What to Do When Your JV Partner Doesn’t Perform

It sounds so good at the beginning; you meet with a prospective partner, see eye-to-eye on your goals for the joint venture and then sign on the bottom line. Once the joint venture is established, your new partner suddenly becomes incommunicado.

If you are facing a non-performing partner, there are some steps you can take to salvage the arrangement. We have tips to help you respond appropriately when your JV partner doesn’t perform as expected.

Setting Clear Expectations

Before you establish that first joint venture, it is important to set clear expectations about what each partner’s responsibilities. If the primary goal is to build a bigger customer base, your main responsibility will be marketing. Lay out clear guidelines for what each partner will bring to the advertising table in terms of time, talent and other resources. If your partner doesn’t follow through on his promise, at least you have some recourse down the road.

Falling Back on the Written Contract

The best way to protect yourself from a non-performing JV partner is to put your entire agreement into writing before launching a single aspect of the agreement. The contract can be written using a template found online or through a lawyer’s office that specializes in these types of partnerships. With a written contract in hand, you can hold your partner accountable for his side of the bargain.

Keeping in Touch with Your Partner

Regular communication will alert you early to any potential problems that might be brewing. Rather than setting a deadline for a particular project six months down the road, set monthly tracking meetings to measure your progress. This lets you know if you are falling behind your schedule, and it holds your partner accountable for the duties he is supposed to perform in a shorter time frame.

Developing a Relationship

Joint ventures are much more likely to work when the partners develop a relationship with one another. While you don’t have to nurture a social relationship, a professional relationship is very important to the success of your JV. Partners will be less likely to disappoint those with whom they have a positive relationship, particularly if a damaged relationship could also damage them in the professional realm. Take the time to get to know your partner and let him know you as well.

Cutting Your Losses and Moving On

Sometimes, despite your best efforts, a joint venture simply will not transpire into the successful business arrangement you hoped. At a particular point, you may determine it is better business to simply cut your losses and move on, rather than try to salvage something from the relationship. If your current JV partner is not responding to your emails or phone calls, or consistently fails to keep his promises, this may not be a business owner you want to continue working with.

Joint ventures can be a very effective way to build a business, as long as both partners are willing to give the arrangement their full effort and resources. If you find yourself in a partnership with a business that is not willing to tow its own line, you may need to look elsewhere for a more successful partnership.

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 report on Joint Venture Marketing.

4 Ways to Capture the Attention of a Prospective Partner

You know that joint ventures have become a lucrative way to build your business with little up-front costs. However, knowing joint ventures are a good idea and actually launching one can be two very different things.

The first step in any successful JV is attracting the right partner to the mix. Once you have identified the business that can help you explode your profits, the second step is to get that prospective partner to sit up and take notice of your proposal.

We have four ways to capture the attention of a prospective partner and raise the odds of a joint venture success.

Stand Out from the Crowd

If you’re going after a larger company, understand that they may be receiving multiple proposals that are similar to yours. Make sure your proposal stands out from the crowd by letting your unique characteristics shine.

Take some time to think about what sets your company apart from the competition, and highlight those points in your initial proposal. At least the other business owner will take notice of what you have to offer, which will make him more likely to accept your proposal.

Personalize It

You may be sending out multiple proposals in a single pop, but there’s no reason why your prospective partner has to know. Personalize all of your correspondence, highlighting specific reasons why you want to work with their company. Customize your own benefits to show partners why they might want to work with you as well. Everyone likes to feel like they’re someone special and prospective JV partners are no exception.

Professionalism is a Must

Joint ventures require a high degree of professionalism if they are to be successful from the beginning. While your correspondence and face-to-face meetings can be pleasant and even friendly, they should never lose their professional edge. This means proofreading all correspondence for errors before mailing and dressing the part whenever you set up an appointment with a prospective partner.

Creativity is a Plus

Creativity will help you stand out from the crowd and show your JV partner what you might be capable of handling in the marketing department. You don’t have to get too crazy with your creativity to show you think independently; try including photos or customer testimonials with your original proposal or offering marketing samples at your first meeting. Joint ventures are dependent on savvy marketing and creativity is the first step in marketing that gets results.

Finding JV partners is hard enough, but once you locate some good prospects, you need to be prepared to grab their attention. These four tips will help you exude a professional image that prospective partners are sure to notice and appreciate. When you can successfully make your company stand out from the crowd, you will be more likely to attract the partners that hold the greatest potential in helping you build your business.

