Build a Sales Training Wiki to Educate Partners to Attract New Business

joint venture marketing

joint venture marketing

joint venture marketing partners attract new business and well trained partners close deals. Setting up at least a basic online wiki about the partnership, company or products is important so that everyone who needs to know can have access to. Creating a working document like a wiki allows your businesses to have a central location where specific product information, new product announcements or special sales information can be found. A wiki should be a tool that partners refer to on a regular basis rather than a FAQ that might be provided in an early training session with a new partner. There are both complex software and easy “drag and drop” applications to set up online wikis that can be built quickly with existing marketing collateral and company information that’s essential for sales reps and others to know in order to close deals.

The following are a few important elements of an online wiki for part of the communication channel between partners.

• Company Overview

Include a few paragraphs about the company just as a quick reference to reinforce the way that the company needs to be represented to a new potential customer. By keeping short paragraphs that can teach a sales representative a short blurb about the history of the company and a supporting comment related to the industry is a great piece to develop at the top. Have additional information for supporting details through a link out to the website, but always concentrate on the first couple of lines for each section as those need to be short and punchy and allow the sales reps to then do their work to attract new business so you get leads that will result in closed deals.

• Points of Contact

This is a very important segment of the wiki that needs to be kept up to date on a regular basis. This can help ensure that when a specific problem occurs or a unique opportunity is presenting itself that the right person is being contacted. Make sure for critical points of failure that a business partner has at least two people that can be contacted if the primary person is unavailable during an emergency. It is not essential or necessary to have the executives listed in this portion of the sales training wiki unless relevant. The point of this is to have a working document that keeps all of the active people implementing roles in the business partnership related to selling and servicing a customer.

• Product / Promotions

Keep links to product information and sales sheets that can be quickly downloaded and emailed by sales reps to potential customers. Sales representatives should be reviewing this section on a specific time determined by the two companies. This way they’ll know that any new products or special promotions will be in the system every Monday at 10AM for the week ahead or whatever schedule fits the company.

• News

If there is important company news within the last few months, have this in the wiki so the sales rep can answer accordingly if asked a question regarding the news. This is very important if there has been something negative; as it is essential people have an appropriate response.

• References

If applicable, have a basic reference list that can be provided by a partner when they are discussing the partnership with existing clients or at least have a past / current client list that can be shared.

• Attachments

It’s important to always have a list of attachments with the link to download the document. Make this list in order by date so that the newest items are always at the top. Making a wiki that is only text really does not take advantage of the benefits a wiki can provide. A well-developed wiki can help attract new business with the support of partners that are fully educated about the partnership and the product and services available.

If you have a team that is supporting your website, ask them to recommend an easy to use wiki platform that can be hosted on your server. Another option is to select a cloud based wiki tool like Zoho Wiki and use the drag and drop features to set up the wiki training page. Don’t think a basic FAQ will get the job done in terms of educating a partner’s sales force. You need to develop many tools that will ensure the information is absorbed and a sales training wiki can be a great fall back tool for anyone that needs to quickly catch up to speed before meeting with a customer.

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.

Discover more joint venture marketing Strategies join his free report on joint venture marketing.

joint venture marketing

joint venture marketing

Techniques for Marketing Joint Ventures to Existing Clients

Executing successful marketing techniques is a key part of any marketing joint venture and often clearly defined in the joint venture marketing agreement that outlines the roles and responsibilities of each partner in the joint venture.  One of the most attractive parts of a joint venture is gaining access to new potential customers through your joint venture partner and so ensuring that the proper communication channels are in place and open is critical. The following marketing tools are excellent ways to market joint venture partnerships for both companies involved: company newsletters, email marketing, website branding, and personal introductions.

Newsletter – Both Print and Email

If you maintain an active list of client addresses or a list of emails then crafting a printed or electronic newsletter is an excellent way of educating customers about the potential products or services that are available through your new marketing joint venture.  A general guideline for writing a quality introduction to your clients / followers about a new company is to include the following: a short description of the product or service, an explanation of why you are developing a relationship with the company, how you think it will benefit your customers daily routine by utilizing the partners’ products and services, and how to best get in touch with the company if someone is interested in pursuing the opportunity.  It is always a great idea to use the company’s logo in the newsletter to assist the joint venture companies brand as well as include a web address that can be clicked and tracked appropriately if sending as an electronic newsletter.  Printed newsletters that are sent through traditional mail should include a promo code or specific phone number in order to track the business leads that are generated from the joint venture marketing efforts.

