The Customers are Coming! Now What?

When you launch a joint venture with another company, the idea is to build your business and bring in more customers, right?  What happens when you suddenly find yourself with an influx of customers?

While most business owners may be thinking that’s a problem they would like to have, it still can be a problem if you are not prepared for the increase in business. We have tips to help you prepare for the influx of business that could be the positive result of your joint venture efforts.

Get Your Staff On

If your joint venture efforts include a special promotion to attract new customers, you may find yourself overwhelmed with new business for a number of weeks. Make sure you are properly staffed for the increase, even if it means bringing on extra help for a short-term assignment. For those who can’t afford to hire extra personnel, automating many of your processes can help lighten the load for the employees you do have.

Stress Service

When businesses get busy, customer service is often one of the first assets to get sacrificed to the crowds. Make sure your staff understands that an increase in business is the perfect time to improve the service level, so all of these new customers come back for more.

Now is the time to provide additional training or incentives for your staff to ensure every customer that comes through your doors or clicks on your website has a satisfactory experience with your company.

Back Up Your Product

It isn’t unusual to run out of product when business suddenly increases. While you don’t want more inventory than you can sell, make sure you have a way to get additional merchandise expeditiously if it turns out there is a bigger demand than you expected. Drop shipping can be one option in these situations, although overnight delivery and additional suppliers are other choices worth considering.

Always Say Yes

When you have many new customers trying out your business for the first time, it’s important to be as accommodating as possible. Empower your employees to be able to say “yes” to most of your customers’ requests, even if it means bending the rules to keep them happy. Loyal customers are much more accepting of “no” answers from time to time than brand new customers.

Add Some Freebies

To entice those potential customers to buy from you, add some freebies to the initial order. It might be a free sample of a related products or a discount on their subsequent purchase. Keep in mind that Internet companies are a dime a dozen, so you might have to sweeten the pot to get a customer to do business with you, rather than the next company on the search engine.

Joint ventures are one of the most effective ways to increase your customer base, but you need to be prepared for those additional customers once they visit your business. With these tips in mind, you will be ready to handle that influx of potential customers, so newbies become loyal clients in no time at all.

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.

Online and Offline Joint Venture: The Perfect Match

There is no doubt that some of the easiest joint venture happen online. However, that doesn’t mean you should disregard offline businesses as potential JV partners, just because they don’t fit your initial profile. With a bit of effort and marketing savvy, you can create the perfect business arrangement between online and offline companies. We have tips to help you make these types of joint ventures a complete success.

The Audience is the Key

Whether your JV partner is online or offline, the most important feature to look for is a company who shares your target market. If you are in the wedding photography business, look for other wedding service providers, such as florists or caterers. If you sell computer software, look for a company that provide products and services that complement technology.

By choosing a company with the same target market, your joint venture is more likely to be successful, no matter how you decide to market it.

Have Marketing Ideas in Place

Before you approach a potential joint venture partner, have some ideas on how the two of you can work together to increase customer awareness of both your business. This may require a bit more creativity if you are combining an online and offline business, but it is far from impossible.

For the online business, simply placing the other business name, address and phone number on the company website is a good start. You can also offer free advertising in your email newsletters with full company information included.

For the online customer, consider creating a brochure about your business that your JV partner can hand out to customers. You might also write a tip booklet or other promotional material that potential customers will find too handy to toss. These simple promotional items can be placed in your partner’s business where your target market can be easily reached. You can also offer discounts or even free samples at their business to entice new customers to check out your website when they get home.

Approach Potential Partners

Once you are armed with a few marketing ideas, it’s time to approach potential partners with your proposal. The best way to do this is in person, possibly with a phone call first to schedule a time that is convenient for the other business owner.

When you enter the person’s business, be complimentary about their store or the goods they sell. Explain the benefits that he will receive from your proposed joint venture. Show your ideas about how to effectively market your joint venture so that both businesses win. If you present your proposal in this fashion, you are much more likely to gain a new business partner for your efforts.

There are plenty of good JV partners to choose from today, as long as you don’t limit yourself to a preconceived notion about what these businesses might look like. Even companies that don’t have a strong online presence can be effective joint venture partners, if you choose a business with a similar target market and have a solid marketing plan in mind before either business signs on the bottom line.

