joint venture marketing
A joint venture can be challenging, not just in the sense of business success, but of psychological success as well. Within your joint venture is a dynamic between you and your JV partner that requires careful maneuvering, much like a courting ritual. There are careful dance steps, communication gaps, and misunderstandings. And until you find your groove in how your JV arrangement will progress, you need to tread lightly in order to get a feel for how your partnership will work.
Many lucky first-time JV partners turn out to be a good match, like two peas in a pod. They understand the issues at hand, are willing to discuss important topics, and know how to approach their JV partner to get things resolved. However, many JV partners have personality differences that end up like apples and oranges grown from different trees in different parts of the country. If yours falls into this latter category, make sure you have a communication strategy in hand so that you and your JV partner can find the best ways to succeed.
Your joint venture doesn’t have to be complicated. If you think a JV partnership could be a great long-term arrangement with another business, but aren’t sure about working with the owner, find a small initial project for the two of you to try. Even if it is something you could do yourself, such as designing a brochure or writing a sales letter, sharing the responsibility of an easy task can break the proverbial ice and get your JV relationship on the right track.
Arrange Regular Meetings
Since communication is the key to success between you and your JV partner, be sure to arrange regular meetings where you can discuss your plan or strategy and make decisions where necessary. This may be more frequent at the beginning of your JV partnership, such as two to three times a week depending how complicated your arrangement and strategy is. Then once your strategy is in full motion, don’t neglect to continue meeting possibly once or twice a month to stay on the same page.
Share All Possible Information
Don’t be stingy with information when you and your JV partner meet. Be sure to share all-important information about your JV partnership strategy and results, such as bookkeeping records, customer contact lists, and expense receipts. Feelings can be hurt, suspicions may arise, and the JV partnership could even dissolve if your partner discovered you held back information, or vice versa.
A JV partnership requires a great deal of flexibility. You may end up taking tasks you don’t want or even discover that your JV goals will take longer to achieve due to your partner’s limited time and resources. But remaining flexible shows your JV partner that you are committed to long-term success and are willing to do what it takes to make the venture work.
Joint ventures depend upon good relationships. Take the steps necessary to be flexible and open with your JV partner so that your joint venture has the chance to become a success.
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.