Email Marketing

Maintaining an email marketing list is very valuable for joint venture marketing activities.  An email can be easily sent to inform customers and others on your email list about product updates and special deals that only “insiders” have access to.  It is important to work closely with your joint venture marketing partners to identify the right specials and offers that you feel will best resonate with your existing client base.  It is in the interest of both parties to really focus on exactly what products and services are marketed as you don’t want your clients to feel that you are marketing those products and services that don’t relate to their interests.  If email marketing campaigns will be a core component of your marketing for a joint venture make sure that you have set up specific affiliate codes or specific landing pages so that all of the leads and successful business you drive to the partner is documented properly.

Website Branding

Maintaining an active page on your website to list joint venture partners that have products and services that would be of interest to those that visit your website is a core component to any marketing joint venture.  When your clients visit your website they should be able to access basic information about all of your partners and quickly learn about the unique opportunities that may be available for them to save money through special discounts.  A logo and company description along with the best means of contacting the company directly should be included on the partner page.  It is valuable to do a blog post occasionally about each of your joint venture partners as that will help to reemphasize the brand and your commitment to promoting the relationship to your community and allow you to expand on the benefits that your joint venture partners have to offer your existing customer base.

Personal Introductions

One of the best methods to market a joint venture opportunity is to personally introduce your clients to the partner company while you are meeting with them.  While this arrangement may not be ideal for many different types of joint venture marketing, if you are a business that has lots of direct interactions with your clients and have built deep and meaningful relationships based on trust then any product or service you recommend in a meeting when an issue may come up will be highly likely to be acted upon by your client resulting in a sale for your joint venture partner.  This type of introduction often works best when your business has some consultative role with your clients and they rely upon you to make the best decision or recommendation for them.  It is generally a good idea to have a specific sales representative or specific channel in place for you to refer these leads to so that when your client is handed off to the partner company they are treated appropriately and you get credit for sending the business over.  Individuals that consult businesses on any number of items can generate significant portion of their revenue just by having several companies that they provide referrals to when they encounter a client that needs support.

There are many great techniques for marketing joint ventures aside from these basic marketing avenues.  Make sure to be creative with your marketing campaigns, but also do the basics well so that you cover all your bases for successfully promoting your joint venture partnerships.

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.

Techniques for Marketing Joint Ventures to Existing Clients

Executing successful marketing techniques is a key part of any marketing joint venture and often clearly defined in the joint venture marketing agreement that outlines the roles and responsibilities of each partner in the joint venture.  One of the most attractive parts of a joint venture is gaining access to new potential customers through your joint venture partner and so ensuring that the proper communication channels are in place and open is critical. The following marketing tools are excellent ways to market joint venture partnerships for both companies involved: company newsletters, email marketing, website branding, and personal introductions.

Newsletter – Both Print and Email

If you maintain an active list of client addresses or a list of emails then crafting a printed or electronic newsletter is an excellent way of educating customers about the potential products or services that are available through your new marketing joint venture.  A general guideline for writing a quality introduction to your clients / followers about a new company is to include the following: a short description of the product or service, an explanation of why you are developing a relationship with the company, how you think it will benefit your customers daily routine by utilizing the partners’ products and services, and how to best get in touch with the company if someone is interested in pursuing the opportunity.  It is always a great idea to use the company’s logo in the newsletter to assist the joint venture companies brand as well as include a web address that can be clicked and tracked appropriately if sending as an electronic newsletter.  Printed newsletters that are sent through traditional mail should include a promo code or specific phone number in order to track the business leads that are generated from the joint venture marketing efforts.

