joint venture marketing
A joint venture marketing partnership can be an extremely successful way to raise awareness for your business, as well as gaining new clients that will help further your business. Once you decide that a joint venture partnership is what you want to pursue, there are several ways to go about developing this plan. There are several fundamental considerations to undertake before you get started with your new partnerships.
Develop Sound Business Practices
The mundane day-to-day activities that are vital to the success of a business are not the sexy and fun aspects that most people want to consider when thinking about undertaking a new partnership, but these banal activities are often the keys to a successful business.
For instance, you should already have sound accounting practices in place, as should your potential marketing partners. If you have a better stronghold and establishment in terms of accounting essentials than your prospective partner does, this may ultimately hurt your business.
However, part of the goal in your new partnerships is to learn from the areas of expertise that your business partner possesses, and vice versa. The aim of any partnership is to learn and grow from the expertise of your partners, and to help inform one another’s business decisions.
If for instance, you know that one of your partners does not currently employ sound accounting principles and practices, but they have been upfront with you about this shortcoming and expressed a desire to straighten out their accounting practices as a function of their partnership with you, then this is something you can work with.
You may not have a sound website or client list developed, but have solid accounting practices in place – then you can benefit from a partner who may not have sound accounting principles in place, but who has a cutting edge website and solid client roster. If your partner does have shortcomings, this is acceptable as long as they are shortcomings that compliment your own strengths. Part of the purpose of a joint venture marketing partnership is to inform one another, and to gain knowledge and experience from one another’s areas of expertise.
Build Learning into your Operations
The formation of your new partnerships is a learning process. Do not expect everything to be perfect and go smoothly all at the beginning. Like any new venture or relationship, it takes time to work out the kinks and to get on the same page with your prospective partners. This should not be viewed as a draw back, but merely part of the normal, logical process. All relationships are a constant learning processes – constantly evolving and ever fluid.
Keep in mind that a stagnant business relationship is a doomed business relationship. You may experience friction with your joint venture marketing partners, but this is all part of the evolutionary learning process.