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 report on Joint Venture Marketing.

The Structure of a Joint Venture Team

Some joint ventures are relatively simple, with two companies coming together in a rather informal manner to pump up their marketing and build a customer base. Other joint ventures are significantly more complex, with more businesses involved in a partnership that becomes a separate entity in its own right.

If you are heading for the latter model of a joint venture, it is important to understand the structure of these joint venture groups to achieve the greatest odds of success. We’ll show you how to structure a joint venture group so everyone benefits from the partnership.

Purpose of the Joint Venture

When more businesses are becoming involved in a joint venture, the ultimate purpose of the arrangement becomes that much more significant. In these group situations, marketing is rarely the primary goal of the joint venture. These entities might be formed for the purpose of production expansion, research and development or risk-sharing for an investment strategy. It is important that everyone onboard the joint venture understands the ultimate goal of the arrangement before signing on the dotted line.

Putting the Legal Ducks in a Row

The purpose of the joint venture will determine in part what type of legal documentation is required to make the joint venture official. When you know the goal of the joint venture, select a lawyer who specializes in those types of arrangements to draw up your contract for you. This ensures all the legal loopholes are covered in the initial agreement, and that everyone’s rights and property are equally protected.

Lawyers will help you navigate the complex road of tax reporting, profit sharing and patent protection. If the joint venture will involve companies from different countries, a lawyer will be able to advise all the parties on the various trade and labor laws of the countries included.

Establishing a Hierarchy

Joint ventures of this size usually need their own governance structure to oversee the partnership. First, a governing body that consists of representatives from each aspect of the joint venture should be created. This body will protect the interests of all involved businesses, since every company will have at least one member to represent them.

There also needs to be an operational management team that will report to the governing body and oversee the daily workings of the joint venture. Finally, a financial team should be put in place to handle the accounting and tax reporting specific to the joint venture.

What about Disputes?

The more partners there are in a joint venture, the more likely the occasional dispute will arise. Every joint venture should have a dispute resolution in process before the first conflict comes up. This process may be incorporated into the joint venture contract or established as a policy for the governing body of the partnership.

Joint ventures can be as simple or complex as you want to make them, but more sophisticated joint venture models require more research and time to construct properly. By weighing all of these factors with equal care, all of the members of the joint venture can rest assured the joint venture they create will equally protect and benefit every member of the partnership.

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 report on Joint Venture Marketing.

 

Why You Don’t Have to Look for New Customers

In a sluggish economy, finding new customers can be easier said than done. Many people simply don’t have the ability or the inclination to take a chance on a product or service offered by a company they have never heard of before.

Why fight it? Instead of wasting your resources in search of new customers, try using the assets you already have to build your business. We’ll show you how joint ventures can boost your bottom line without worry over how to explode your customer list.

Forget the List?

We are not really telling you to forgo your customer list completely. After all, every successful business begins with a list of initial customers, right? However, some companies begin spending all their time and money on attracting new prospects to their company without thinking about what to do with the customers they already have.

In the case of joint ventures, that current list may be the secret to unlocking your profits much more effectively than simply building up a new list of names.  While we won’t tell you to give up entirely on your customer list building, we do have suggestions on exactly how to maximize the profits from the customers you already have.

Building Customer Loyalty

Instead of spending most of your time trying to attract brand new customers, consider what it would take to transform current customers into a loyal clientele that supplies most of your profits. This can be done through cross selling, the introduction of new products and periodic promotions for customer favorites. And yes, and that joint venture you are about to form won’t hurt either!

Joint Ventures and Customers

Instead of searching out potential customers from the vast expanse of the Internet, try going after the shoppers who are already working with your joint venture partner. If you planned your partnership correctly, you and your partner are targeting a similar market base with different products and services. If customers are happy with their purchases from your JV partner, they will be more likely to give your company a try as well.

There are many ways to entice your JV partner’s customers to buy from you as well. One is to offer free samples to those customers and a part of an introductory promotion. You can also simply offer a discount for first-time buyers on your JV partner’s customer list.

Another creative option is to conduct a customer “survey,” where you ask customers to try out a product and offer feedback on what they think. All of these methods convert your JV partner’s customers into your happy clientele as well.

When the economy is slow, building an effective customer list can be easier said than done. However, if you get creative with your marketing efforts, you can continue to increase your sales and your bottom line, even in sour financial conditions. A joint venture is the perfect first step to finding new customers and building a bigger business no matter what the future financial forecast predicts.