Email Marketing

Maintaining an email marketing list is very valuable for joint venture marketing activities.  An email can be easily sent to inform customers and others on your email list about product updates and special deals that only “insiders” have access to.  It is important to work closely with your joint venture marketing partners to identify the right specials and offers that you feel will best resonate with your existing client base.  It is in the interest of both parties to really focus on exactly what products and services are marketed as you don’t want your clients to feel that you are marketing those products and services that don’t relate to their interests.  If email marketing campaigns will be a core component of your marketing for a joint venture make sure that you have set up specific affiliate codes or specific landing pages so that all of the leads and successful business you drive to the partner is documented properly.

Website Branding

Maintaining an active page on your website to list joint venture partners that have products and services that would be of interest to those that visit your website is a core component to any marketing joint venture.  When your clients visit your website they should be able to access basic information about all of your partners and quickly learn about the unique opportunities that may be available for them to save money through special discounts.  A logo and company description along with the best means of contacting the company directly should be included on the partner page.  It is valuable to do a blog post occasionally about each of your joint venture partners as that will help to reemphasize the brand and your commitment to promoting the relationship to your community and allow you to expand on the benefits that your joint venture partners have to offer your existing customer base.

Personal Introductions

One of the best methods to market a joint venture opportunity is to personally introduce your clients to the partner company while you are meeting with them.  While this arrangement may not be ideal for many different types of joint venture marketing, if you are a business that has lots of direct interactions with your clients and have built deep and meaningful relationships based on trust then any product or service you recommend in a meeting when an issue may come up will be highly likely to be acted upon by your client resulting in a sale for your joint venture partner.  This type of introduction often works best when your business has some consultative role with your clients and they rely upon you to make the best decision or recommendation for them.  It is generally a good idea to have a specific sales representative or specific channel in place for you to refer these leads to so that when your client is handed off to the partner company they are treated appropriately and you get credit for sending the business over.  Individuals that consult businesses on any number of items can generate significant portion of their revenue just by having several companies that they provide referrals to when they encounter a client that needs support.

There are many great techniques for marketing joint ventures aside from these basic marketing avenues.  Make sure to be creative with your marketing campaigns, but also do the basics well so that you cover all your bases for successfully promoting your joint venture partnerships.

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.

Reinventing Your Company Through Joint Venture Marketing

In a marketplace where being noticed is an extremely difficult feat, many small companies are joining forces to create better products to get ahead of the competition. An example of this is Sony-Ericsson, a joint venture between the Japanese-owned electronics company, Sony, and the Swedish-based telecommunications company, Ericsson, which makes mobile phones. Each company agreed to stop making its own separate brand of phone in order to combine Sony’s electronics knowledge with Ericsson’s technological advances in communications to produce a better quality of phone.

Finding the Right Partner

In order for joint venture marketing between two companies to be effective, both companies need to have the same goals for the venture. Before entering into a JV partnership, do the proper research on the potential partner. Make sure they can offer your company what you’re looking for from a joint venture. By joining hands with a larger, non-competitive business partner, the larger business can offer the smaller business highly valuable assets and a more extensive consumer base potentially interested in your products or services. Small businesses can save thousands of dollars in marketing expenses but still reach their targeted audience. Identifying non-competing companies that serve a consumer base similar to yours is essential.

Surpass the Competition

Developing a product or having a product for your new joint venture that stands out among your competitors will be crucial to the success of your alliance. Pooling your research and development efforts with your partners to make sure your product can compete with your competition is a good place to start. Use all available resources to make your product marketable to the targeted audience. This will only increase profit margins and make your product or service stand out from the pack.

Cutting Costs

A small business wanting to get noticed in a huge marketplace can be expensive. When small businesses partner up in a joint venture the costs are cut in half, which means more profit for the companies because they are not shouldering the entire cost of marketing, research and development.

New Company

By using all the resources available to your company in a joint venture, your business and your JV partner may decide to form a new company. Many of the companies we know today were once joint ventures between two companies trying to get ahead of their competitors. Cell phone provider Cingular was a joint venture between SBC and BellSouth. SBC bought AT&T, renaming itself AT&T, and then bought BellSouth, Cingular is now AT&T Wireless.