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 Ingredients of a Successful Joint Venture

Joint ventures are an effective way to market businesses today, but the truth is that many of these partnerships often fail before they get a real chance to make a difference. Why? Usually because the business owners involved in the partnership didn’t know the ingredients of a successful joint venture.

Thankfully, we have those ingredients here to help you start your joint venture on solid footing.

A Good Match

The company you choose to be your JV partner will have a lot to do with the success of your venture overall. The primary key to choosing a partner is to look at their target market. If it is similar to yours, the match-up is more likely to work.

At the same time, do not choose a partner who offers products or services in direct competition to your own, or you will cut your profit potential right from the beginning of your partnership.

Team Building

Once you select a company with a similar target market to your own, spend some time with that business owner to see if he really seems committed to the idea of a joint venture. Once you both sign on the bottom line, it will be up to each of you to put in the necessary time, effort and resources to make the joint venture work.

If a potential partner seems disinterested or non-committal, you may want to look for another company that is more zealous about the joint venture idea.

A Written Contract

While you may like and trust the company you choose as a joint venture partner, you still want to have the terms of your agreement in writing to protect the interests of both companies. Your joint venture contract should include details on the resources coming into the joint venture, the method by which profits will be split and a time frame for the agreement. You can find templates for these contracts online or talk to a lawyer who specializes in business arrangements like these.

A Solid Marketing Plan

Joint ventures are only as good as the marketing you put into them.  If no one knows about your joint venture, then they will be less likely to check out your business. Come to the table with a marketing plan in mind, which the two of you can refine according to your vision, skills and resources. The more effectively you market your joint venture, the more it will bring back in terms of customers and profits.

Ongoing Contact

Joint ventures often die out because the partners don’t continue the relationship, as they should. Schedule periodic meetings with your joint venture partner to assess the current state of your marketing efforts and make adjustments as needed. This way, if the partnership runs into problems, you will be equipped to address them more efficiently.

Joint ventures are a highly effective way to build businesses, if they are created properly. With these ingredients in hand, you are more likely to create a successful joint venture that increases your customer list, profits and bottom line.

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 Pros and Cons of Using Joint Venture Matching Directories

You know that a joint venture is one of the most efficient ways to market your business, but you have no idea how to go about finding prospective partners for your venture. When you search online, you find a wealth of websites devoted solely to matching up companies into harmonious and profitable joint venture partnerships. Should you bite?

While these matching services may seem tempting at the start, there are a few things to consider before committing your company. We have the pros and cons of joint venture matching directories for your consideration.

Benefits of Joint Venture Directories

Websites that are geared to helping you find prospective joint venture partners can offer a number of benefits, including:

• Number of Prospects - Many of these websites act as clearinghouses for companies looking to enter a joint venture, so you may have numerous JV opportunities from which to choose.

• Time Savings – By heading to a website to find a prospective partners, you save the time of pounding the pavement and creating proposals for prospects you locate on your own. Everything is completed from the comfort of your home or office in a time frame that you choose.

• Variety – Companies of all shapes and sizes are attracted to joint venture websites, so you many find a greater diversity in prospects than you would dig up on your own.

While there are a number of potential benefits in heading to a joint venture directory, this approach is not a good fit for all businesses. There are also some disadvantages to resorting to this method of finding a joint venture partner.

Drawbacks of Joint Venture Directories

Although there are many joint venture websites available for your perusal, not all are created equal. In fact, some websites may offer few decent prospects at all. In addition, they may charge you a fee to use their services, leaving you a few dollars poorer – and no closer to finding the profitable joint venture you were hoping for. Here are some of the biggest drawbacks to choosing a directory for locating your joint venture partner:

• Cost – Some directories require you to pay for their services up front before you really know how helpful their services will be.

• Information – Most directories require you to post information about your company for the world to see. If you are not comfortable with this exposure, a joint venture directory may not be the best choice.

• Poor Prospects - If a directory does not effectively screen companies before adding them to their list, you may end up with a list of poor prospects with whom you would rather not get involved.

If you decide to use a joint venture directory to find your next JV partner, make sure you research the directory thoroughly before signing on for their services. This is especially true if you will have to pay money or provide information up front. By taking the time to investigate a directory service before you use it, you will be more likely to find a service that can effectively help you find a profitable joint venture that is a good match for your own company.

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.