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 report on Joint Venture Marketing.

5 Steps to Planning a Successful Joint Venture

Joint ventures are one of the most effective ways to build a small business. Unfortunately, many business owners enter into these strategic alliances without sufficient forethought and preparation, which sabotages the process almost before it even begins. To help ensure your joint venture efforts are a complete success, we have five steps to help you plan your partnership.

Know Your Market

The basic premise for a joint venture is to pinpoint all of your JV marketing efforts to a single target market. Before you can find a partner that shares your target market, you must know who that audience is. Begin by identifying your target market for your own business, so that you can hunt out another business owner with a similar market.

Choose Your Partner Wisely

Joint venture partners should offer a similar, but different, product or service from you, although the two should be somewhat compatible if the joint venture is to work. Do not rush into a joint venture with the first business you encounter that shows the slightest bit of interest in a relationship with you. Instead, hold out for the most complementary partner for your own business and needs.

Bring Your Contributions to the Table

Before you sign on for a joint venture, find out what each partner will be able to contribute to the partnership. Perhaps one has Internet marketing expertise, while the other is particularly adept at print brochures and marketing material. Maybe one has a larger customer list he would be willing to share in exchange for a portion of the profits.

Make a list of what each business will contribute, so everyone knows what the structure of the joint venture will look like.

Agree on Expectations and Responsibilities

It is also important to agree on the expectations each business has for the joint venture. Will you primarily be focusing on building a customer list, or will you be using cross sales to boost your bottom line? Will samples of products or services be provided to customers? What will each JV partner be responsible for to build the partnership to its fullest potential?

Answer these questions together before determining if you have the makings for an effective joint venture.

Make it Official

Once you have thoroughly discussed all the ins and outs of your upcoming joint venture, make it official by putting all the terms into a written contract. You can find joint venture templates online or talk to an attorney who specializes in these types of partnerships. The contract should also include an agreement on how joint venture profits should be allocated and an exit strategy for when the partnership is no longer profitable.

Proper preparation makes all the difference between a joint venture that is wildly successful – and one that falls flat before it even begins. When you follow these steps systematically and meticulously, you are much more likely to enter into a joint venture agreement that benefits all the businesses involved.

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 report on Joint Venture Marketing.

Squeeze Pages: What They Can Do for Your Joint Venture

Squeeze pages are a common marketing tool used to build a customer list and even boost sales in some situations. They can be particularly effective in joint venture marketing because you can team up with another business to lure their customers to your squeeze page as well.

This article will cover the basics of what a squeeze page is and how to use one effectively to build your list and boost your bottom line.

What is a Squeeze Page?

In simplest terms, a squeeze page is a web page that asks a visitor for some sort of action in order to proceed further into the website. An effective squeeze page will usually promise something enticing in exchange for information like a potential customer’s name and email address.

As you can see, squeeze pages are a quick way to build a decent customer list because you are getting more potential customers to provide contact information through this method. Armed with this information, you can go to work transforming potential customers into loyal clients with your savvy joint venture marketing techniques.

Tips for Creating a Squeeze Page

Before you begin crafting your own squeeze page for your joint venture, there are a few tools you should have in your marketing arsenal, including:

• Web Hosting – Before you set up your squeeze page, make sure you have a reliable web host that offers unlimited bandwidth and space to accommodate new customer flow.

• Autoresponder – Once you get the customer’s information, use it to the fullest with autoresponders that keep potential clients connected to your company.

• URL Encryption – Visitors can sometimes learn to get around your squeeze page by decoding the html source.  Encrypt subsequent web pages so that is not an option.

• Emails – Entice your potential customers (or current customers from your JV partner) to your squeeze page using an email describing what is waiting for them on your website so they are ready to sign up on your squeeze page the minute they get there.

• Passing Information – When you use a tool that passes your customer’s information from your squeeze page to the next page on your website, you engage the customer more effectively – by calling him by name or using other information to personalize your business to his specific needs.

When you are able to use these tips to build the most effective squeeze page possible, you and your JV partner will benefit from increased customer traffic and a bigger customer list to work with. However, you can also use this technique to increase sales once customers sign up for your website.

Squeeze pages are an excellent way to build your customer list, but they can also boost your sales. Have a special offer ready and waiting for customers that sign up on your squeeze page to encourage them to make that initial purchase. When you can use your squeeze pages to their fullest benefit, the rewards you and your JV partner will reap from those simple web pages will be enormous.

