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4 Ways to Keep Your Customers Coming Back

December 30, 2009 by Christian · Comments Off 

When you formed your JV business, where did you acquire your customers? Did you combine mailing and contact lists to offer existing customers great new and improved benefits with your JV business? Did you advertise to a specific demographic and target market?

Wherever your JV customers came from, it is important to realize that repeat business is essential for most businesses. In addition, it is important to remember that customers, new or returning, have a choice and can always go to your competitors if they feel you have not earned their business.

What can you and your JV partner do to keep the customers returning time after time? Here are four great ideas about how you can treat your customers to assure their loyalty.

1. Give the Extra Value

No matter what you sell in your JV business, always go the extra mile for your customers. As an example, say five other businesses selling hair products just like your JV business. What attracts customers to your place of business? It could be that you offer a free trial, you give complementary samples along with a free wash, or maybe it’s because you simply sell the products cheaper by running a low overhead.

Regardless of the reason, people will choose your business over another because of the value they receive. Be sure you give them the extra value so they keep coming back.

2. Respond Promptly

Do you and your JV partner operate a service business? How quickly do you respond to customer calls or inquiries? Do you answer calls right away, or let it go straight to message?

Responding right away to your customers gives them the impression that their problems or needs are your top priority. Even if you can’t answer a call right away, returning a message within an hour or two is essential for letting the customer know you are on top of his or her problem and will be there to serve his or her needs.

3. Go for Never-Ending Improvement

Don’t just sell the same product or service again and again, over and over. To earn loyal customers, you must not only meet their needs, but also constantly improve so you always provide that “wow” factor and stay ahead of the competition.

Try to improve the quality of your manufactured goods. Even the packaging of your JV product is a facet that can be improved. Or in a service industry, strive to include more value for your services, such as more streamlined packages, or new methods to include with your service.

4. Always Demonstrate Respect

One of the best ways to keep customers coming back is to simply respect them. Remember when it was customary to refer to customers by last name, such as Mr. or Ms. So-and-So? It is sad to think the days of respect are gone, but you can bring them back in your JV business.

Always speak to customers with a smile. Attempt to resolve conflicts with sincerity and a respect for the customer’s needs. You don’t have to say the cliche, “have a nice day”, but substitute that farewell with something like, “thank you for your business”, “we’ll see you next time”, or perhaps, “it’s been a pleasure”.

Loyal customers are the backbone of your JV business. Give them the reasons they need to make the choice of loyalty. Your JV business will be glad you went the extra miles.

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.

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Joint Venture Psychology: Letting Go of Perfection

December 28, 2009 by Christian · Comments Off 

Are you a perfectionist? Do you obsess over little mistakes? Do you feel like a failure if you don’t succeed every time? Are your projects never complete because “it’s just not quite right”? If you answered yes, you may be a perfectionist.

Although there are some benefits to being a perfectionist, there are also many things you need to let go in order to continue being successful with your JV business and relationship.

Excellence is a goal towards which to strive. It is a noble goal for any business, especially with your JV efforts. However, achieving excellence is not the same as achieving perfection. And many people who are perfectionists confuse the two frequently. If you’re looking to achieve excellence in your JV, it would be wise to gain a healthy sense of perspective.

Don’t Set Out of Reach Goals

Have you set unrealistic goals for your JV business? Many times a perfectionist will “shoot for the stars” and end up being very disappointed when they don’t reach their goals.

Instead, you and your JV partner should set goals that are a stretch, but still attainable. In doing so, you and your JV partner will have something to strive for that is not too easy, but realistic.

Enjoy the Process

Perfectionists have a tendency to never be satisfied unless 100% perfection is achieved. What they should keep in mind is the previous tip and enjoy the process in the meantime. Remember the old adage, “half the fun is getting there”? Enjoy the process of achieving goals. A goal is reached by checking off many steps. Each step is a move forward in the adventure. Learn to enjoy it!

Avoid Paralysis

Many perfectionists also have a tendency to over-analyze things to the point that they suffer from “analysis paralysis”. One reason may be fear of failure. They hesitate to make a decision because they’re afraid they’ll be disappointed if the decision is wrong. This kind of anxiety is unhealthy and certainly unproductive for business.

Instead, learn to make decisions and stick with them. You don’t have to rush or make rash decisions. Do take the time to weigh pros and cons of your choices. However, once you have made a decision with your JV partner, feel free to review the process along the way, but commit to your choice and make it happen.

Learn From Mistakes

Many times, perfectionists believe that mistakes are the ultimate failure. Nothing could be more wrong! Mistakes are the way we learn and improve. Don’t feel that mistakes and setbacks will ruin you or your JV business. Take the proverbial bull by the horns and make the mistakes work for you and improve your tactics, your strategies and your actions.

Joint ventures are a great way for perfectionist to practice letting go. In a solo business or entrepreneur venture, you get to enjoy all the success, as well as the failure. However, with a JV partner, you can learn to compromise and become the achiever.