10 Low-Cost Ways to Market Your Joint Venture

Once you decide to embark on a joint venture, it may seem as though the hardest part of the process will be to find a prospective partner that will prove to be profitable and effective. However, once that partnership is in place, the art of marketing your new union will make all the difference between a joint venture that is successful and one that fizzles all too quickly.

To help you prepare for the marketing aspect of your joint venture, we have 10 low-cost marketing ideas to get you started.

1.  Search Engines - Using search engines to boost your rankings on places like Google will bring a lot more traffic to your website with little up-front costs by guiding prospective customers to your website before they see the business down the list.

2.  Autoresponders – This technique ensures you don’t let a single prospective customer slip through your fingers by automatically making contact with every individual who contacts you and maintaining that contact to maintain interest in your company.

3.  Link Exchanges – So easy to do and so effective when used in the context of a joint venture, link exchanges allow you to exponentially increase traffic to your site through your joint venture partner.

4.  Blogs - Establishing a blog for your joint venture is an excellent way to set yourself up as an expert in your field and increase your credibility within your industry.

5.  Articles – Also a means of building expertise and credibility, articles can be published at a variety of online publications and e-zines.

6.  Email Blitzes – This is a great strategy for reaching a multitude of customers and prospective customers in a single swoop, particularly when the message entails a free sample or special promotion to draw customers to your website.

7.  Press Releases – Press releases announcing your new joint venture are a good way to make the general public aware of your new partnership and stir up interest in your goods and services.

8.  Social Marketing – Cheap and widely used, there is almost no better vehicle for making your joint venture known than on social networking websites like FaceBook and LinkedIn.

9.  Gift Events - You can do these online or from a brick and mortar location, but combining resources to provide prospective customers with free gifts and other incentives is a great way to alert people to your business.

10.  Traditional Ads – While many of these methods tend to be a little pricier than online marketing strategies, newspaper and television ads, as well as mass mailings, are still an effective way to reach prospective customers in your immediate area.

There are plenty of inexpensive ways to market your new joint venture to increase the effectiveness and profitability of your partnership. If you are planning to contact a prospective JV partner, it is a good idea to have a few of these strategies ready to present in your initial pitch for your joint venture. Once the partnership is signed and sealed, begin using these strategies right away to promote your joint venture, increase your customer traffic and explode your sales.

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.

Using Joint Ventures for List Building

Everyone in business knows that the list is where it all begins. With a roster of contact information for potential customers, you can transform those names to loyal clientele that pays your bills and boosts your profit margin.

One of the most effective ways to build your list without spending a fortune is through joint ventures. We’ll show you how to use these strategic alliances to build customer lists any small business owner is sure to envy.

Cold Lists vs. Warm Lists

The cold list is a roster of potential customers that you buy or rent from a company that specializes in such services. You don’t know any of the names on the list, and more importantly, none of the potential customers on the list are familiar with your business. Cold lists typically boast about a 2% return. This means that for every 1,000 individuals on the list that you contact, you can count on about 20 sales. When you consider the cost of renting the list, you can see why this return doesn’t offer as much value as most small business owners would like.

Now consider the warm list. This is a list of customers who already have an established relationship with a particular business. If that business becomes your joint venture partner, you automatically have access to the names on the list as well. You didn’t have to spend any money to rent the list of names from a service, as the names were provided as part of your joint venture agreement.

Now consider the difference in returns between customers who are already familiar with your JV partner and those who don’t know your business at all. Your rate of return suddenly skyrockets from 2% to 24%!

The warm list is obviously the more attractive choice because in addition to the customer contacts you receive, you also get an endorsement from a company those customers already enjoy shopping with. If they trust your JV partner, they will be more likely to trust you as well.

Since statistics show that the initial contact with customers will make all the difference in whether they transform from first-time shoppers to loyal clientele, you can see the value of a warm list is really exponential. In addition to receiving customer contacts, you are getting an instant positive reputation with every name on your list.

Giving in Return

Bigger companies with established customer lists may have a number of advantages in mind when they enter into a joint venture with a smaller company. Your new products and services give the larger company a chance to broaden their product base without the expense of developing new products themselves. They might also want a portion of your sales in exchange for their list. With the huge customer growth you can expect from a warm list, the commission you pay out will pay for itself in a larger customer base and bigger profits.

The secret to a successful business lies in the list, where it comes from and how it is put together. By cashing in on the established, successful list your JV partner has built, you can explode your customer base and your profits relatively quickly and inexpensively.

