joint venture marketing
You may think that the hard part is over when you have completed the research and found potential JV partners that can offer the greatest benefit to your business. However, that’s just the beginning. Once you have a list of bigger and better joint venture partners, it’s time to woo them into your corner and get them to say yes to your business proposition.
We have tips to help you hook the big companies and get them to go along with your potential JV partnership.
Know Your Potential Partner
Getting a JV prospect to say yes begins by taking the time to get to know the business so you can approach them on common ground. Look further than merely the benefits you stand to receive from the potential partnership. Consider also the advantages your prospective partner might reap from working with you. Get a good feel for the demographics of their customer base and how well it matches up to your own. Know their product and their reputation so you can wow them with your knowledge of their business from the very first contact you have with them.
Canned email or even snail mail propositions to JV partners do not typically work, primarily because they are too easy to ignore. Forget the written correspondence and instead, pick up the phone and call a prospective partner. You can use the personal phone call as a follow up to a personalized email if you prefer, but direct contact between you and your JV prospect is a must if you want another business to sit up and take notice of your company. The more time you take to craft a professional, thorough agreement with a prospective partner, the more likely your prospect will sit up and take notice of you.
Show the Benefits
Sure, the primary reason for a JV partnership is to grow your own business, but you’ll be more likely to gain a partner if you show what you can do for them. You might be thinking that you don’t have anything to offer a larger, more established business, but think again. You can always offer up a share of your profits and perhaps a relatively large share, if you are a very new business with few assets under your belt at this point. Don’t despair over the idea of giving a significant amount of you money to a JV partner; you will more than make up the difference with a larger customer base and increased sales.
Landing the big businesses for your JV partnership isn’t difficult, but it does require a bit of marketing savvy to ensure it is successful. Spend the time researching and putting in the necessary footwork at the beginning to find the best partners and craft a professional, beneficial agreement that your prospect will be sure to notice. With these tips in mind, you will be more likely to sniff out and attract the best businesses to effectively build your customer base, sales and bottom line.
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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