joint venture marketing
If you are convinced that a joint venture can lead to great profits and other benefits, you may be on the hunt for a potential JV partner. You have the enthusiasm, the spark, and the drive to make a joint venture work. However, the only thing missing is a partner. If you are going to recruit a JV partner to join your venture, you need to build an irresistible offer.
When you approach a potential partner for a joint venture deal, you’re really asking them, “Do you want to go into business together?” You must remember that they are already in business and the real barrier you need to break down is their resistance and skepticism to joint ventures. How do you do that? Here are some tips you should use to build an irresistible JV offer.
As a business owner or entrepreneur yourself, you know that people like to do business with other people they trust. You must present yourself as a trustworthy and competent business partner. Therefore, before you can even begin presenting an offer, you must present yourself.
Talk a while with your potential partner. Perhaps treat them to a meal (all tax deductible, of course) where you can relax and get to know your potential JV partner. Find the common ground you share, whether it is being raised in the same state, growing up cheering for the Cowboys, or being the youngest of siblings. Your common ground is the basis for building rapport. Find that connection that gets you both on the same level and playing field.
While you are making your proposal your potential JV partner is thinking, “What’s in it for me?” Your job, after establishing rapport, is to present exactly what’s in it for him. Well before you meet with your potential JV partner, you must create a list of benefits that he will enjoy. These benefits could be, but are certainly not limited to:
- More profits – Who doesn’t want to make more money in business? Show how the JV will put more money on his bottom line.
- Less work – One great thing about JVs is the sharing of resources. Sharing the work load means more time spent on developing his business or making money.
- Bigger customer base – Don’t forget that you both will be combining current customer bases and building a new one as well. Get him thinking about his future marketing contact list.
Show Specific Details and Data
Don’t give vague figures and ideas like, “This will be great! We’ll make lots of money!” You need to show specific details about how your proposed JV will succeed. Work up charts, graphs, tables, or any visual element that will help your target partner visualize the success of your proposal.
Remember to keep it simple. Though you want to provide specifics, keep the details simple to understand. A potential partner bogged down in a mire of confusing details may not be ultimately receptive to the proposal.
Your irresistible JV proposal is just the beginning of a potentially long-term relationship. Take the care it needs to develop into an attractive and stimulating offer. The result could be a “yes” on your JV proposal and great success with your venture!
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.