joint venture marketing
In the past, businesses believed the road to success involved isolating oneself from the rest of the competition. Through setting your business apart from the rest, you were able to stand out from the crowd and attract more potential customers.
However, today’s global market forces business owners to rethink their business strategies, go against their instincts, and formulate relationships even with their competitors. We have tips to help you build business relationship through joint ventures so you can thrive in the new era of connections and interactions.
Synergy can be defined as two or more entities coming together to achieve a single purpose that neither entity would be able to accomplish on its own. In other words, each entity needs one another to grow and prosper in the way they each want.
Joint ventures are synergistic relationships that rely on each business owner pulling his or her share of the load to build the customer list and bottom line of each business in the partnership. Without the JV, neither business would be able to see sales increases of the same volume working alone. Because each has an equal stake in the partnership, each is equally committed to the outcome and is willing to do his or her share to accomplish the goals.
Old-style marketing required businesses to stand apart from their competition, but today, many more business owners are seeing the benefits to partnering with their competition, rather than fighting for the customer’s business. This is known as a strategic partnership, which subscribes to the old adage, “Keep your friends close and your enemies closer.”
When you partner with your competition in a joint venture, you work together to build one another’s business, rather than taking the business away from another company. It’s a win-win for everyone involved in the strategic alliance.
The right business relationship allows you to pool resources for the benefits of both businesses. Whether it is advertising revenue or talent, you both reap the advantages that the other business brings to the table. Perhaps your JV partner already boasts a robust customer list, or you have someone on your staff that knows how to write an article that gets results. When you combine the best of both businesses, the integrative improvements that result can be exponentially beneficial to the entire partnership.
No More Outsourcing
The right joint venture relationship may even put a stop to necessary outsourcing, using assets found through your partnering business instead. Because you’re pooling resources, the strategic partnership is not considered a true outsource. However, the relationship allows you to get additional sources and talent without having to go outside your business and hire contractors to do so. You reap the benefits of an outside source while keeping the control of the operation within your joint venture.
Joint ventures are another way to build business relationships that benefit both partners in amazing ways. When you pool talent, resources and labor for the benefit of the venture, there is serious potential for boosting the customer base and bottom line of both businesses in the partnership.
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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