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 Qualities of an Effective Joint Venture Partner

The success of a joint venture is dependent on the quality of the partner you choose and the more effective the partner the more successful your joint venture will be.

However, understanding that basic concept and finding a JV partner that brings the right mix of advantages to the table can be easier said than done. To help you find the best partner for your needs, we have five characteristics to look for in your search.

A Comparable Target Market

The best partner will cater to a similar market to you, without directly competing in their products and services. For example, a chiropractic office might partner with the fitness center down the street, or a beauty salon might work with a spa in the neighborhood. The idea is to offer different products and services to the same target market.

A Large List

If you are a small business hoping to use a joint venture to boost your own sales, a JV partner with a large list is an absolute must. A good number to shoot for is around 1,000 current names, with about 35-40% of the customers on the list classified as regular buyers. Remember, the bigger the list, the bigger the target market you will reach with your marketing campaign.

The Ability to Use the List Wisely

The JV partner with the list is typically the one that handles the mailings for the joint venture, since this business owner is already familiar with the names on the list and the type of advertising they respond to best. Instead of looking for a JV partner who is simply willing to hand over a list of names and contact information, find one that is willing to invest the time on the mailings himself for greater odds of success.

A Good Reputation

Look for companies that have already established a strong reputation in their industry. These are the businesses that automatically instill consumer confidence with their name alone. It’s very difficult to build that confidence with online businesses today, so finding a company that can help you in this area is worth its weight in gold. If you’re not sure about the company’s reputation, check online reviews of the business or talk to customers who have worked with the company in the past.

Willingness to Work with You

Finally, an effective JV partner is one that is willing to sign on for the time and resources required to make the partnership successful. It doesn’t matter how good the company looks on paper; if the business owner is not willing to meet regularly and put in his own effort to market the JV, it will flop. When both partners stand to benefit equally, each company is more likely to give it their best to make sure the arrangement works effectively.

A good joint venture partner is the first step toward a successful JV partnership. By keeping these characteristics in mind as you select a partner, you are more likely to find a company that brings many advantages to your effort.

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 Tips for a Perfect First Joint Venture Meeting

Often the most challenging part of a joint venture is getting the partnership set up in the first place. Finding and wooing potential partners can be an intimidating process, particularly if you don’t consider yourself a “people person.”

It helps to go into that initial meeting armed with all the information you need to sell your business and your joint venture concept. We have tips to ensure the first meeting with your prospective partner goes off without a hitch.

Know Your Partner

Before you meet with your potential JV partner, research the company thoroughly to know exactly what you are getting into. Know their precise target market so you can show how you are catering to a similar client base. Find out what holes in the company profile you can fill, so you can sell the advantages of the joint venture at the very first meeting.

Business owners will be flattered that you took the time to familiarize yourself with their company, and they will be more likely to listen to your pitch in full.

Sell Your Benefits

Instead of talking about the benefits the JV will offer you at the first meeting, focus instead on how the proposed alliance could benefit your partner with increased exposure and sales. If you are the smaller company looking to lure a larger business, offer a portion of your sales in exchange for the endorsements you stand to receive. By letting a prospective partner know what’s in it for him, you will be more likely to lure them into your joint venture proposal.

Prepare a Comprehensive Marketing Plan

When you come to your initial meeting with a comprehensive marketing plan already in place, you show that you’re interested enough to give it your best effort. While the proposal you bring to the table may need some tweaking once the partnership is formed, by bringing a plan to the table in the first place, you are letting prospective partners know you have the time, resources and marketing savvy to see the project through to its fullest potential.

Ensure a High Quality Product or Service

Before approaching potential partners, determine which product or service you want to bring to the table. Make sure it is the best your business has to offer, as well as an effective complement to a product or service your partner will provide. When you come in with quality, your prospective partner will be more likely to take your proposal seriously and see it as a mutually beneficial arrangement for both of you.

The first meeting with a prospective JV partner can be nerve-wracking, but preparation is the key to a successful encounter. When you come to the table with knowledge about your potential partner’s business, the possible benefits he might enjoy and a comprehensive marketing strategy, a potential partner will be much more likely to take your proposal to heart.

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.

Using Strategic Alliances to Build Your Business

Joint ventures are just one type of strategic alliance that can help you build your business quickly and efficiently. These partnerships can take on a host of different looks and features, but the primary purpose is always the same: to partner with another business for the sake of enhancing both companies’ profits. We have five ways strategic alliances can be beneficial in building your business.