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 Beat the Recession Using Joint Ventures

There is no doubt that the recent economic slowdown has directly impacted businesses of all shapes and sizes today. Joint ventures have traditionally been a method companies have used to create new business opportunities despite current economic conditions.

We’ll show you how joint ventures can help you raise your profit margin on your business, no matter what the current economic climate might be.

Pooling Resources

When you partner up with another business, you automatically pool your time, talent and money to produce the most effective advertising campaign for less investment up front.

You may find a JV partner that’s a whiz at online marketing or knows how to write a linkbait article that gets results. Maybe you can find a partner that already has a solid customer list that he’s willing to share. An endorsement from a larger company for a share of your profits can also be a good way to grow your business by pooling resources in a joint venture.

Consider what you have to offer and what you are lacking, and find a JV partner that complements your assets and liabilities.

Introducing a New Product

For larger companies, a joint venture is the perfect way to introduce a new product or service to the market for less money and risk. Try using the customer list of your JV partner to get a new product out to a test market. This list gets a free sample of an item they’re interested in, and you get to test the waters for your new concept without much cost up front.

Find a JV partner with a similar target market to ensure the customers you test are the most likely ones to buy your products or services.

Expanding Your Market Base

By simply sharing customer lists with your JV partner, you can expand your basic market base exponentially. However, you may also be able to increase the market base demographically by finding a partner with a similar, but slightly different, target market. While you may not go too far away from your target customer profile with this approach, you may find enough variables to greatly expand your base while continuing to attract the customers that are most likely to buy your products or services.

Acquiring Capital

Some joint ventures are created for the primary purpose of acquiring capital for both businesses to share. In some cases, a larger company might offer additional capital to a smaller business for marketing or product development if the larger business also benefits from the arrangement. If you find that cash is simply too tight to adequately grow and market your business at this time, perhaps a joint venture can provide the cash you need to jump-start your company’s growth.

Even in the midst of economic hardship, some companies find that joint ventures are one way to stay afloat. By partnering up with another business, you may be able to increase your resources, cash flow and customer base much more efficiently.

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.

Joint Ventures Done Right: 4 Ways to Maximize Your Potential

Joint ventures can be a great way to amp up your marketing efforts, but only if they are entered into with proper education and preparation. The reason many JVs fall flat today is because the business owners that forged these partnerships didn’t take the time to consider the best ways to help these collaborations succeed.

We have four ways you can maximize the potential of a JV for the greatest possible success in your partnership.

Know Your Target Market

Before choosing a partner, it’s important to know what sort of market you want to cater to with your marketing efforts. Some businesses have more than one target market, so it might be appropriate to seek out more than one partner for your purposes. However, many business owners can start with a single partner that caters to a very similar market base to their own.

Define the features of your target market before approaching a potential partner to ensure you and your JV partner are on the same page with your marketing efforts.

Choose Your Partner with Care

Once you know your target market, it’s time to hunt out the perfect partner. Look for a company that offers a similar product or service, but does not directly compete with yours. This ensures you will be after a similar customer base without actually stealing customers from one another.

It’s also important to research potential partners thoroughly before collaborating with them. Find out if the company is stable, check out their current marketing efforts and ask about their resources before partnering up together.

Have a Plan in Mind

When you approach a potential JV partner, have a plan in mind that includes a time frame, the target market you are going after, and the marketing methods you would like to employ. It’s also important to know the resources each of you will bring to the table, how you will split profits, and whether trade secrets will need to be protected between partners.

When you have a plan in mind before you meet with a potential partner, it will be much easier to find a business with similar goals and philosophies. Then it’s time to put your plan in writing, in a binding contract that protects your interests and holds each of you accountable for the joint venture.

Set Your Plan in Motion

The foundation has now been laid, and now it is time to set your plan in motion. If you’ve done all of the necessary preparation, this step of the process should be relatively easy. Keep in regular contact as your plan goes into effect to ensure the process is going as planned and make any necessary tweaks or corrections as they arise.

Preparing for a joint venture is the key to a successful partnership. When you take the time to plan ahead and do the footwork at the beginning of the partnership, you will be more likely to enjoy the full potential your joint venture agreement can offer.

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.

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.

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.

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.

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