance, there are many issues to consider. Once you’ve collected all the data, analyzed the company’s current situation in comparison to where they are going and ultimately where they want to be, you may find an alliance a great vehicle to get you there.
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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