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Secrets of Successful Joint Ventures
By Ken Varga | February 26, 2009
I’ve received a few emails asking me to give you more ideas of doing Successful Joint Ventures.
Remember, a Joint Venture involves two or more professionals or businesses, who have common prospects, or possibly complementary services. These entities now join together for mutual marketing and sales, usually for specific prospects.
They will work together to create joint marketing materials, joint sales calls, referring of prospects, joint direct mail, e-mail or advertising campaigns. They might even combine their services, talents and assets to create a larger base of potential customers.
When I had my Insurance Agency, I would do Joint Ventures with accountants, financial planners and various attorneys. Each individual professional benefited from wider exposure, more referrals, and marketing that is more efficient.
I would venture to say that every professional and company has many opportunities to create joint Ventures.
Here’s an important part of a Joint Venture. Both parties must assume responsibility for marketing the joint venture. A Joint Venture Partner who expects to ride the back of the other partner will quickly find themselves alone.
Here are a few things to keep in mind:
- When you form a Joint Venture, your partner will define your company and will directly impact your sphere of influence and reputation. Each Partner’s reputation “rubs off” on the other. So make sure that you take care when approaching someone as a Joint Venture Partner. As the initiator, you have the advantage of choosing who you want to join forces with. Do Joint Ventures only with those partners that have the reputation you want for yourself and the market reach that you desire.
- When you approach another business to become your Joint Venture partner, you will have to sell them on the idea that the partnership will be beneficial to them, not just for you. They will have a real profit benefit. You must always be ready to give before you receive.
- You must also be the one to assume the responsibility for the Joint Ventures success and you will have to do the vast majority of the work, at least at first. You will be approaching individuals who may like the concept and want it to work, but they will also be skeptical. You will have to carry the ball and show them that you are committed to the Joint Venture and that you will produce results for them.
If you follow thru, the Joint Venture will be an ongoing marketing strategy that will create more and more new customers for you and your business.
Topics: Attract More Clients, Attract more customers, Grow Sales, Growing your business, customer acquisition | 1 Comment »
April 11th, 2009 at 10:35 pm
Hello out there..
Well, I am really new to this Joint Venture Dealing and Brokering Stuff and this has caught my attention drastically…
I was just searching as to what it is and how to be successful in it and I got your post.. Great Hints.. I must say your post spilled out some quite knowledgeable info..!!
Keep up the good work..
and yes one more thing.. NICE SITE INTERFACE.. 
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