joint venture marketing
joint venture marketing
Working with another company through a joint venture marketing agreement can be a good business decision, especially for companies who have limited resources but are willing to take the risk. Teaming up and creating a new business entity with its own assets and sharing the risks and rewards from the project may be just what is needed to accomplish what seems impossible to do individually. But the question is how to find joint venture partners who are a good fit for your business.
Finding joint venture partners
There are two possible solutions to finding the right JV partner. First, look around your immediate and local market for prospective partners and talk to them directly. The other is getting in touch with them through a “feeler” question or comment. A feeler usually draws out the hint, opinions or purposes of others in a group of people who might be interested into contacting you. One of the best places to find prospects is through social media channels such as Twitter and Facebook, however your first stop should be LinkedIn, which is the leading social media channel for professionals. You will find in most cases, that what you are looking for is just a click away.
Strategies for finding potential joint venture partners
In looking for possible JV marketing partners, you should ask yourself what are the qualities in a business partner that you’re looking for. Are you lacking in funds? If you want additional capital but are not interested in getting business loans, then finding a business investor is what you need. Look for them in your own business community, or even from your direct competitors. Sometimes your competitors are just waiting to be asked for a possible merging. Teaming up with a competitor is sometimes easier than getting somebody who has no knowledge of your business at all.
Industry journals are also valuable resources for scouting potential partners. Look for advertisers who might be interested in joining the venture. Scan your circle of business associates as it’s easier to approach someone you may already have an acquaintance with. They can be reached at conventions, conferences or seminars that you’re attending.
For those companies who have enough capital but lack expertise to further expand their business, look to schools, and the web or specialty institutions as possible leads. The internet has plenty of sites that provide access to freelance service providers. You can browse their qualifications and goals, and who knows, maybe he is the one that you have been looking for to team up with.
There are no limitations as to where you might find a joint venture partner. It could be a friend, or a friend of a friend. You just need to share your insights and visions of the joint venture marketing partnership you have in mind. Who knows, maybe the person sitting next to you in a restaurant or airplane turns out to be your future JV partner.
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.