| Joint venture marketing is perhaps one of the most | | | | for you to market your business, you will find that |
| lucrative marketing strategies you can use | | | | you are consolidating knowledge as your business |
| immediately to build relationships, share knowledge, | | | | relationship grows. Your marketing expertise will grow |
| consolidate resources and make money. Use of a | | | | exponentially and you will be able to laser-beam in on |
| proper strategy, in conjunction with project | | | | the precise market(s) that want and need your |
| management skills is a potent formula that, when | | | | products and services. |
| done correctly, will help you accelerate growth as | | | | On the flip side, your business may possess invaluable |
| opposed to trying to do things on your own. | | | | knowledge that could be used by another firm that |
| Essentially, in a JV Plan your company resources are | | | | would benefit from your contacts. So, know it's a |
| consolidated with another (or multiple) companies by | | | | two-way street. Your customer list is a potential |
| where "through consolidation of resources" all parties | | | | asset to your company and the joint venture |
| have a chance to share in the benefits derived from | | | | partners. Oftentimes, this list can be used in ways to |
| the venture. As was stated earlier, we have found | | | | generate revenue streams that did not exist before. |
| joint ventures to be one of the most overlooked and | | | | More than likely your company maintains a database |
| under utilized marketing strategies you can use, | | | | of who buys your products and who you would likely |
| regardless of business type. . | | | | buy your products, both now and in the future. |
| For example, your business may have a wonderful | | | | It is highly probable that another business would like |
| product or service, but is lacking access to the | | | | to market to your customers. We're not talking |
| proper audience (or an email list) that would benefit | | | | about your competition; but another product or |
| enormously, from your product or service. So, it | | | | service your potential partner would be interested in. |
| behooves you to understand just how important | | | | Know this: Consolidating resources is perhaps one of |
| joint ventures are. A likely joint venture partner | | | | the fastest ways to launch a new business and grow |
| would have a client list that gives you access to new | | | | an existing business; hands down! |
| client who buy you product the list owner. | | | | When you are the owner of the customer list, the |
| Together, the consolidation of resources are | | | | trust is inherent. To a certain extent, a trusting |
| galvanized to achieve strategic goals and objectives | | | | relationship has already been established, because |
| for all participating partners. That being said, there is | | | | you provide a product or service that may be |
| more to joint venture marketing than simply Googling | | | | needed by the list owner's clients. That is at the |
| potential business partners who claim to have just | | | | heart of an online JV. |
| the contact list you are lacking. Consider the building | | | | This must also be kept in mind should you choose to |
| blocks of the business relationship with your potential | | | | joint venture your customer list with another |
| joint venture partners. | | | | business. That partnering company must be able to |
| Sending a letter of intent to a potential JV partner | | | | build a trust relationship with your customers and |
| found solely on the Internet, without any personal | | | | must not harm the relationship you have cultivated. |
| interaction, could actually work against you.The | | | | Your company could simply recommend a useful |
| Internet is full of scams looking for great products to | | | | product or service that is complimentary to the |
| steal from unwary "business partners." | | | | product already being sold. |
| Do the following: First, learn from people who have | | | | Perhaps a joint venture partner has developed |
| your best interest in mind without taking an initial big | | | | software that enhances a product your company has |
| risk. Please know, that's not to say that personal and | | | | sold in the past. That (in many cases) would be an |
| business relationships can't be built over the Web. | | | | ideal situation. Not only does the software enhance |
| You can join forums where other members know | | | | the experience with your business' offering, it creates |
| about potential business partners in the joint venture | | | | a bond where both are needed to get the most out |
| space. | | | | of the products. |
| Sometimes, these exact same people will even seek | | | | Remember, when executed correctly, a well planned |
| out peers to find partners for you. We do that too. | | | | joint venture can be a very lucrative way to get |
| The fact is your peers (and people within your | | | | your products to other businesses' customers, and |
| business circle) are an excellent source to inquire | | | | build business relationships that will last as long as the |
| about a potential joint venture partners. After all, a | | | | parties believe they are in a win-win situation that |
| business peer is usually someone you can trust. Trust | | | | complements each other. |
| is essential to any joint venture. | | | | Finally, it's important to avoid the most commonly |
| Once you find a partner who has the right contacts | | | | made mistakes when attempting such a venture. |