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.

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Twitter Weekly Updates for 2009-12-27

December 27, 2009 by Christian · Comments Off 

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4 Creative Joint Venture Ideas

December 23, 2009 by Christian · Comments Off 

Are you still thinking about how you could form a joint venture? Thinking too much puts you into a frozen, non-active state also known as “analysis paralysis”. Break out of your inactivity. Start meeting with people who could be a potential JV partner. Sometimes great JV ideas blossom from simply meeting and discussing what one business can do for another.

If you are still stuck in a paralytic state and don’t know how you can take advantage of a joint venture, here are some creative ideas to get you started.

1. Advertise in a Publication

Do you publish an eZines? How about a newsletter? How about your JV partner? Perhaps you could find a JV partner with a regular publication that is sent out to hundreds or even thousands of customers on a mailing list. Ask to put an advertisement for your product or service in his publication and offer to share a portion of every sale made from his clients or customers. Don’t forget that you can do the same in your own publications for your JV partner.

2. Share Your Network (and vice versa)

Have you ever had a junk swap? It can be a fun event where you and some friends get together and bring books, DVDs, CDs and other possessions you don’t need or want. The fun begins when your unwanted items become treasures for others, and you find some great possessions in return.

You can do something similar with a JV partner. Get together and agree to share your network and/or customer contacts. You may find that getting a sales letter to your JV partner’s contacts results in a slew of new business. And your contacts may be thirsty for something your JV partner offers.

3. Display Your Creative Products in Your JV Partner’s Space

Do you make artistic or crafty products? Ask a potential JV partner if you can display your creative wares in her store. Sculptures, photographs, drawings, paintings – these all are great to display in places like restaurants where a regular audience comes in and gets to observe your creativity while they enjoy a meal. Oftentimes a sale will result from an interested party. You share the profits with the restaurant owner and sell more of your creative efforts.

4. Share a Booth at a Trade Show

Trade shows are a great place to meet new contacts and find new customers or distributors. However, the costs for booth space can sometimes be prohibitive. Why not find a JV partner with a complementary business to yours and offer to share a space?  Sharing a space reduces the cost for both partners, you get to attend the trade show or conference to promote your business, and you can even come up with creative ideas for booth decoration and display.

These are just a few ideas that all fit into a joint venture situation. You don’t have to stop here! Research other ideas and come up with some of your own. A JV doesn’t have to be complicated, but with some creativity, you can form a JV that results in more sales for both parties.

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.

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How a Joint Venture is Turning Texas Green

December 21, 2009 by Christian · Comments Off 

Energy production is expensive, and a heavy investment is required to build the plants necessary to turn fossil fuels into energy, such as coal plants. It is also expensive to manufacture plants that turn natural resources into energy, such as river dams and wind generators. However, thanks to the help of a recent joint venture of both U.S. and China companies, the largest wind farm in America will be developed in West Texas.

The Joint Venture Partners

A-Power Generating Systems Ltd. is a China-based company that specializes in distributed power generation, and it owns China’s largest wind turbine manufacturing facility. They have teamed up with the U.S. Renewable Energy Group and Texas wind power developer, Cielo Wind Power, to form a joint venture in West Texas. This JV will entail a wind farm project covering 36,000 acres of land and will generate approximately 600 MW of electricity per year.

Why Texas?

In a state that was made from the discovery and drilling of crude oil, clean wind will now be one of its largest energy output. Why did they choose Texas? It turns out that the largest state in the contiguous U.S. has enough sustainable wind in parts of West Texas to build the wind farms. Except unlike oil, the resource never runs out.

These choice conditions were ripe for China’s largest wind turbine manufacturer to bring their technology, expertise, and money to the U.S. The JV will largely be financed by China banks, but will also be financed in part by loan guarantees and grants from the U.S. government. The total cost for constructing the wind farm is expected to be $1.5 billion.

The result of this JV will be the largest wind farm in the country – and possibly the world with the size of wind generators used. The final count will be 240 wind-generating units, each capable of about 2.5 MW per year, which is the largest power output for any wind generator. Previous wind generator models typically produced an average of 1.6 MW. The total estimated power generation would be 600 MW per year.

Joint Ventures: Turning the World Green

This is an exciting time not just for Texas, but also for the world. With quickly depleting natural resources, the entire world needs to eventually switch its dependency of power consumption to renewable sources. With the superior wind generator technology coming out of China combined with the expertise and cost-efficiency of Cielo Wind Power, the new farm will be a litmus test for future wind farms with larger wind generators.

This is a big example of how technology meets expertise and availability to produce a winning product. Although your JV may not be a $1.5 billion project, you can still network and look for a viable JV partner who has the technology to meet your resources, or vice versa. Think big. Don’t be afraid to ask to join the ranks of major players. Make innovation a goal. And remember that the product of synergy between a winning JV is more than the sum of its parts.

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.

