joint venture marketing
If you own and operate a small business, you are most likely earning a small business income as well. Even though you may have spent years getting your business off the ground and running to its current efficiency, you still are not satisfied with the income you generate. You know your business has more income potential, but you just don’t know how to get the word out and bring in more customers. If this is you, then perhaps you have a perfect situation for a strategic joint venture.
Case Study: Joint Venture between a Seminar Producer and Travel Agency
A JV does not have to take you and your time away from your business. In fact, a strategic JV that merely shares resources can push your small business to a whole new level. Take, for instance, Dan Kennedy. Kennedy is an extremely successful copywriter, seminar producer, and entrepreneur who has started or acquired numerous small businesses and turned them into huge and profitable ones.
Kennedy knows the power and potential of a strategic alliance and a JV that can benefit his own growing business. His seminar and speaking business was taking off with more and more bookings every month. He knew that travel arrangements would be frequent, and he needed an ally that could potentially help him save money on travel fees and make the best possible arrangements. He found that ally in a friend who started his own small travel agency.
Through a successful JV partnership, the travel agency owner received the guarantee of Kennedy’s own business arrangements, as well as that of his clients and others who needed to arrange to be at his seminars. In return, Kennedy received the use of the agency’s staff who would answer calls and make all hotel and airline arrangements for his seminar business. Kennedy’s clients enjoyed enhanced service from the agency and freed up his time to focus on other money-making opportunities. The travel agency got a plethora of customers and commissions without any marketing costs. Indeed, the joint venture created a win-win situation for both businesses.
Maximizing the Potential of Your Business through a JV
This is a small example of how sharing resources with a JV agreement can help both parties come out ahead with their own business goals. But you have to think creatively to get the benefit of the right JV partner. You may want to find a business that can help you with bookkeeping, or maybe even share a delivery truck. Think of what you need most to make your small business grow bigger. Then look around your community for another business with the resources you need to reach your goals. Determine how you can benefit that business as well and approach the owner with a proposal for a JV. The worst that could happen is that you’ll get turned down, but on the flip side, you may find a JV partner who needs your help as well.
Get in on the JV action and find multiple ways you can get ahead with your business through strategic alliances. If you don’t, you may have to be satisfied with keeping your business small.
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.