joint venture marketing
You know that joint ventures have become a lucrative way to build your business with little up-front costs. However, knowing joint ventures are a good idea and actually launching one can be two very different things.
The first step in any successful JV is attracting the right partner to the mix. Once you have identified the business that can help you explode your profits, the second step is to get that prospective partner to sit up and take notice of your proposal.
We have four ways to capture the attention of a prospective partner and raise the odds of a joint venture success.
Stand Out from the Crowd
If you’re going after a larger company, understand that they may be receiving multiple proposals that are similar to yours. Make sure your proposal stands out from the crowd by letting your unique characteristics shine.
Take some time to think about what sets your company apart from the competition, and highlight those points in your initial proposal. At least the other business owner will take notice of what you have to offer, which will make him more likely to accept your proposal.
You may be sending out multiple proposals in a single pop, but there’s no reason why your prospective partner has to know. Personalize all of your correspondence, highlighting specific reasons why you want to work with their company. Customize your own benefits to show partners why they might want to work with you as well. Everyone likes to feel like they’re someone special and prospective JV partners are no exception.
Professionalism is a Must
Joint ventures require a high degree of professionalism if they are to be successful from the beginning. While your correspondence and face-to-face meetings can be pleasant and even friendly, they should never lose their professional edge. This means proofreading all correspondence for errors before mailing and dressing the part whenever you set up an appointment with a prospective partner.
Creativity is a Plus
Creativity will help you stand out from the crowd and show your JV partner what you might be capable of handling in the marketing department. You don’t have to get too crazy with your creativity to show you think independently; try including photos or customer testimonials with your original proposal or offering marketing samples at your first meeting. Joint ventures are dependent on savvy marketing and creativity is the first step in marketing that gets results.
Finding JV partners is hard enough, but once you locate some good prospects, you need to be prepared to grab their attention. These four tips will help you exude a professional image that prospective partners are sure to notice and appreciate. When you can successfully make your company stand out from the crowd, you will be more likely to attract the partners that hold the greatest potential in helping you build your business.
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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