Eliminate Competition

Strategic alliances like joint ventures can effectively eliminate competition by partnering with them. This approach embraces the “bigger is better” philosophy by enlarging your customer base through a bigger inventory of goods and services. While joint ventures don’t tend to involve companies that are in direct competition with one another, they do include companies in a related industry that share a similar target market. This blows marketing opportunities wide open, from backlinks to cross sales.

Operate on a Global Scale

As the market widens, your opportunities and abilities are called to keep pace. This can be very challenging to small business owners who can barely permeate the target market in their state, let alone across the globe. However, partnering with other companies gives you automatic global clout, with a larger online marketing budget and a quickly expanding customer base. When you boost your competitive edge, you will be more likely to stand out from even the larger companies that cater to customers around the world.

Maximize Your Marketing Potential

When you combine forces with another business through a strategic alliance, you instantly gain additional talent and revenue to expand your marketing efforts. In addition, shared customer lists and backlink opportunities help you drive more targeted traffic to your website, which will instantly increase first-time sales, as well as your ability to develop a larger customer base. Joint ventures are primarily entered for their marketing potential, particularly online advertising options.

Industry Convergence Trends

As the market continues to expand, more industries are finding that if you can’t beat ‘em, join ‘em. This is true in financial markets, where insurance companies, investment firms and banks are finding there is power in strategic alliances that provide more related service options for their customers. Convenience is the key, and if your customers can find additional related goods and services through you and your JV partners, they are much happier for it.

Bigger Bottom Lines

The bottom line is what it’s all about, and strategic alliances like joint ventures have proven time and time again that they have the power to boost them. In fact, some companies are stating that as much as 18% of their total profits are coming directly from those strategic alliances. For smaller businesses, this growth is exponential in providing the ability to expand goods and services and broaden the customer base and sales potential even further.

Strategic alliances like joint ventures are just one way that many small business owners are finding to boost their profits much more quickly than by using traditional marketing methods alone. When you join forces with another entity with a common goal in mind, there is no end to the potential success you might both enjoy.

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.

How to Minimize Risk in a Joint Venture

Joint ventures have quickly become one of the fastest and most powerful ways to grow a business, but they are not without their share of risk. Some statistics suggest that less than half of all joint ventures survive less than four years, which is rarely enough time to see the true benefits of a successful partnership.

To ensure your joint venture is a successful one, we have some tips for minimizing risk in this sort of strategic alliance.

Establish a Common Purpose

The first step in minimizing risk in your joint venture is to ensure both partners are on the same page right from the beginning. This means that both JV partners need to be explicit about why they want to enter the joint venture in the first place and what they hope to achieve from their strategic alliance. If you both know the objectives up front, you will be less likely to suffer from unmet expectations later in the process.

A Comprehensive JV Contract

Many joint ventures dissolve because there is no accountability between partners. This makes it easy for one company to escape the joint venture with sizable benefits, while the other company merely feels put upon and taken advantage of.

If you are in this situation, get the terms of the agreement down in a contract that both JV partners sign. This protects the interest of all companies involved and provides recourse if one partner does not have his expectations met sufficiently.

Input from Both Partners

Joint ventures become much less risky if both partners are equally invested in the agreement. This means that each company should bring its own set of talents and resources to the table to ensure the partnership is as successful as it can be. When both partners put something of themselves into the joint venture, they will be more likely to stick with the partnership until the end of the venture.

Proper Leadership for the Joint Venture

Many companies fail to establish the proper leadership when they create a joint venture, which leaves this entity to flounder on its own. Create a leadership structure that holds all parties accountable and guides the joint venture into a successful enterprise. Once the leadership is set, communicate with employees of both companies so they know who to report to when working directly with the joint venture.

Ongoing Communication between Partners

Once the wheels are in motion, ongoing communication between JV partners will ensure that the venture continues in an upward direction. Communication minimizes risk by allowing both partners in the agreement to address concerns and obstacles for the joint venture as soon as they arise. Regular attention to the partnership will greatly enhance your odds for success.

Joint ventures can be profitable propositions, but they also entail their share of risk. To minimize potential loss from your joint venture, follow the steps above to properly establish the joint venture structure and provide regular maintenance so your partnership will be more likely to thrive and grow.

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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