Knowing the Ins and Outs of Joint Venture Marketing

When people are considering joint venture deals struck in order to improve their business, they tend to be quite insecure about the whole process. Some may think that they may be asking for too much. Others question their ability to effectively communicate. This kind of thinking will get you nowhere in your quest to enter joint venturing. Focus on the benefits that could result from the union. Keep in mind that joint ventures are beneficial to all the parties that are involved and give them an opportunity to create profits. Our focus here will be on establishing joint ventures between businesses with complementary goals and in a manner that is advantageous to both parties; therefore generating revenue.

More nerve wracking than crossing the room to ask a beautiful woman out on a date, the very thought of having to break the ice with a possible JV partner can make you cringe. This is only because you don’t yet know how to go about it and you lack practice. Once you become more knowledgeable, you’ll be more comfortable. Before you know it, you’ll approach it much like Casanova regarded approaching a woman: natural and relaxed.

People often get a negative response – or no response at all – after the first contact with a JV partner, all because they used the wrong approach. Using only email as a contact tool may indicate to a prospective partner that you’re not adequately committed to your business. You have to show a lot more interest than that. The key to success is dealing with your potential partner in a more personal way. In other words, to be taken seriously you need to speak directly to them, by phone or in person. The more personal, the better is a general rule of thumb.

If you are truly interested in your business and this partnership, you will arrange a meeting and work out all the details. You’ll want to lay out as many specifics as you can to your potential JV partner. Also, highlight all the advantages they will enjoy under this venture. It’s essential that they have a clear understanding of what you’re offering, and how it will benefit them in terms of profit. One can never assume that a potential joint venture partner is going to jump just because you make an offer. This won’t happen; you have to do the sales work. Be sure and emphasize all the gains available on the tail end, assuming you both move forward with the JV partnership. Giving them more than one reason for a positive response you will have set yourself apart from all the other people who may have approached them.

With an initial goal of positively overwhelming the other party, you should reach out to other firms for mutually beneficial joint venture opportunities. Make sure to address the fact that the partner needs to know the product through and through, and what it can do. One way of doing this is by giving your prospective business associate a sampling of what you offer; be it product or service. Once they experience that value firsthand, they will be eager to invite you into their business and share your product with their existing client base. Once their clients realize that they have used your product or service, this will build a trust relationship with them and ultimately, with you.

Always detail the value of your product and how it will benefit their customers; additionally, most potential Joint Venture partners also appreciate special incentives offered by you for their customers or subscribers when they try your product. If you do this, you’ll be much more able to get a JV partnership out of them, especially if their customers and subscribers can benefit. This will make your partner more comfortable about entering into a joint venture with you and they will feel as though they are getting a lost more out of the arrangement by being about to get a discount on the product. Neither of you can lose with this particular deal, and you’ll both get profits you’ve never imagined before.

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