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 report on Joint Venture Marketing.

Squeeze Pages: What They Can Do for Your Joint Venture

Squeeze pages are a common marketing tool used to build a customer list and even boost sales in some situations. They can be particularly effective in joint venture marketing because you can team up with another business to lure their customers to your squeeze page as well.

This article will cover the basics of what a squeeze page is and how to use one effectively to build your list and boost your bottom line.

What is a Squeeze Page?

In simplest terms, a squeeze page is a web page that asks a visitor for some sort of action in order to proceed further into the website. An effective squeeze page will usually promise something enticing in exchange for information like a potential customer’s name and email address.

As you can see, squeeze pages are a quick way to build a decent customer list because you are getting more potential customers to provide contact information through this method. Armed with this information, you can go to work transforming potential customers into loyal clients with your savvy joint venture marketing techniques.

Tips for Creating a Squeeze Page

Before you begin crafting your own squeeze page for your joint venture, there are a few tools you should have in your marketing arsenal, including:

• Web Hosting – Before you set up your squeeze page, make sure you have a reliable web host that offers unlimited bandwidth and space to accommodate new customer flow.

• Autoresponder – Once you get the customer’s information, use it to the fullest with autoresponders that keep potential clients connected to your company.

• URL Encryption – Visitors can sometimes learn to get around your squeeze page by decoding the html source.  Encrypt subsequent web pages so that is not an option.

• Emails – Entice your potential customers (or current customers from your JV partner) to your squeeze page using an email describing what is waiting for them on your website so they are ready to sign up on your squeeze page the minute they get there.

• Passing Information – When you use a tool that passes your customer’s information from your squeeze page to the next page on your website, you engage the customer more effectively – by calling him by name or using other information to personalize your business to his specific needs.

When you are able to use these tips to build the most effective squeeze page possible, you and your JV partner will benefit from increased customer traffic and a bigger customer list to work with. However, you can also use this technique to increase sales once customers sign up for your website.

Squeeze pages are an excellent way to build your customer list, but they can also boost your sales. Have a special offer ready and waiting for customers that sign up on your squeeze page to encourage them to make that initial purchase. When you can use your squeeze pages to their fullest benefit, the rewards you and your JV partner will reap from those simple web pages will be enormous.

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 report on Joint Venture Marketing.

Squeeze Pages: What They Can Do for Your Joint Venture

Squeeze pages are a common marketing tool used to build a customer list and even boost sales in some situations. They can be particularly effective in joint venture marketing because you can team up with another business to lure their customers to your squeeze page as well.

This article will cover the basics of what a squeeze page is and how to use one effectively to build your list and boost your bottom line.

What is a Squeeze Page?

In simplest terms, a squeeze page is a web page that asks a visitor for some sort of action in order to proceed further into the website. An effective squeeze page will usually promise something enticing in exchange for information like a potential customer’s name and email address.

As you can see, squeeze pages are a quick way to build a decent customer list because you are getting more potential customers to provide contact information through this method. Armed with this information, you can go to work transforming potential customers into loyal clients with your savvy joint venture marketing techniques.

Tips for Creating a Squeeze Page

Before you begin crafting your own squeeze page for your joint venture, there are a few tools you should have in your marketing arsenal, including:

• Web Hosting – Before you set up your squeeze page, make sure you have a reliable web host that offers unlimited bandwidth and space to accommodate new customer flow.

• Autoresponder – Once you get the customer’s information, use it to the fullest with autoresponders that keep potential clients connected to your company.

• URL Encryption – Visitors can sometimes learn to get around your squeeze page by decoding the html source.  Encrypt subsequent web pages so that is not an option.

• Emails – Entice your potential customers (or current customers from your JV partner) to your squeeze page using an email describing what is waiting for them on your website so they are ready to sign up on your squeeze page the minute they get there.

• Passing Information – When you use a tool that passes your customer’s information from your squeeze page to the next page on your website, you engage the customer more effectively – by calling him by name or using other information to personalize your business to his specific needs.

When you are able to use these tips to build the most effective squeeze page possible, you and your JV partner will benefit from increased customer traffic and a bigger customer list to work with. However, you can also use this technique to increase sales once customers sign up for your website.

Squeeze pages are an excellent way to build your customer list, but they can also boost your sales. Have a special offer ready and waiting for customers that sign up on your squeeze page to encourage them to make that initial purchase. When you can use your squeeze pages to their fullest benefit, the rewards you and your JV partner will reap from those simple web pages will be enormous.

