joint venture marketing
Doing what you do best and only what you do best is the ideal situation for everyone. For example, if you make an excellent widget, then you want to keep perfecting those widgets, not deal with the online sales and shipping of your widgets. Or, if you are a writer of children’s books, than you want to focus on the writing, not the distribution and marketing of your books.
Obviously, sales and marketing are still very serious needs that must be met in order for you to even have a business, but other people can provide those needs if you’re willing to let them do so. Makers of widgets can hire companies to process their orders, ship the widgets, and even handle customer service in its totality. Children’s book authors often work with agents and publishers to create successful marketing campaigns for the distribution and sales of the new book . These types of partnerships are joint ventures in which both companies win.
Focus on your expertise
The first step in forming this type of joint venture is determining what you do best. If it is a product you provide or an excellent service, you need to pin down how your time is best spent.
Then figure out what part of your company you would like someone else to handle. It could be as small as having an outside vendor handle your payroll, or as large as forming a joint venture for future advertising campaigns. Creating a joint venture for a large or even small part of what you are doing now will allow you more time and energy to focus on what you already do.
Seeking out joint venture partnerships
On the other end of the spectrum, if you are an excellent sales and marketing professional, you might want to seek out a company that has synergies with your business. If you love their widgets, then propose a joint venture marketing campaign that will propel both of you into the forefront of the target audience. Or, if you find a great children’s book author and you sell children’s toys, then you can propose a joint venture email campaign.
The most important aspect in forming a joint venture is your personal belief in what you do. If we are honest, we all know there is something in which we excel. Indeed, we may have become good at many things, but chances are we all have a special skill or talent.
If you can discover your specialized talent, then you will see where others are not as adept in that area. Actually, you are likely to find people that despise doing what you love to do, and vice-versa. This is a great thing! The beauty of a joint venture is that your strengths are the other partner’s weaknesses, and vice-versa. This helps you create a marketing campaign or business strategy that is more powerful than your individual efforts. Finding the synergies and capitalizing upon those differences in a joint venture can take your business to the next level.
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