| Setting up alliances with joint venture partners will | | | | - Can you barter something else? Time, expertise, |
| enable you to generate additional income, expand | | | | contacts etc |
| your marketing network, cross refer business and | | | | |
| extend your service offerings, at typically, no extra | | | | Steps to identify, approach and secure a joint |
| cost to you. It does take time, however, to establish | | | | venture partnership: |
| the partnerships. The time investment is often | | | | |
| mostly upfront, and once established, the time spent | | | | 1. List all the companies, industries, service and retail |
| in maintaining the relationship is minimal. A joint | | | | providers that market to your target audience |
| venture partner is someone who targets the same | | | | 2. Identify the ones that offer services/products that |
| clients as you and your services/products are | | | | rate the highest complement to yours |
| non-competing. | | | | 3. Go through your personal contacts to see who fall |
| This strategy is most practical for businesses with a | | | | into these categories |
| small or non-existent marketing budget. | | | | 4. Next, go through your trusted friends, associates |
| Attributes of your ideal joint venture partner: | | | | or colleagues who have a relationship with these |
| - They have a business relationship with your target | | | | categories and ask for a direct referral or personal |
| audience and have provided a quality service or | | | | introduction |
| product | | | | 5. Devise your approach strategy - will it be a trial of |
| - They have influence (trust & credibility) with | | | | your services, an irresistible offer for their clients, a |
| their clients | | | | high commission or a barter? |
| - They have clients who are used to spending money | | | | Important note: |
| on a similar service | | | | Do not give up. This strategy requires time, effort |
| - Their service or product is complementary to yours | | | | and some businesses may not be receptive to |
| - They are open minded and have an interest in | | | | opening up their database to you. That is why an |
| forging an alliance because of the value you bring to | | | | introduction from a trusted source or someone with |
| their clients | | | | a personal relationship with you will be the best |
| How can I interest a joint venture partner to work | | | | targets to hit first. Do not be discouraged if the |
| with me if I'm just starting out or have nothing to | | | | potential partners you approach are not open-minded |
| give them? | | | | to working with you. That is why you have a list; |
| - Give them access to your database | | | | you just keep going and contact the next one until |
| - Give them a percentage of the profits from the | | | | you secure a relationship. Some may bring you new |
| sales to their clients | | | | business, some may not. Out of 10, there may be |
| - Sell yourself, be upfront. Tell them of past success | | | | the one that is highly lucrative and best of all, at no |
| stories and that you will reciprocate | | | | cost to you! |