joint venture marketing
joint venture marketing
A well crafted joint venture marketing partnership is a simple, low risk way to boost your market visibility and grow your company sales and customer base during these difficult economic times. Because of this low risk, a joint venture marketing partnership it is a win-win endeavor for all parties involved.
Low Risk Trial
Most joint venture marketing partnerships require very little risk, and often no formal legally binding contract in order to sample the effectiveness of the new partnership. While there are no guarantees the partnership will deliver the results you are looking for, it is worth experimenting with and can be executed in such a way as to minimize any potential long term problems.
A joint venture marketing partnership can be performed on a very small scale and without a formal contract, making it fast and easy to implement. The easiest way to test a joint venture marketing partnership is to align your business with only one other company to start with. Ideally, you’ll want to partner with another company who is also looking to start a small joint venture marketing experiment, and a company who is comparable in size to yours.
Identify Goals and Trial Length
Once you identify a company with which you would like to partner, the next step is to discuss the particulars of your arrangement and determine what each of you is looking for from such a partnership. You’ll also want to be sure that you have the same goals in mind for the length of time for which you will try out the partnership. You may want to agree to three months, six months, or even a year, depending on the size of your company. The size of your business will have an effect on how quickly you notice a change in your customer numbers and profits after implementing your joint venture marketing partnership.
Generally speaking, a larger company will notice a run in their sales and customers rather quickly because they have a larger base to begin working from. Therefore, when two medium to large sized companies engage in a joint venture marketing partnership, they may need only a three month trial period to assess if the joint venture is worth pursuing. A smaller company may require up to six months or even a year to truly assess the effectiveness of their joint venture marketing partnership.
Whatever length of time you decide to use as your trial period, one of the most attractive features of a joint venture marketing partnership is the low-risk involved and the ease with which you can initiate the process. Once you agree to a mutual vision, you do not necessarily need to involve an attorney for a legal agreement, but you will want to put something in writing to protect both of your interests. This will ensure both parties are clear on the terms to which they are agreeing. You can draft an informal agreement that will be legally binding should anything digress, without involving the services of a lawyer.