joint venture marketing
As with any relationship between spouses, friends, relatives, and even co-workers, your relationship with your JV partner requires that you continually develop and nurture it so that you both feel confident, supported, and satisfied with your endeavor. That means after you both agree on a JV partnership and put your strategy in motion, there are relationship obligations you must perform to keep your JV partnership healthy and happy.
1. Listen and Understand
Communication between you and your JV partner is a must. But that doesn’t mean that you bring your problems to the attention of your JV partner. It also means listening to their issues as well. You need to feed your JV partner psychologically by addressing their interests, wants, and needs.
Listen carefully to what your partner has to say about the progress of your venture. Do they sound fed up? Are they excited and enthusiastic? Listening well can give you clues as to what you may need to do in order to keep your JV partnership thriving.
Empower your JV partner. That means trusting them to do what they say they can accomplish and trusting them to make good decisions. Don’t try to take the lead in every task that needs to be done for the benefit of the JV. Allow your partner room to soar and run with their talents.
3. ‘Tis Better to Give
Give as well as receive in your JV relationship. Partners who give emotionally, physically, financially, and socially are more likely to experience success. Give of your time to perform necessary tasks pertaining to the JV, such as bookkeeping, bundling and packaging products, or even making sales calls. Make sure your partner knows you are willing and able to share the load associated with your JV.
4. Inspiration and Motivation
Find out the strengths of your JV partner and encourage them. They may be a great salesperson, so encourage and inspire them to take the lead in acquiring leads and new customers. And don’t forget the rewards for a job well done. Motivate yourselves to reach a milestone by promising a celebration dinner at a fancy restaurant, for instance.
Don’t forget that people want to be recognized for the jobs they perform. A pat on the back can go a long way in showing your appreciation for the hard work your JV partner has put into the endeavor. Write a note of thanks for accepting and performing a particularly ugly task that neither of you wanted to do. Tell your partner you appreciate them for their customer service and care issues relating to the JV. Without ample appreciation, your JV partner may feel that you take them for granted, but nurturing the relationship will lead to benefits to both parties.
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.