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Twitter Weekly Updates for 2009-12-20

December 20, 2009 by Christian · Comments Off 

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Twitter Weekly Updates for 2009-12-20

December 20, 2009 by Christian · Comments Off 

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4 Legal Considerations for Your Joint Venture

December 16, 2009 by Christian · Comments Off 

Any business dealing must be considered from all legal angles. Joint ventures are no different. When you join into a JV, you are contracting into a legal business entity with another business or individual. Thus, you need to protect yourself legally, and be sure that all your JV business decisions are made with all legal implications in mind.

Form a Legal Agreement

The first step you usually take in the joint venture process is finding another person with whom you can agree to do business. After proposals are made and negotiations take place, you and your new JV partner have an agreement, at least in spoken terms and on notepads.

The next step is putting all your agreements on paper and signing it. This becomes a contract between you and your JV partner. It must include the party names, the consideration (what you both will get out of the JV), all the actions, considerations, representations, and covenants you have agreed upon, and dated signatures at the end.

A joint venture agreement may be simply one page with a list of the agreements. However, if your JV is more thorough and complex, you may have pages and pages of detailed actions that should be in writing so that neither you nor your JV partner has any misunderstandings of your expectations. If your agreement is longer, you may do well to hire an attorney to draw up a formal legal agreement.

Form a Legal Entity

How will your JV operate? Will you become a partnership? Perhaps form a Limited Liability Company with specific business goals? Your JV business entity is an important consideration. If you will operate with any legal structure, you need to register your joint venture business with your state Secretary of State in their business division.

This step means completing forms, paying fees, and submitting any articles of incorporation if necessary to get your JV business registered. If your JV will operate under any name other than your registered business name, your business alias must also be registered with the state.

Business registration can be done easily by yourself by performing research into your state’s business registry website. Of course, an attorney can handle your registration more quickly and thoroughly if you are willing to pay the fees.

Obtain IRS ID and Necessary Business Licenses

If your JV is operating under a new business entity, you are likely required to obtain a new Tax ID number from the IRS. A Tax ID is required for any other vendors with whom you do business, and it is necessary if you have employees so you can withhold taxes.  Check with the IRS website for details.

Ending the Joint Venture

A JV may have a finite lifespan, or it may operate in perpetuity until you and your JV partner agree to end the venture. You may need the help of an attorney to draw up the ending agreement, especially if you and your JV partner do not agree on how to divide any accumulated profits or assets. You will also need to inform the state of the dissolution of your JV business entity.

There is much legal consideration when you form and operate a JV. Don’t overlook the importance of these issues, and don’t hesitate to hire an attorney if you are at all confused about what needs to be done.

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.

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4 More Ways You Can Control Risk in Your Joint Venture

December 14, 2009 by Christian · Comments Off 

As you move forward with your joint venture, there are always risks along the way. The key with any business practice is to identify risks and take precautionary measures to control and avoid them. Below are four good ways you can control risks with your joint venture so you can enjoy a long and fruitful partnership.

1. Use existing resources rather than paying for new ones

Finding sources for capital can be difficult and costly. Why not use existing resources as much as possible when you form a JV? Rather than buying a new delivery truck for your JV, use an existing one from your company. The same holds true for computers, equipment, supplies, and even human resources. Utilize as many resources as possible at your disposal, and your JV partner should do the same.  This will save you money down the road in interest charges and unnecessary capital expenses.

2. Reduce or eliminate your overhead

Overhead can be an incredible drain on your joint venture budget, requiring constant inflow of cash to patch the outflows. Try to operate with as little overhead as possible or eliminate it completely. This is where using existing resources can come into play by using and sharing existing office supplies and/or office space. Use an existing cubicle in either your or your JV partner’s office for your administration. Any expense that is related to general or administrative costs is overhead. Keep it low.

3. Choose business associates carefully

One of the biggest risks in business is trust. You must trust others to do business ethically and trust that they will not take advantage of you. However, these types of business people exist – which is why it is so important to carefully choose the business associates on whom your JV depends. Delivery companies or distributors should have the highest reputation. Get your JV business supplies from a vendor who has great prices, but not so cheap that your product suffers. JV success depends on the quality of your product or service and your reputation.  Protect them both with the choices you make.

4. Don’t depend on government contracts

There can be big money in government contracts, and a lot of businesses do well with work awarded by federal or state government. However, government agencies have a tendency to eliminate contracts at a whim for budget reasons or even disappear itself at the decision of the Appropriations Committee. If you can acquire government contract business, that is certainly fantastic. However, make sure you diversify your business so that you don’t depend wholly upon government work.

A JV business can run smoothly and efficiently. Shared resources and smart decisions are the key to making a JV a success. However, you must form and implement strategies to reduce and control risk. Use little new capital. Operate efficiently. And choose your business associates and deals carefully.

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.

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Twitter Weekly Updates for 2009-12-13

December 13, 2009 by Christian · Comments Off 

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