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 report on Joint Venture Marketing.

5 Ways to Amp Up Your Internet Marketing

One of the most popular ways to make the most of a joint venture today is through effective Internet marketing that reaches a larger audience with less time and money involved. Whether you are just starting out in a joint venture for the first time or are ready to kick your current partnership up a notch, new marketing strategies are always a welcome addition. We have five ways to amp up your Internet marketing and explode your profits.

Become an Expert

Customers tend to buy from people they trust, and no one is more trustworthy than an expert in the industry. You can easily establish yourself as an expert in your specific niche by writing online articles or creating your own blog. Online seminars and tutorials can also convey to your clientele that you know your topic inside and out. The better you know your business, the more likely you will be to attract new customers and transform them into loyal clients.

Become a Publisher

Take step one a step further and become a publisher of your own work. Instead of merely posting your articles to e-zines and other websites, produce your own e-book or instruction manual that you offer through your newsletter or website. Publishing a newsletter that is sent out regularly to your customers list is another great way to alert clients to new products or limited-time offers.

Convert Visitors to Subscribers

While the initial purpose of Internet marketing through your joint venture is to get more views on your website, to really be successful, you must eventually transform those visitors to regular subscribers. There are plenty of great ways to make this transition, but one of the most effective is to offer a freebie along with a subscription to your site. It could be a sample of one of your products, free advertising in your newsletter or a free e-book.

Use Your Tools

Internet marketing offers a virtual plethora of advertising tools today, and the more you use, the better your joint venture marketing results will be. Many of these devices, such as autoresponders and email blasts, don’t cost much money, but when they are done right, they can reap great returns.

Spend time researching your many options in Internet marketing before beginning your joint venture, and then use the ones you select to the fullest to bring the best return to your partnership.

Entice Your Customers

Leave your customers wanting more with every correspondence you have with them. Let them know about upcoming promotions, articles and contests you are offering so they check back in with you often. This is one of the most effective ways to build a loyal website base that will also become a loyal customer base to boost your bottom line.

A joint venture is just the first step in building your business and increasing your profits. When you use the many Internet marketing tools at your disposal to their fullest, you are sure to make the most of any joint venture you undertake.

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 report on Joint Venture Marketing.

5 Ways to Sabotage Your Joint Venture

While joint ventures are an effective way to build your customer list and boost your profits, they must be done with advance planning and effort if they are to be successful. There are some common mistakes small business owners make that can sabotage the entire joint venture plan. We have five of those errors listed here to help you avoid them in your next JV partnership.

Failing to Research Prospective Partners

It is essential that you take the time to thoroughly research every potential JV partner before signing a contract with a company. Check the company’s credentials, customer service history and quality of products. Find a company that offers a similar but different product, as you want to cater to the same market base without directly competing with one another.

When you know your prospective partner well before you join forces, you are much more likely to succeed in your joint venture.

Violating Privacy Agreements

When you work closely with another business, you will undoubtedly become privy to some of their company secrets. A privacy agreement is a must for any joint venture to protect important information and client lists. Draw one up before your joint venture becomes official and adhere to the terms without fail.

Giving Too Much, Too Soon

By the same token, you will probably be asked to share some of your own trade secrets and client information with your joint venture partner. Before handing over your customer lists, get permission from your clients to provide that information to your partner. Otherwise, you may find yourself with a long list of disgruntled customers when they begin receiving correspondence from your partner that they didn’t request.

Not Giving Enough to Your Partner

Joint ventures must be symbiotic if they are to be successful, meaning that both businesses must see equal benefits from giving their all to the partnership. Whether you are the big company helping a smaller business along or vice versa, it is important to know that your partner is happy with his piece of the pie. This ensures that your relationship will continue in a harmonious fashion, and that both parties will do their part to make the partnership successful.

Omitting an Exit Strategy in Your Contract

Even the best of relationships must eventually come to an end, and this includes your joint ventures. While some of these business agreements will merely dissolve when they have run their course, others will result in a merger or a buyout that benefits both companies in the long run.

To ensure your partnership ends as smoothly as it begins, construct an exit strategy that becomes a part of your initial contract. This gives you an out if the relationship is not as successful as you hope, as well as a means of renegotiation if you want to revel in your success a bit longer.

Joint ventures are a successful way to market your business – when they are done correctly. By avoiding these common pitfalls, you can make the most of your partnership for a healthier bottom line overall.

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 report on Joint Venture Marketing.

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